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yatheendradas c.k.
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Will your Cheque Book be valid after 31st December,2012

From : Yatheendradas C.k. at 09:34 AM - Nov 04, 2012 ( )
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Will your Cheque Book be valid after 31st December, 2012
 
As per RBI guidelines, there have been certain changes made to the cheques issued by the Bank. However, these changes are available only in cheque books issued after August 2011. If you have obtained the cheque book prior to this, the cheques will not be valid after December 31, 2012.  
If the cheques you currently hold have the following features, they will be valid after the given date.
  • "Please sign above" is mentioned on cheque leaf on the lower  right  hand side.
  • A wave like design is embossed on the left-hand side of Cheque leaf   
Below is the new sample cheque format from HDFC Bank  
 
Fun & Info @ Keralites.net
 
Additionally, any post-dated cheques issued by you and due after December 31, 2012 will need to be replaced by the fresh cheques meeting the above mentioned guidelines. 
Please contact your bank branch for new cheque book.

 
 
 




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yatheendradas c.k.
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From : Yatheendradas C.k. at 11:52 AM - Apr 20, 2013 ( )
 
Reserve Bank of India has issued guidelines on standardization and enhancement of security features for cheque leaves referred to as CTS-2010. These features are aimed at enhancing customer safety and facilitating easier processing of cheques.  RBI has advised all banks to issue only multi-city/payable at par CTS-2010 standard cheques and withdraw Non-CTS-2010 standard cheques by July 31, 2013.
 
FREQUENTLY ASKED QUESTIONS

Q1: How do I know if my present cheque book is ‘CTS-2010‘ standard compliant?
A: CTS-2010 standard cheques will have letters ‘CTS-2010‘ printed vertically on the cheque leaf (near the perforation on the left side) as shown in the image below.
 
Q2: My cheque book is CTS-2010 standard compliant. What do I have to do?
A: You can continue to use the same and there is no further action required.
 
Q3: My cheque book is not CTS-2010 standard compliant. Can I continue to use it?
A: As per RBI guidelines, Non-CTS-2010 standard compliant cheques will be accepted for clearing up to July 31, 2013. Therefore, we recommend you to replace your Non-CTS-2010 cheque book with a new cheque book at the earliest.
 
Q4: I have issued Non-CTS-2010 standard post dated cheques (PDCs) for repayment of my loan. What do I have to do?
A: You are advised to convert these into Auto Debit or Electronic Clearing Service (ECS) instructions (at locations where ECS/RECS facility is available) OR You can replace the existing Non-CTS-2010 standard PDCs with CTS-2010 cheques (at locations where ECS/RECS facility is not available).


yatheendradas c.k.
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From : Yatheendradas C.k. at 06:00 PM - Mar 23, 2013 ( )
Reserve bank of India has extended the CTS-2010 migration of cheque book to 31 July 2013. Earlier it as extended to 31 March 2013. RBI has issued a note no. 1622 dated 18 March 2013 regarding extension of last date of CTS-2010 cheque book. Full note is as under.
 
 Standardization and Enhancement of Security Features in Cheque Forms/Migrating to CTS 2010 standards
A reference is invited to our circular DPSS.CO.CHD.No. 955/04.07.05/2012-13 dated December 14, 2012. On a review of the progress made by banks so far in migration to CTS-2010 standard cheques and in consultation with a few banks and Indian Banks Association, it has been decided to put in place the following arrangements for clearing of residual non-CTS-2010 standard cheques beyond the cutoff date of March 31, 2013.
  • All cheques issued by banks (including DDs / POs issued by banks) with effect from the date of this circular shall necessarily conform to CTS-2010 standard.
  • Banks shall not charge their savings bank account customers for issuance of CTS-2010 standard cheques when they are issued for the first time. 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.
  • All residual non-CTS-2010 cheques with customers will continue to be valid and accepted in all clearing houses [including the Cheque Truncation System (CTS) centers] for another four months up to July 31, 2013, subject to a review in June 2013.
  • Cheque issuing banks shall make all efforts to withdraw the non-CTS-2010 Standard cheques in circulation before the extended timeline of July 31, 2013 by creating awareness among customers through SMS alerts, letters, display boards in branches/ATMs, log-on message in internet banking, notification on the web-site etc.
  • A progress report in this regard to be submitted to this department in the format prescribed in the annex, enabling monitoring of the progress made by banks in respect of migration to CTS-2010 standard cheques.
  • In addition, the bank-wise volume of inward clearing instruments processed in the Cheque Processing Centers will be monitored with respect to the CTS-2010 / non-CTS-2010 standard cheques presented on them.
  • No fresh Post Dated Cheques (PDC)/Equated Monthly Installment (EMI) cheques (either in old format or new CTS-2010 format) shall be accepted by lending banks in locations where the facility of ECS/RECS (Debit) is available. Lending banks shall make all efforts to convert existing PDCs in such locations into ECS/RECS (Debit) by obtaining fresh mandates from the borrowers.
2. The above instructions are issued under section 18 of the Payment and Settlement Systems Act 2007 (Act 51 of 2007).
3. Please acknowledge receipt and confirm compliance.
Yours faithfully,
(Vijay Chugh)
Chief General Manager


