The reserve bank of india has extended validity of old cheque book non cts2010 standard up to july 31, 20. The rbi asked banks to issue new cheque books only under the new. The deadline for new cheques under the cheque truncation system cts 2010 has been extended till 31 march 20 by the rbi. The rbi has extended the deadline of march 31 till july 31 for issuance of new cts cheque books books and withdrawal of all old format cheques, says a circular sent to bank heads. Nov 29, 2012 identify whether your existing citibank account cheque book is cts2010 compliant request for a new cheque book, if required also, please note that rbi has advised all banks holding postdated emi cheques to arrange for replacement of noncts2010 standard cheques with cts2010 standard cheques.
Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 01. Mar 19, 20 the directions are part of the central banks latest directive on cheque truncation which extend the validity of cheques issued in the old format until july 31, 20. A cts2010 cheque will not have to go through the process of physical clearance. Rbi has decided to launch this system and all banks across india are required to follow rbi guidelines in this regard.
Old cheques validity is extended to 31 july 20 taxalertindia. New format cheques from jan 1 the hindu businessline. As per the revised guidelines of rbi the validity of noncts compliant cheques have been extended till 31st a july 20. Yes, as per the new guidelines provided by rbi reserve bank of india all indian banks should follow cts 2010 cheque formats, and virtual splat has already taken care about this rule. Important message cts 2010 regulation applicable to cts. Cheque books of these banks valid only till december 31. Nov 16, 2017 request new cheque book by december 31, 2017 account holders of the erstwhile associate banks can now apply for new cheque books till december 31, 2017, which in effect means that the old cheque. The deadline for new cheques under the cheque truncation system cts2010. This means your cheque will not travel physically from one location to another, but an electronic image will be transferred for the bank where the cheque is deposited to the drawee bank. In an official notice on its website, hdfc bank says separate sessions for clearing of noncts cheque will be discontinued from december 31. Non cts compliant cheques cheques not compliant to the cheque truncation system cts 2010 standards will be cleared thrice a week only, until 30 april, 2014. So it is necessary for all to understand how your new cheque format looks like. If you are still in possession of nonctc cheque books, then it is in your own interest to get those replaced with cts2010 standard cheque.
Reserve bank of india has prescribed certain benchmarks towards achieving standaridization of cheques viz. Mar 20, 20 non cts cheques valid till 31 july rbi the rbi has also said the system of post dated cheques and payment via emi, in either the old or new format, will be banned from now wherever electronic. Noncheque truncation system cheques valid until july times. You can now print your cheque in cts 2010 with out any worries. Standardization and enhancement of security features in cheque formscts2010 standard reg. Apr 29, 2014 if your cheques are not cts 2010 complaint, there can realisation delays, as they will be cleared at less frequent intervals. Check your current cheque book is it valid new cts. Cts 2010 standard cheques will be cleared on all working days.
Rbi extends deadline for noncts cheques till july 31 india. Banks would do better if they display new cheque format in their branch. Cts2010 standard cheques free book on indian stock market. The reserve bank of india has extended validity of old cheque book non cts 2010 standard up to july 31, 20. It is illegal to issue a blank or post dated cheque. International helpline 91446685 4555 or your relationship manager to request for a new cheque book.
Bankers clearing house at for cheque truncation system. The reserve bank of india rbi has extended the deadline for implementing the cheque truncation system2010 cts 2010 by another three months. Sbi customers can deposit their non cts cheque in their respective branch and get free new cts 2010 standard chequebook. Standardization and enhancement of security features in cheque forms cts 2010 standard reg. Request you to make a note that noncts compliant cheques would not be accepted by banks for clearing post 31 july 20. Enhancement of security features in cheque forms migrating to cts 2010 standards as covered in annex xa and other circulars from time to time. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. New chequebooks can be indented through netbanking, mobilebanking. When a customer deposits a cts2010complied cheque, the bank can simply send the cheque s image to the drawee bank. In case your cheque is not cts2010 compliant, you can request for a new cheque book by logging in to citibank online. Please look for the letters cts2010 printed perpendicularly on the cheque leaf near the perforation on the left side as shown in the image. Non cts cheque bounce and validity in 2016 lawrato. The following are the features of cts 2010 cheques. In case if your cts 2010 cheque book, you must obtain a new cts complied cheque book, and surrender the noncompliant one to the bank.
