Replace your old Cheque books
he latest
directive RBI’s says that one may not be able to use the old cheques
with the implementation of the new Cheque Truncation System (CTS-2010) from
next year onwards. The CTS 2010, eliminates physical movement of cheques
for the purpose of clearing. Instead, only the electronic images of the
cheques, along with the key information, will be captured and transmitted for
clearing. This will make the clearing process faster, more efficient and
secure. However, in order to that being successful, patrons have to switch to
new cheques which have to be issued with prescribed standard features latest by
December 31.
This means that if you haven’t received the new form of cheque books already,
then speak to your banks as early as you can. The replacement can be done using
the following methods:
he latest
directive RBI’s says that one may not be able to use the old cheques
with the implementation of the new Cheque Truncation System (CTS-2010) from
next year onwards. The CTS 2010, eliminates physical movement of cheques
for the purpose of clearing. Instead, only the electronic images of the
cheques, along with the key information, will be captured and transmitted for
clearing. This will make the clearing process faster, more efficient and
secure. However, in order to that being successful, patrons have to switch to
new cheques which have to be issued with prescribed standard features latest by
December 31.
This means that if you haven’t received the new form of cheque books already,
then speak to your banks as early as you can. The replacement can be done using
the following methods:
1. Send new cheque books by registered post and ask users to
cancel the old ones. Customers would or may be asked to show proof of the
cancellations, to the bank.
2. The Banks may also ask customers to surrender their older
cheques.
3. Alternatively, the customers can also visit the banks
themselves and surrender their old cheques and receive the CTS-compliant ones.
The Banks will not charge any replacement fee for this purpose.
Handling
of EMIs: In the event of having issued post-dated cheques (PDCs) for
supporting any EMIs for loans, the customer will have to issue fresh
cheques to the service provider. The NBFCs who have accepted post-dated cheques
for future EMI payments from their customers, have to get them replaced with
new CTS-2010 standard compliant cheques latest by December 31, 2012. This will
be applicable to all banks as well.
Old
Cheque encashments: Any Cheque which is lying with you should be encashed and should
not be delayed. The payments will be honoured till 31st Decemeber 2012 only as
per the RBI mandate.
Nice post! Most people no longer go through their banks to order online checks because the check costs are far too expensive. Most of the time the banks simply order the checks for you through other check printers and mark up the price even further. Now you will be able to order bank checks yourself directly online. Thanks.
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