About cts 2010 cheque book validity

Cheque issuing banks shall make all efforts to withdraw the noncts2010 standard. Refer to section 6 of negotiable instruments act and s. Non cts cheque book issue bank can payment non cts cheque. Rbi extends deadline for withdrawing noncts 2010 cheques. Noncts cheques valid till 31 july rbi the rbi has also said the system of post dated cheques and payment via emi, in either the old or new format. Banks would do better if they display new cheque format in their branch. After opening an account in a bank, with cheque book facility, the bank you will provide you with a cheque book.

Photo copy of a valid cts compliant cheque will serve the purpose better for information to general public. So, the validity of non cts cheques is again extended, this time upto 30th april 2014. For the past 6 months, rbi has been announcing several times saying noncts2010 compliant cheques would be valid up to specific period. Will my old cheques that are not cts2010 still work. If you have your cheque book issued before aug 2011, then you need to get a new cheque book to be used after 31 dec 2012. If your cheques are not cts 2010 complaint, there can realisation delays, as they will be cleared at less frequent intervals. It is illegal to issue a blank or post dated cheque. Also, please note that rbi has advised all banks holding postdated emi cheques to arrange for replacement of noncts2010 standard cheques with cts2010 standard cheques. In view of introduction of cts2010 standard cheques, please cancel and surrender all the unused non cts2010 standard cheque leaves immediately at the branch where your account is maintained and get new cts2010 standard cheque book. This means your cheque will not travel physically from one location to another, but an electronic image will be transferred for the bank where the cheque is deposited to the drawee bank.

Note that all new cheque books issued by indian banks compulsorily have to be cts2010 compliant, so if you issued a new chequebook recently, it should be compliant. Identify whether your existing bank accounts cheque books are cts2010 compliant request for a new cheque book, if required. Noncts cheques may face further clearance delay from may. In case if your cts 2010 cheque book, you must obtain a new cts complied cheque book, and surrender the noncompliant one to the bank. The number 2010 in cts2010 is because the guidelines for cts came up in the year 2010. All the banking participants, be it banks, or bank customers or loan companies or security printers or courier folks, were working overtime in the last couple of months, to be ready for the cts 2010 cheques from 010120. Cheque truncation system cts or imagebased clearing system ics, in india, is a project of the reserve bank of india rbi, commenced in 2010, for faster clearing of cheques. Non cts cheques may face further clearance delay from may 1. But due to unawareness in customers, around 50% do not surrender the old cheque book.

If you havent switched to cts cheques, you have 4 more months. The reserve bank of india rbi in its statement on developmental and regulatory policies issued today has informed that the cheque truncation system cts, which is currently operational at the major clearing houses of the country will be made operational pan india by september 2020. Rbis new circular for noncts cheques june 2018 youths area. It looks all the current cheque books will have to be replaced. Non cts compliant cheques cheques not compliant to the cheque truncation systemcts 2010 standards will be cleared thrice a week only, until 30 april, 2014. Cts2010 is a benchmark for standardization of cheques issued by banks across the country. Rbi extends deadline for noncts cheques till july 31. If it is a cts 2010 standard instrument then look for void pantograph. Get your noncts cheque book replaced immediately, it said. The reserve bank of india has advised all banks to issue only cts2010 cheque truncation system2010 standard cheque. At the time of receipt of cheque book, make sure all of the cheques are there.

If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience. If you are still in possession of nonctc cheque books, then it is in your own interest to get those replaced with cts 2010 standard cheque books latest by december 31. Procedural guidelines for cheque truncation system cts version 2. In case your cheque is not cts2010 compliant, you can request for a new cheque book by logging in to citibank online. Also already circulated cheques will be replaced within 31st december 2012. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. Noncts cheques to become invalid from january 1 goodreturns. The benchmark prescriptions are collectively known as cts2010 standard. Old cheque book validity extended up to 31 march 20. Cheque issuing banks shall make all efforts to withdraw the noncts2010 standard cheques in circulation before the extended timeline of 31 july.

