RBI extends deadline for clearing non-CTS cheques
RBI has extended the deadline for clearing such cheques till 31st December this year. This has done in view of the large volume of ‘non-CTS-2010’ format cheques still in circulation. Advising banks to further continue their efforts to withdraw non-CTS-2010 cheques, RBI said new clearing arrangements will come into effect from 1st of January next year.
In a notification issued yesterday(16/07/13), RBI said it will introduce three CTS centres, one each in Mumbai, Chennai and New Delhi for clearing residual non-CTS 2010 instruments.
RBI said the facility will operate thrice a week on Monday, Wednesday and Friday up to 30th April, 2014.
Thereafter, the frequency will be reduced to twice a week up to 31st October, 2014 and further to weekly from 1st November, 2014 onwards.
RBI also asked banks to educate and notify their customers of the likely delay in realization of non-CTS-2010 cheques and modify their Cheque Collection policies.
The Cheque Truncation System or “CTS 2010” is a set of standard benchmarks for issuing cheques that include manyenhanced security features like quality of paper, watermark, bank's logo in invisible ink and void pantograph.
RBI has extended the deadline for clearing such cheques till 31st December this year. This has done in view of the large volume of ‘non-CTS-2010’ format cheques still in circulation. Advising banks to further continue their efforts to withdraw non-CTS-2010 cheques, RBI said new clearing arrangements will come into effect from 1st of January next year.
In a notification issued yesterday(16/07/13), RBI said it will introduce three CTS centres, one each in Mumbai, Chennai and New Delhi for clearing residual non-CTS 2010 instruments.
RBI said the facility will operate thrice a week on Monday, Wednesday and Friday up to 30th April, 2014.
Thereafter, the frequency will be reduced to twice a week up to 31st October, 2014 and further to weekly from 1st November, 2014 onwards.
RBI also asked banks to educate and notify their customers of the likely delay in realization of non-CTS-2010 cheques and modify their Cheque Collection policies.
The Cheque Truncation System or “CTS 2010” is a set of standard benchmarks for issuing cheques that include manyenhanced security features like quality of paper, watermark, bank's logo in invisible ink and void pantograph.
