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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