Prohibiting alterations / corrections on cheques ' - Clarifications
Reserve Bank of India, on 22nd June 2010, issued a clarification regarding ‘prohibiting alterations / corrections on cheques'.
This must have caused disappointment in among many!!
The Circular can be viewed at http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5741&Mode=0
The above circular is in response to it’s original circular dt.22/02/2010
The whole issue is a classic example of mis-communication. The intention of RBI was to convey the proposed changes under the Cheque Truncation Scenario, when the cheques will be processed on Scanned Images.
Nowhere in the Original circular, did Reserve Bank of India, mention that the proposed enhancements would be effective from 01/07/2010.
A top official of a leading bank was quoted in the media, stating that the new rules would be effective from 01/07/2010, and this was picked up by all.
Newspaper articles, blogs, internet sites, discussion forums were all excited by this notification of ‘prohibiting alterations / corrections on cheques'.
It is nice that RBI promptly issued a clarification.
This Clarification is very clear and also lays down the road-map,
0101) That the "prohibiting alterations / corrections on cheques'", is applicable for CTS Locations.
02)That it is the Collecting Banker’s responsibility to ensure, ab initio, that such cheques are not accepted for presentment in CTS.
03) That this is not applicable to cheques cleared under other clearing arrangements such as
-- MICR clearing,
-- non-MICR clearing,
-- over the counter collection (for cash payment)
-- or direct collection of cheques outside the Clearing House arrangement .
04)That this prescription will be effective from 01/12/2010. Now all the stake-holders have a definite deadline to adhere too.
05) That with regard to other aspects contained in the RBI circular dt.22/02/2010, separate communication will follow from Indian Banks' Association / National Payments Corporation of India.
No comments:
Post a Comment