So it is necessary for all to understand how your new cheque format looks like. Instead of this an electronic image of the cheque is transferred with vital essential data. Those who have given noncts2010 cheques for paying their car or home loan emis must resubmit cts2010 standards cheques before. If the above letters are present, your cheque book is cts2010 compliant 5. So you should immediately indent a new cts2010 standard. The benchmark prescriptions are collectively known as cts2010 standard. Cheques not complying with cts2010 standards will be cleared at less frequent intervals i. How to identify my cheque book cts2010 standard compliant. Get your new chequebook, now patna news times of india. Rbi has decided to launch this system and all banks across india are required to follow rbi guidelines in this regard. The reserve bank of india rbi has extended the deadline for implementing the cheque truncation system2010 cts 2010 by another three months. Within seven working days, i got my new cheque book by courier. Used 2010 cadillac cts sedan 4d pricing kelley blue book. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you.
Check your cheque status, only those in new format will be honoured from january 1 you may not be able to use your old cheques from next year with the implementation of the new cheque truncation system cts2010, which will eliminate physical movement of cheques for clearing. 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. Rbi has decided to separate clearing system of cts 2010 cheques and noncts from 1 january 2014. Used car pricing for the 2010 cadillac cts sedan 4d. Refer to section 6 of negotiable instruments act and s. International helpline 91446685 4555 or your relationship manager to request for a new cheque book. The reserve bank of india rbi has introduced a new format for. 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. Just check, whether your existing cheque book is cts compliant or you need to get a new cts complaint cheque book issued before 31st december 2012.
Standardisation and enhancement of security features in cheque forms, the introduction and implementation of additional security features on cheque forms will commence from 1. The right hand corner of the cheque leaf has boxes provided for the date which is in the ddmmyyyy format. The presenting bank captures the cheque images and magnetic ink charecter recognition micr data from end to end precise scanners by using the capture. In this system of clearing, the collecting bank need not present the physical cheque to the drawee branch. Please note that when you receive or issue a cheque, if. If your cheque book has been indented prior to 1st january 2012, you are requested to indent for new cheque book at the earliest to avoid any inconvenience. The new cheque format will make it mandatory for cheques to have the banks logo at the top left, void pantograph at the bottom left. It is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts2010. Branch address with ifsc code printed top of the cheque.
A pantograph which shows voidcopy while taking photocopy of the cheque below the account number. You can now print your cheque in cts 2010 with out any worries. This system is followed for clearing cheques in an errorfree, fast and hasslefree manner. Though banks have started issuing new cts2010 based cheque books to customers, a large number of noncts2010 standard cheques are still being used. The person writing the cheque, known as the drawer, has a transaction banking account often called a current, cheque, chequing or checking account where their money is held. Come april 20 and your old cheque books from your bank account in india will become void. You can also request for a new cheque book through dbs atm or internet banking. You must obtain a cts2010 compliant cheque book on or before 31st march 20. Cheque books issued, by the bank, on or after 1st january 2012 are cts 2010 standard compliant. Go to your bank branch and request for a new cheque book or order one online. You can use any of the below options to reorder a new cheque book. Cheque truncation system cts is a cheque clearing system undertaken by the reserve bank of india rbi for quicker cheque clearance. Look for ctsindia mark on your present cheque leaves by holding it against light source.
So it is necessary for all to understand how your new. No noncts2010 cheques will be encashed after this date. The word is clearly visible in photocopies of a cheque. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Will my old cheques that are not cts2010 still work.
As the term proposes, truncation is the course of discontinuing the flow of the physical cheque in its way of clearing. You can also look for cts2010 mark on the left hand side of your chq leaves as shown in above image. Come april 20 and your old cheque books from your bank account in. To verify if your cheque will hold true post december 2012, check for the following two features on cheque, if they are present, you dont need to worry, if not, order your new cheque book varies from bank to bank. Also all the current circulated cheques will be replaced within 31st march, 20. No fresh post dated cheques pdcequated monthly installment emi cheques either in old format or new cts2010 format shall be. The deadline for the withdrawal of noncts2010 standard cheques is july 31, 20 and banks have begun to issue fresh cheques in the cts2010 complaint format. This means that there will be no physical movement of the cheque but rather an. As per guidelines, non cts2010 cheques issued by bank in india will be.