kannan krishnan
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From : Kannan Krishnan at 06:00 PM - Mar 23, 2013 ( )

oooo, good reminder. Thx


yatheendradas c.k.
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From : Yatheendradas C.k. at 05:58 PM - Mar 23, 2013 ( )
Reserve bank of India has extended the CTS-2010 migration of cheque book to 31 July 2013. Earlier it as extended to 31 March 2013. RBI has issued a note no. 1622 dated 18 March 2013 regarding extension of last date of CTS-2010 cheque book. Full note is as under.
 
 Standardization and Enhancement of Security Features in Cheque Forms/Migrating to CTS 2010 standards
A reference is invited to our circular DPSS.CO.CHD.No. 955/04.07.05/2012-13 dated December 14, 2012. On a review of the progress made by banks so far in migration to CTS-2010 standard cheques and in consultation with a few banks and Indian Banks Association, it has been decided to put in place the following arrangements for clearing of residual non-CTS-2010 standard cheques beyond the cutoff date of March 31, 2013.
  • All cheques issued by banks (including DDs / POs issued by banks) with effect from the date of this circular shall necessarily conform to CTS-2010 standard.
  • Banks shall not charge their savings bank account customers for issuance of CTS-2010 standard cheques when they are issued for the first time. 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.
  • All residual non-CTS-2010 cheques with customers will continue to be valid and accepted in all clearing houses [including the Cheque Truncation System (CTS) centers] for another four months up to July 31, 2013, subject to a review in June 2013.
  • Cheque issuing banks shall make all efforts to withdraw the non-CTS-2010 Standard cheques in circulation before the extended timeline of July 31, 2013 by creating awareness among customers through SMS alerts, letters, display boards in branches/ATMs, log-on message in internet banking, notification on the web-site etc.
  • A progress report in this regard to be submitted to this department in the format prescribed in the annex, enabling monitoring of the progress made by banks in respect of migration to CTS-2010 standard cheques.
  • In addition, the bank-wise volume of inward clearing instruments processed in the Cheque Processing Centers will be monitored with respect to the CTS-2010 / non-CTS-2010 standard cheques presented on them.
  • No fresh Post Dated Cheques (PDC)/Equated Monthly Installment (EMI) cheques (either in old format or new CTS-2010 format) shall be accepted by lending banks in locations where the facility of ECS/RECS (Debit) is available. Lending banks shall make all efforts to convert existing PDCs in such locations into ECS/RECS (Debit) by obtaining fresh mandates from the borrowers.
2. The above instructions are issued under section 18 of the Payment and Settlement Systems Act 2007 (Act 51 of 2007).
3. Please acknowledge receipt and confirm compliance.
Yours faithfully,
(Vijay Chugh)
Chief General Manager


yatheendradas c.k.
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From : Yatheendradas C.k. at 08:57 PM - Dec 14, 2012 ( )

RBI extends cheque upgradation deadline till March next year

KOLKATA: Bank customers do not need to discard their non-CTS 2010 standard cheque books in a hurry to get their multi-city CTS-2010 standard cheque leafs. They will get another three months time for such upgradation.

