Hurry, get
a new cheque book!
Check your cheque status, only those in new format will be
honoured from 1st January 2013
With the
implementation of the new Cheque
Truncation System (CTS-2010), you may
not be able to use your old cheques from next year.
The new
Cheque Truncation System (CTS-2010) will eliminate physical movement of cheques
for clearing. Instead, only their electronic images, along with key
information, will be captured and transmitted.
It will
make the clearing process more efficient, secure and quicker.
Some
transitory period, may be from 1st January 2013 to 31st March 2013, could be
given during which both types of cheques will be accepted.
What you need to do
CHECK YOUR CHEQUE'S STATUS
If you
have ordered your cheque books recently, say, a month ago, you may have already
received CTS-compliant cheque leaves, since most banks have already migrated to
the new system.
However,
if you have received the cheque book more than two or three months ago, you
need to run a status check. For instance, the compliant ones will have the new rupee
symbol inscribed near the numerical 'amount' field.
The CTS-compliant
cheque leaves will have the "Please sign above" mentioned on the
cheque leaf on the right had side bottom; and, void pantograph (wavelike
design) is embossed on the left hand side of the CTS cheque leaf.
GET YOUR OLD CHEQUE BOOKS REPLACED
If you
haven't received the new form of cheque books already, speak to your bank immediately.
Banks will
not charge any fee for replacing the old cheque leaves.
ISSUE NEW POST-DATED CHEQUES FOR EMIs
If you
have issued post-dated cheques (PDCs) for your home or auto loan EMIs, you will
have to issue fresh cheques.
For those
of you who have opted for the ECS (electronic clearing system) mode for EMI
payments the new system will not have any impact.
Source: - The Economic Times
