There is no exemption from payment of stamp duty on a bill of exchange if it is a cheque.
Stamp duty is payable on every negotiable instrument which is payable in future with reference to the time after which it is payable.
Therefore, the practice of issuing or accepting a post-dated cheque is not encouraged.
This is to avoid any incidence of returned cheque due to insufficient funds and the resulting penalty charges.
On 15/01/2012, the cheque will be no longer a post-dated cheque, but becomes a current dated cheque.
In India, a cheque should be presented for payment on or after the date that appears on the face of the cheque. A banker cannot a pay a post-dated cheque as he has no mandate to debit the account of the depositor earlier than the date of the cheque.
I have up to the 5th to pay my rent so sometimes I will post date my checks for the 3rd, 4th, etc, depending on my pay days. Banks will not cash a check if it is received today but it is postdated for the 5th.
I always post date my checks because the way I am paid conflicts with my rent dates.
Also the payer might be charged a fine in which case he or she might not be a post-dated cheque, till that date (15/01/2012) comes.However, since you have a doubt, please connect with any ex-employee and investigate more about the culture of the firm.If an ex-employee didn't face any problem during exit, you will have fewer reasons to worry about ! I for one would be cagey about joining a company that requires to give then cheques that amount to one year of my salary.I am very keen on accepting this offer and also have no issues sticking on to this job for the next one year.However, this clause of 4 post dated cheques sounds illegal to me..advise on how do I take this ahead ?