- Do you know
that your present cheque book will become Invalid from Jan 1, 2013?
Your Cheques will become Invalid from Jan 1, 2013 – Find out WHY?
It might happen that your cheques 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. What is Cheque Truncation System or CTS?
Its just a new improved structure for cheques and a set of guidelines which will change the way cheques are being processed and cleared. Right now, all the cheques are sent directly physical to the other bank for clearance, but with this new Cheque Truncation System guidelines, the banks will send the digital version of cheques (read scanned image) to the other bank and the clearance will happen almost same day or very fast. Some of the features of CTS cheques would be
It would have the wordings “please sign above this line” at right bottom
All CTS-2010 cheques will have a watermark with the words “CTS INDIA”, which can be seen against a light
A bank logo will be on cheque with a Ultra Violet Ink , which can be seen only under UV Scanners.
The CTS 2010 enabled cheques will not allow any alterations. If there is any mistakes, the cheque will be invalid
“payable at par at all branches of the bank in India” text will be at the bottom of all the cheques
There will be IFSC and MICR code on the cheque
You will have to sign the cheque will a darker ink, so that your signatures are valid for scanning.
SBI has already told all its customers to get new cheques because all the old cheques will become invalid , In the same way HDFC bank and ICICI bank have also told their customers to get new cheque books. What you must do?
1. Replace your Post Dated Cheques with New Cheques that you have given for your Car / Housing loans.
2. If you have not deposited any cheques given to you do it immediately or else it becomes invalid after 1-1-2013.
A lot of banks have also asked its customers to return back the old invalid cheques at their branch and collect new cheques, maybe in order to avoid return of the old cheques which may be issued erroneously.
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