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Cheque maximum value now R500 000

The Payments Association of South Africa (Pasa) has reduced the maximum amount that can be paid by cheque from R5-million to just R500 000 and Fin24 says the new limit will come into effect on 16 July 2012.

26 Jun 2012

The association says significant levels of fraud and the "inherent inefficiencies" of this payment instrument motivated these changes. Only about 0,7% of banking customers issue cheques worth more than R500 000.

The limits apply to countries in the Common Monetary Area that includes Swaziland, Namibia, Botswana and Lesotho.

Pasa says that customers have been told of the changes and have been told to use electronic payment options rather than issue cheques.

Meanwhile the South African Revenue Service has also changed its limits and will now only accept cheques up to a maximum value R100 000.

Read the full article on www.fin24.com.