Noncts cheques may face further clearance delay from may. But there is still a large volume of noncts2010 format cheques being presented in imagebaseda clearing. Identify whether your existing citibank account cheque book is cts2010 compliant request for a new cheque book, if required also, please note that rbi has advised all banks holding postdated emi cheques to arrange for replacement of noncts2010 standard cheques with cts2010 standard cheques. Jan 15, 2014 non cts compliant cheques cheques not compliant to the cheque truncation systemcts 2010 standards will be cleared thrice a week only, until 30 april, 2014.
Hence, the existing clearing arrangements will continue till december 31, 20. Procedural guidelines for cheque truncation system cts. Please note that when you receive or issue a cheque, if. Rbi extends deadline for issuance of new standard cheques. Otherwise, cts 2010compliant cheques are designed uniformly in terms of size. Now, old cheque is valid up to july 31 goodreturns. Latest newsdeadline of 31st december 2012 is extended to 31st. Cheque printing software supports all printers supports. I have 500 cheques to get printed, how fast the printing will be. This video explains the validity period of cheque and amount of cheque. Therefore, we recommend you to replace your noncts2010 cheque book with a new cheque book at the earliest.
If you have availed a home or auto loan and issued postdated. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience. Cheque printing software follows cts 2010 cheque format. Annex v timings for cts in bankers clearing house at new delhi bchnd 36 annex vi adoption of uniform holiday calendar under cts. Emi cheques either in old format or new cts2010 format shall be. In order to avoid any fraud, it is advisable that cts 10 cheques are used. You need to apply in your bank for the same and it is available free of cost. As per the guidelines the new cheques need to have. A reproduction of the sample cheque available on rbis website. First, very soon the banking system will fully adopt the cheque truncation system cts 2010 standards. The directions are part of the central banks latest directive on cheque truncation which extend the validity of cheques issued in the old format until july 31, 20.
So rbi needs to extend the validity of old non cts2010 standard cheque book up to 31 march 20. Refer to section 6 of negotiable instruments act and s. Cheques printed from chequeman are 100% cts complaint. Cts 2010 standard and requested for making arrangements to ensure that the paos procure only the cts 2010. Void pantograph a wave like design is embossed on left hand side of cheque leaf. Old cheque book validity extended up to 31 march 20. You can now print your cheque in cts2010 without any worries. Cheque frauds can be greatly reduced with introduction of minimum security features prescribed under cts standards 2010, such as embedded verifiable features such as barcodes, encrypted codes.
Non cts compliant cheques cheques not compliant to the cheque truncation systemcts 2010 standards will be cleared thrice a week only, until 30 april, 2014. Jan 08, 2017 this video explains the validity period of cheque and amount of cheque. The deadline for the withdrawal of noncts2010 standard cheques is july 31, 20 and banks have begun to issue fresh cheques in the cts2010 complaint format. Watch the demo video to know why the new cts system speeds up cheque clearing times for you, and how to identify a cts compliant cheque. According to new guidelines provided by rbi reserve bank of india all indian banks should follow cts 2010 cheque formats, and virtual splat has already taken care about this rule. One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. Cts2010 standard cheques will have letters cts2010 printed vertically on the cheque leaf near the perforation on the left side as shown in the image below. Sbi customers can deposit their noncts cheque in their respective branch and get free new cts2010 standard chequebook.
If your cheques are not cts 2010 complaint, there can realisation delays, as they will be cleared at less frequent intervals. But due to unawareness in customers, around 50% do not surrender the old cheque book. Cheque truncation system cts cheque printing software. Within seven working days, i got my new cheque book by courier. Cts2010 standard instruments and non2010 standard instruments cts introduced were.