Nris, get ready to order new india cheque books the economic. Sms chqbook xxxx to 52484 from your registered mobile number with citibank, where xxxx refers to the last 4 digits of your citibank atm debit card. Please look for the letters cts2010 printed perpendicularly on the cheque leaf near the perforation on the left side as shown in the image. Request you to make a note that noncts compliant cheques would not be accepted by banks for clearing post 31 july 20. All cheques currently with customers in the old format will continue to be valid for another four months the earlier deadline was march 31. The cts 2010 standards are given in the publication of rbi which can be read using the link below. 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.
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. There is a new symbol of rupees inserted near the numerical amount column. 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. Cheque printing software follows cts 2010 cheque format. The advent of cts2010 compliant cheques will make the existing cheques invalid from 31 july 2.
For the uninitiated, cts transforms cheque clearing from a. Banks would do better if they display new cheque format in their branch. Here it seems you are asking about a cheque which is signed but not dated and no other details are filled in. Know your new ctc2010 standard bank cheque format it is now mandatory for banks to strictly issue standardized and enhanced new format of cheques called cts2010.
Get ready to order new india cheque books times of. Check your cheque status, only those in new format will be. According to new guidelines provided by rbi reserve bank of india all indian banks should follow cts2010 cheque formats, and virtual splat has already taken care about this rule. The reserve bank of india rbi has asked banks to issue new cheque books only under the new format and gave them time till julyend to withdraw the old format cheques. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. If these features are not present in your cheque book, than your cheque book is not a valid cts2010 standard compliant. Check your cheque status, only those in new format will be honoured from january 1 03 dec, 2012, 12. Noncts cheques valid till 31 july rbi india infoline.
Does your software supports cts 2010 cheque formats. Identify whether your existing bank accounts cheque books are cts2010 compliant request for a new cheque book, if required 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. If these features are not present in your cheque book, than your cheque book is not a valid cts 2010 standard compliant. Noncts cheques were meant to be discontinued from use throughout the country from 31 july 20. Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 01. As per rbi guidelines, now all banks have to issue cheques conforming to the cts 2010 standards with uniform features.
In case your cheque book is not cts2010 compliant, please order a new one. Payers are unable to collect their new cheque books from their banks. All banks providing cheque facility to their customers have been advised to issue only cts2010 standard cheques. Get msrp, fair purchase price, resale value, and available inventory for the 2010 cadillac cts sedan 4d.
Rbi has introduced a new format for cheques, the cts2010 standard as. Those who have not yet got the ctscompliant cheques can apply for it. Also already circulated cheques will be replaced within 31st december 2012. Cts2010 standard cheques will have letters cts2010 printed vertically on the cheque leaf near the perforation on the left side as shown in the image below. Cheque truncation system cts is a cheque clearing system undertaken by reserve bank of india rbi that aims at reducing the time involved in cheque clearing to one day. So you should immediately indent a new cts 2010 standard. Features of new cts 2010 compliant cheque chequeman blog. First and foremost, many thanks goes to axis bank, india for providing helpful information. All new cheques complying with the cts2010 standard are set to come with homogeneous security features and standardized physical features. Cheque truncation system cts 2010 standards bankbazaar. Yes, as per the new guidelines provided by rbi reserve bank of india all indian banks should follow cts 2010 cheque formats, and virtual splat has already taken care about this rule. The cheque truncation system cts is basically an online imagebased clearing system ics.
Hence, the existing clearing arrangements will continue till december 31, 20. Thus, it is considered as the major landmark in the indian banking industry. In case your cheque is not cts2010 compliant, you can request for a new cheque book by logging in to citibank online. You need to apply in your bank for the same and it is available free of cost. However, these changes are available only in cheque books issued after august 2011.
It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. Cts 2010 standard has introduced new security and format features in cheques, including popular micr code. 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. Reserve bank of india extends deadline for new format. This article on cts cheque 2010 is for increasing public awareness and a special information for indian residents regarding cts cheque.
Banks have now been asked to ensure all cheques are compliant with cts 2010 standards by april 1, 20. Check your current cheque book is it valid new cts. Cheque truncation system, abbreviated as cts, is nothing but an electronic verification procedure using imagebased processing. A reproduction of the sample cheque available on rbis website. Cheque truncation system cts cheque printing software. It is illegal to issue a blank or post dated cheque. You can now print your cheque in cts2010 without any worries. Fintotal news analysis noncts2010 cheques will take. As per rbi guidelines, there have been certain changes made to the cheques issued by the bank. Yes, as per the new guidelines provided by rbi reserve bank of india all indian banks should follow cts2010 cheque formats, and virtual splat has already taken care about this rule. Older cheque leaf to outdate on dec 31, 2012 cts 2010.