Cheques not complying with cts2010 standards will be cleared at less frequent intervals i. Noncts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. It act, 2000 and the bankers book evidence bbeact, 1891, the legal framework. Procedural guidelines for cheque truncation system cts. Sbi, hdfc, pnb, icici, bob, other bank customers these to become invalid noncts cheques used by customers of all banks including state bank of india sbi, hdfc bank, icici bank, bank of baroda, punjab national bank and others will become invalid from january 1. The rbi has extended the deadline of march 31 till july 31 for issuance of new cts cheque books books and withdrawal of all. However, banks may continue to follow their existing policy regarding cheque book issuance for additional issuance of cheques, in adherence to their accepted fair practices code. The reserve bank of india rbi on monday extended the deadline to migrate to newlook cheques cts2010 standard cheques with more security and standardised features to. Incase the cheque book you currently have is not cts2010 compliant as per the above features we request you to immediately order a new cheque book. Important message cts 2010 regulation applicable to. The clearing timings of noncts session are covered in. Security features of cheque rbi notice created date.

Here it seems you are asking about a cheque which is signed but not dated and no other details are filled in. Rbi extends deadline for noncts cheques till july 31 mumbai, mar 19. If you are still in possession of nonctc cheque books, then it is in your own interest to get those replaced with cts2010 standard cheque books latest by december 31. And the customers to this respect have been asked to get their noncts cheque book replaced and instead get the new cts2010 standard chequebook for free. First, very soon the banking system will fully adopt the cheque truncation system cts 2010 standards. Rbi wants to implement cts2010 cheque standard as soon as possible. Non cts cheque bounce and validity in 2016 answered by expert chequebounce lawyer. Banks will usually reject cheques that are more than six months old but, in fact, its at their discretion. A new circular, dated 26 june 2018, has been issued by reserve bank of indiarbi to all the banks regarding processing of noncts cheques. Noncts cheques valid till 31 july rbi india infoline. Will the banks automatically send new cheque books or one has to ask for it. Under the banking tab, click on the link other banking services request cheque. The main feature of cts2010 cheques is that a cheque can be cleared electronically.

All banks providing cheque facility to their customers have been advised to issue only cts2010 standard cheques. Punjab national bank pnb has asked its customers to get their noncts compliant cheques replaced as these instruments will not be accepted for clearance in the banking system from january. It act, 2000 and the bankers book evidence bbe act, 1891, the legal framework was. B can very well misutilise the blank cheques in his possession to book the accused once again in the cheque bounce case. We would like to inform you that we have been issuing cts2010 compliant cheque books since april 2011. Your cheques can be permanently banned after january 1, 2019. Jan 12, 20 8 boxes to write the date in ddmmyyy format. So it is necessary for all to understand how your new cheque format looks like. Noncts cheques may face further clearance delay from may 1. You need to apply in your bank for the same and it is available free of cost. So rbi needs to extend the validity of old non cts2010 standard cheque book up to 31 march 20.

Currently, noncts cheques are processed once in a week i. Validity of noncts 2010 cheques extended by another 3 months. Noncts2010 complaint cheques valid up to jul20how does this impact you. If your cheque placement does not look like the one in the image above and does not have cts2010 printed on it, you must do new cheque book requests from your bank quickly. All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. This is what you should do an old rbi rule will come into force after january 1st, 2019 and you should be prepared. A copy of cheque, cts2010 compliant may please be used in explaining the requirements to be filled for the cheque leaves that can be used for transaction from january 01, 20 onwards. Important notification from rbi regarding cts2010 standard cheques. As banks are advised to comply with cts2010 standard and security printers also do not print noncts cheques, the number of noncts cheques are declining continuously. Cts is based on a cheque truncation or online imagebased cheque clearing system where cheque images and magnetic ink character recognition micr data are captured at the collecting bank branch and transmitted. Blank dated but signed noncts cheque with ac payee. Banks shall not charge their savings bank account customers for issuance of cts2010 standard cheques when they are issued for the first time. The query has to be looked into reckoning two scenarios. Check your current cheque book is it valid new cts.