I have received this notification from Standard Bank:
The South African Reserve Bank has issued a directive to decrease the maximum limit of a cheque that can be issued, deposited or cashed, from R500,000 to R50,000, with effect from 1 May 2020.
Please note that from this date, Standard Bank will no longer accept cheques above this value, and any presented above this value will be returned with reason code "Cheque value exceeds the maximum amount". Cheques which are split to bypass this maximum value will also not be allowed. The following alternatives are available to you to perform your transactions: Payments can be done on Business On Line
That is no trivial reduction in the cheque limit
Why is the Reserve Bank so interested in limiting the value of cheques, though?
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