Reserve Bank of India has just extended the deadline for doing the switchover for another three months to March 31 next year, following representation fro various quarters.

RBI had earlier issued instructions to standardise the system with 'multi city' and 'payable at par' cheques for all customers.

The banking regulator said while most of the banks have confirmed that they are issuing only multi-cityCTS-2010 standard cheques at present, representations have been received from various stakeholders requesting for extension of the time beyond December 31, 2012 for withdrawal or replacement of non-CTS-2010 standard cheques or post-dated EMI cheques with CTS-2010 standard cheques.

However, it said that the residual non-CTS-2010 standard cheques that get presented in the clearing system beyond this extended period will continue to be accepted for the clearing but will be cleared at less frequent intervals.


yatheendradas c.k.
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From : Yatheendradas C.k. at 08:54 PM - Dec 14, 2012 ( )

RBI extends cheque upgradation deadline till March next year

 

KOLKATA: Bank customers do not need to discard their non-CTS 2010 standard cheque books in a hurry to get their multi-city CTS-2010 standard cheque leafs. They will get another three months time for such upgradation.

Reserve Bank of India has just extended the deadline for doing the switchover for another three months to March 31 next year, following representation fro various quarters.

RBI had earlier issued instructions to standardise the system with 'multi city' and 'payable at par' cheques for all customers.

The banking regulator said while most of the banks have confirmed that they are issuing only multi-cityCTS-2010 standard cheques at present, representations have been received from various stakeholders requesting for extension of the time beyond December 31, 2012 for withdrawal or replacement of non-CTS-2010 standard cheques or post-dated EMI cheques with CTS-2010 standard cheques.

However, it said that the residual non-CTS-2010 standard cheques that get presented in the clearing system beyond this extended period will continue to be accepted for the clearing but will be cleared at less frequent intervals.


karthik v
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From : Karthik V at 07:44 PM - Dec 07, 2012 ( )

                                  


yatheendradas c.k.
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From : Yatheendradas C.k. at 07:32 AM - Nov 23, 2012 ( )

Non CTS-2010 cheques won’t work in 2013

These cheque will not have to go through the process of physical clearance.

Vivina Vishwanathan


A reproduction of the sample cheque available on RBI’s website.

State Bank of India (SBI), the country’s largest lender, came out with an advertisement in all major national dailies on 5 November, stating that it will issue a new set of cheque book to its customers and that the existing cheque leaves will not be valid after 31 December 2012.

The Reserve Bank of India (RBI) has advised all banks to issue only CTS-2010 (cheque truncation system-2010) standard cheque. The initiative has been taken to standardize and enhance security features in cheque forms.

After reading the advertisement, as a good customer, Srilekha Nambiar, an employee at Tata Consultancy Services Ltd, promptly walked into her SBI home branch and requested for the new cheque book over the counter. “I had to give the first page of my old cheque book and they took my request. Within seven working days, I got my new cheque book by courier.”

Not all SBI customers in India are as prompt as Nambiar about using such public notification. On realizing this, SBI once again issued a new notification on 19 November, where it showed its willingness to deliver the cheque book to its customers at their doorstep.

The new advertisement published in all the national dailies read that a new series of cheque leaves, as mandated by RBI, will come into effect from 1 January 2013. The present series of cheques is required to be discontinued thereafter.

SBI is arranging to send these new series of cheque books to its customers at their last recorded address. Other banks such as HDFC Bank Ltd and ICICI Bank Ltd have put a notification about CTS-2010 cheques on their websites and branches. HDFC Bank has stated that cheques issued prior to August 2011 will not be valid. Banks such as IDBI Bank Ltd have already been issuing CTS-2010 cheques.

What is CTS-2010?

CTS-2010 is a benchmark for standardization of cheques issued by banks across the country. The main feature of CTS-2010 cheques is that a cheque can be cleared electronically.

Simply put, a CTS-2010 cheque will not have to go through the process of physical clearance. When a customer deposits a CTS-2010-complied cheque, the bank can simply send the cheque’s image to the drawee bank, whose cheque has been issued; once the drawee bank scrutinizes and recognizes the cheque, it will get cleared. This move will help banks save on transaction cost and time.

What are the features?

