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.
