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Sunday, December 23, 2012

Validity of Non-CTS 2010 cheques extended by another 3 months.



            All the Banking participants, be it Banks, or Bank customers or Loan companies or Security printers or Courier folks, were working overtime in the last couple of months, to be ready for the CTS 2010 Cheques from 01/01/2013.
            As still a large number of non-CTS 2010 cheques were floating in the Indian Financial system, and numerous representations being made to RBI, RBI has decided that the norms for CTS 2010 Cheques will come in force from 01/04/2013.
Once the country is fully under the CTS system, the physical movement of cheques between banks will be eliminated. This expected in the next couple of years. Till than there will be physical movement of cheques at least from the depositing customer to the collecting banks’ service branch.
Main features of CTS 2010 cheques:

·         The CTS-2010 is not just a change in the process of cheque clearing. The change in the system is apparent even on the cheque leaf you use.

·         A CTS compliant cheque leaf is different from a normal cheque leaf you currently use, and has certain distinct features.

1.     Cheque printer details: This is printed on the extreme left hand side of the cheque.

2.    The printer details along with the words ‘CTS-2010’ is mentioned along the area where you tear off the leaf from the cheque book.

3.    Rupee symbol: The new symbol of the Indian rupee is printed beside the area where the amount in figures needs to be written.

4.    Details of the bank and its logo: The bank details and its logo are printed on the face of the cheque. However, it is printed in invisible ink.

5.    Signature space indicator: The words ‘please sign above’ are mentioned indicating the space where you will need to sign the cheque.

6.    VOID pantograph: This is a wavelike design, which is visible to the naked eye and seen below the area where the account number is printed.

7.    Date column: The date column has boxes to fill in the date in numbers.

8.    No overwriting allowed, overwriting cheques are liable to rejected without being processed further.

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