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Cheque limits reduced to R500 000 from July
Business Day says that the Payment Association of South Africa (PASA) has reduced the maximum amount that can be paid by cheque from R5-million to R500 000 from next July.
The move is aimed at boosting payments via electronic funds transfer. Small businesses are most likely to be affected by the changes, reports Business Day.
PASA has declined to comment on the changes as it said it wanted to "hold consultations" but exactly who was being consulted was unclear. The South African Chamber of Commerce and Industry said it was awaiting clarity on this ruling but added that small businesses would be affected.
It said there should be a phased approach to reducing the maximum amounts payable by cheque.
For more:
- Business Day: PASA may limit cheques to R500000
- PASA: PASA homepage
