It might happen that your cheque's start bouncing and do not get accepted from Jan 1, 2013. There is a new standard in banking called as Cheque Truncation System or CTS 2010, which all the banks have to follow now. RBI has issued a circular telling all banks that they should only process and accept those cheques which follow CTS guidelines.
Cheque Truncation System (CTS) is a project undertaken by the RBI, for faster clearing of cheques. RBI is planning a full-fledged completion by March 2013.
Probably you would have also got this msg from your bank. Pl pay attention to this.
RBI has instructed all banks to phase out all Non CTS format cheque by Dec 31st 2012. Only CTS 2010 format cheques, with the enhanced security features shall be honoured in clearing from Jan 1st 2013.
How does it impact you?
- Any non CTS format cheque presented w.e.f Jan 1st 2013 will be dishonoured in clearing
How can you distinguish the new cheque from the old?
- In the left hand top corner, you can see the words "CTS 2010" printed on the side
- In the left hand bottom corner of the cheque, a greyish silver square patch covering a security feature is clearly visible (Please see attached a sample format of cheque with features highlighted)
tags: cheque Truncation System,CTS,rbi
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