CTS-2010 cheques will have security features such as a certain type of paper, CTS watermark, bank’s logo in invisible ink and a standard field placement for all banks.

Paper: CTS-2010 standard paper doesn’t glow under ultra-violet light. The paper will be image friendly and have protection against alterations by having chemical sensitivity to acids, alkalis, bleaches and solvents giving a visible result after a fraudulent attack.

Watermark: All CTS-2010 cheques will carry a standardized watermark with the words “CTS INDIA”, which can be seen when the cheque is held against a light source. You can see it in the same manner as you see Mahatma Gandhi’s image on a `500 note. Each cheque must hold at least one full watermark. The watermark will appear at the centre of the cheque.

Bank’s logo: The bank’s logo will be printed in ultra-violet (UV) ink. The logo will be visible under UV-enabled scanners or lamps. The banks logo has to be on the left top of the cheque.

Prohibition on corrections on cheques: Any kind of changes or corrections will not be acceptable. This means for any change in the payee’s name, amount in figures or amount in words, you will have to write a fresh cheque as it causes difficulty in electronic clearance. This also helps banks to identify and control fraud.

Additional text: The new cheque will also have “please sign above this line” mentioned at the bottom right of the cheque, a feature that was not available in cheques in use until now.

Also, a statement “payable at par at all branches of the bank in India” will be written on the bottom of the new cheque.

Standardization of field placement: This basically means having the account number, watermark and bank logo, among other security features, positioned at the same place in cheques of different banks to make clearance through image easier. For example, cheques of all banks would have the watermark at the centre of the cheque.

All these features would ensure uniformity across cheques issued by various banks as well as help banks scrutinize cheques properly, which in turn is expected to act as a deterrent against cheque frauds.

What should you do?

Post-dated cheques: All post-dated non-CTS cheques will be out of use from 1 January 2013. An RBI spokesperson has clarified that all customers should, in their own interest, collect the signed non-CTS cheque given by him to his lender, say, a non-banking financial company, brokers and individuals, and cancel it so that such non-CTS cheque is not presented in the clearing system. The customer should intimate the bank along with the number of the non-CTS cheque and the individuals or company’s name, that the non-CTS cheque has been collected and cancelled.

If you don’t remember where you have given the cheque, you can go back to the front page of your cheque book and give the cheque numbers to the bank, informing that you don’t remember whom you have given it to. However, you need not worry as non-CTS cheque will automatically get cancelled from the system from 1 January 2013.

Cheques you haven’t encashed: If you have any cheques lying with you, which you can encash, you should do it as soon as possible. If you have any post-dated cheque for a date/month after 1 January 2013, ask the person/institution concerned to issue a CTS-2010 cheque, as the old one will not be valid after 31 December.

Unused cheques: Banks such as SBI and ICICI Bank have asked customers to submit the old unused cheque leaves at their respective branches.


HEMANT PARIKH
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From : Hemant Parikh at 12:56 PM - Nov 04, 2012 ( )

http://www.mediafire.com/view/?v6no5443qf3d9kn


Lakshmi Devi
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From : Lakshmi Devi at 09:49 AM - Nov 04, 2012 ( )

Opps!! my cheques dont have any of these... need to apply for new ones then....

thanks for the info friends....


Marshall A
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From : Marshall A at 09:42 AM - Nov 04, 2012 ( )

Thanks, Mr.CKY

Very good and timely information.

May I add a little more?

As per RBI guidelines, there have been certain changes made to the cheques issued by the Bank. However, these changes are available only in chequebooks issued after August 2011. If you have obtained the chequebook prior to this, the cheques will not be valid after December 31, 2012.

If the cheques you currently hold have the following features, they will be valid after the given date.

"Please sign above" is mentioned on cheque leaf on the lower right-hand side.

A wave like design is embossed on the left-hand side of Cheque leaf.



Additionally, any post-dated cheques issued by you and due after December 31, 2012 will need to be replaced by the fresh cheques meeting the above mentioned guidelines.

 

Here is a sample of the cheque leaf stipulated.

 


yatheendradas c.k.
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From : Yatheendradas C.k. at 09:36 AM - Nov 04, 2012 ( )

 am sorry not able to give the picture of specimen new cheque leaf.


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