In december, the rbi had extended the deadline to convert to the new standard cts2010 by three months to 31 st march, based on the representations from stakeholders. The clearing timings of noncts session are covered in annex xb 1. Rbi extends deadline for withdrawing noncts 2010 cheques. In an official notice on its website, hdfc bank says separate sessions for clearing of non cts cheque will be discontinued from december 31. Cheque printer details along with cts2010 mentioned on the extreme left hand side, near the side where you detach a cheque leaf from the cheque book. All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. As per rbi guidelines, now all banks have to issue cheques conforming to the cts 2010 standards with uniform features. To change date format in boxes as per change in the new cheque format in india, goto cheque book, click on edit button.
Noncheque truncation system cheques valid until july. Rbi extends deadline for noncts cheques till july 31. Here it seems you are asking about a cheque which is signed but not dated and no other details are filled in. Important message cts 2010 regulation applicable to. Also already circulated cheques will be replaced within 31st december 2012. Rbi extends deadline for issuance of new standard cheques by. Banks logo and details on the left hand side corner. Incase the cheque book you currently have is not cts 2010 compliant as per the above features we request you to immediately order a new cheque book. Rbi extends deadline for withdrawing noncts 2010 cheques by.
If you are still in possession of nonctc cheque books, then it is in your own interest to get those replaced with cts2010 standard cheque books latest by december 31. As per rbi guidelines, noncts2010 standard compliant cheques will be accepted for clearing up to july 31, 20. The ifsc code is generally printed on the top of the cheque leaf. All residual noncts2010 cheques with customers will continue to be.
Dec 23, 2012 it is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts 2010. You can now print your cheque in cts 2010 without any worries. The chance of cheques getting dishonoured bounced due to new cts rules is almost zero. According to new guidelines provided by rbi reserve bank of india all indian banks should follow cts2010 cheque formats, and virtual splat has already taken care about this rule. It is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts2010. Noncts cheques valid till 31 july rbi the rbi has also said the system of post dated cheques and payment via emi, in either the old or new format. So it is necessary for all to understand how your new.
Sep 03, 2012 it is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Incase the cheque book you currently have is not cts2010 compliant as per the above features we request you to immediately order a new cheque book. The main feature of cts2010 cheques is that a cheque can be cleared electronically. You can also request for a new cheque book through dbs atm or internet banking. The rbi has extended the deadline of march 31 till july 31 for issuance of new cts cheque books books and withdrawal of all old format cheques, says a. Standardisation and enhancement of security features in cheque forms, the introduction and implementation of additional security features on cheque forms will commence from 1. The move to replace cheques with instruments that meet the new cheque cts. Everything you need to know about cts 2010 cheques banking. Dec 14, 2012 the introduction of new cheque standards cts 2010 was warranted on account of several developments in the cheque clearing namely growing use of multicity and payableatpar cheques at any. Standardisation and enhancement of security features in. Also all the current circulated cheques will be replaced within 31st march, 20.
Cts2010 standard cheque book issued to the customers will have cheque leaves with letters cts2010 printed vertically on the cheque leaf near the perforation on the left hand side. Rbi wants to implement cts2010 cheque standard as soon as possible. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. Request you to make a note that non cts compliant cheques would not be accepted by banks for clearing post 31 july 20. Noncts cheques may face further clearance delay from may 1. Further, in case you have issued noncts2010 standard postdated cheques pdcsequated monthly instalment emi cheques for repayment of your loan, you are. Know your new ctc2010 standard bank cheque format it is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts2010. Banks have now been asked to ensure all cheques are compliant with cts 2010 standards by april 1, 20. The introduction of new cheque standards cts 2010 was warranted on account of several developments in the cheque clearing namely growing use of multicity and payableatpar cheques at any.
If you havent switched to cts cheques, you have 4 more months. All cheques issued by banks including ddspos with effect from the date of this circular shall necessarily conform to cts2010 standard, the circular said. From january 1, it will be mandatory to use only new cheque leaves that are compliant. As per guidelines, non cts2010 cheques issued by bank in india will be. Request new cheque book by december 31, 2017 account holders of the erstwhile associate banks can now apply for new cheque books till december 31. You can change date format ddmmyyyy to d d m m m y y y y and change date character spacing to 5. Void pantograph just below where the account number is mentioned.
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