Non-CTS cheques still valid up to April 1st 2013 | Order CTS cheques before April 1st 2013:
The date that was earlier fixed as January 1 2013 for the new cheques, has now been extended to April 1, 2013, by the Reserve Bank of India. As banking moves to a faster and more advanced system of payment through Cheque Truncation System (CTS) compliant cheques from next financial year, the customers are required to get the new chequebook to be able to switch to the new services. CTS chequebooks are already in use.
A number of banks have already been issuing CTS complaint chequebooks for almost a year now. So all those customers who have not got a new chequebook for more than a year, need to switch over.
CTS Cheques will minimize clearance time by avoiding physical movement of cheques Avoid clearing related frauds Eliminate chances of cheque getting lost during transit from the clearing bank to drawn bank.
Things to keep in your mind once you order new cheques:
1.Replace cheques given for your EMI’s if it is not an ECS clearing
2.Any post dated cheque which may be presented after April 1st 2013 will have problem clearance.
3.Cheques given for your loan purpose if it is Non-CTS Banker will have problem in getting it cleared in case loan payer fails to pay the EMI in time.
All NRI’s must order for new cheque to transact in their Bank account.
