Now Days we are all receiving a message from our banks telling about “CTS-2010″ Standard Cheques. Requesting all the customers to surrender their Old Cheque books and getting replaced with new CTS-2010 Standard Cheque Books. What is “CTS-2010” Standard Cheque Book?????
CTS – Stands for Cheque Truncation System.
It is process of stopping the movement of the Physical Cheque issued by a Person from presenter Bank to the Drawee bank. Instead of this an Electronic image of the same Cheque will presented to the Drawee bank by the Clearing Houses with the required information. It reduces the time and Cheque clearance will become faster.
To implement this Reserve Bank of India has given Guidelines to all the Banks to issue “CTS-2010” Standard Cheque Books to the customers.
Features of the “CTS-2010” Standard Cheque Book
- On the Right hand bottom side of the Cheque leaf will mentioned with keyword “Please Sign Above“.
- Void Pantograph [ an Image ] is printed on left hand side of Cheque leaf.
- “CT-2010” words will be printed at Left side of the Cheque Leaf.
Based on these guidelines Banks started issuing “CTS-2010” Standard Cheque books to their customers from August 2011. If you have any old Cheque Books or Leaves, get it exchanged with New “CTS-2010′ Standard Cheque Books before 31st Dec 2012 From 1st Jan 2013 Banks will accept only “CTS-2010” Standard Cheques.
Note: Now RBI has extended the date to March 31st 2013 to exchange your old cheque books with new “CTS-2010” Cheque Books.
Details please visit: http://www.rbi.org.in/scripts/FAQView.aspx?Id=63
Note: Use only “CTS-2010” Standard Cheques
Happy Transaction Time