Reserve Bank Of India (RBI) has issued some guideline regarding the format of the cheques issued by the banks in India. Considering the changes suggested by RBI, banks have already started issuing new format cheques from August 2011. So if have obtained your cheque book after August 2011 then you must have received the new format cheques but if you have old format cheques in your cheque book then your cheques may not be valid after December 31, 2012.
You can verify your cheques with the features mentioned below. As per the RBI guidelines, cheques with following features will only be valid after March 31, 2013.
- “Please sign above” : Please sign above should be mentioned on the cheque leaf on the right hand side below Authorized signatories.
- Wave like design : A wave like design should be embossed on the left-hand side of the Cheque leaf. (A pantograph which shows VOID/COPY while taking photocopy of the cheque)
- Watermark : All cheques will carry a ‘CTS INDIA’ watermark which will be visible against any light source.
SAMPLE of the new format cheque – by HDFC bank
Other Noticeable Changes In Your New Cheque Leaf
- Address of the bank branch with IFSC code printed left top of the cheque leaf
- Printers name with CTS-2010 printed vertically on left side of the cheque leaf
- New rupee symbol in place of old bilingual format.
- Ultra Violet logo of Bank printed at upper left corner of cheque to be visible in UV lamps
As old cheque format will not be valid after March 31, 2013 so any post-dated cheque issued by you and due after March 31, 2013 should be replaced by the fresh cheque meeting the above mentioned guidelines. Otherwise you may have to pay some fee for the clearance of Non CTS cheque.
Being a RBI guideline, all the banks in India have to follow the same as this has been introduced for standardization and enhancement of security. But before raising a request for new cheque book it is better to verify your cheque book with the above features. If you don’t find the above features on your cheque book then first confirm from your bank branch regarding this new guideline and if required then ask for the new cheque book request.
You can either surrender your old cheque book with your bank and request for new cheque book. Or you can use your old cheque book but once CTS 2010 comes into effect the processing of CTS cheques will become faster and you may have to suffer because of non CTS cheque.