Reconsidering the date for the implementation of CTS 2010, Reserve Bank of India (RBI) has extended the deadline to April 01st, 2013. In earlier notification, RBI has instructed banks to implement the new CTS 2010 from January 01, 2013 which is now been postponed for 3 months. With the implementation of Cheque Truncation System (CTS) from April 01, 2013 the old passbooks issued by banks to its customers will become void.
So now you don’t have to be worried about your cheque payments as you can use you old cheque book till March 31st, 2013. Even after March 31st, 2013 banks will accept your non CTS cheques for clearance but the processing time for non CTS cheque will be higher than CTS 2010 cheques. Therefore, non CTS cheque would take more time to clear.
RBI has extended deadline for the implementation of CTS 2010 to make banks and customers prepare for the same.
What are CTS-2010 Cheques?
- CTS-2010 cheques are multicity and payable at par.
- The design of CTS 2010 have some mandatory security features like the quality of paper, a ‘CTS INDIA’ watermark, Ultra Violet logo of Bank and void pantograph.
- The computerized processing of the new format cheques will make the processing & clearance of cheques faster.
Banks may charge some fee for non CTS cheques after March 31, 2013. But nothing on is confirmed till now. But with the implementation of CTS 2010 standard cheques, the cheque clearance system will become computerized. This will will reduce the time of processing of cheque especially in case of outstation cheques.
The new CTS standard cheque format will not only help to fasten the process of cheque clearance but also helps in avoiding frauds.
Although this is the second time RBI have extended the date of implementation of CTS 2010 but it is expected to be implemented soon as some banks have already started issuing CTS 2010 cheques to there customers.