Cts compliant cheque book deadline

Cheque books andor cheques issued by the banks that are not compliant with rbis cheque truncation system cts, implemented from october 1 shall no longer be valid from january 1, 20 onwards. Hence, the existing clearing arrangements will continue till december 31, 20. Though the reserve bank of india deadline for issuing new cheques under the cts 2010 cheque truncation system is coming to an end on march 31, many banks are yet to provide the new series of cheque. As per rbi guidelines, after march 31, 20, noncts2010 standard compliant cheques will still be accepted for clearing but will be cleared at less frequent intervals. Noncts cheques may face further clearance delay from may 1. Banks customers should use cts 2010 cheques which are not only image friendly but also have more security features. Briefly describe the efforts taken by the bank to replace the noncts2010 standard cheques with the cts2010 standard compliant cheques.

Cts 2010 standard cheques will be cleared on all working days. For the uninitiated, cts transforms cheque clearing from a. So, to ensure that the cheques issued after the deadline dont get bounced, you have to get the cts cheque books issued before december 31. Rbi has extended deadline for the implementation of cts 2010 to make banks and customers prepare for the same. Going forward all customers will need to be careful while writing the new cheques. For the past 6 months, rbi has been announcing several times saying noncts2010 compliant cheques would be valid up to specific period. The rbi has extended the deadline of march 31 till july 31 for issuance of new cts cheque books books and withdrawal of all old format cheques, says a circular sent to bank heads. If the cheque book is not with cts2010 cheque leafs, they are referred to as noncts cheque books. Get your noncts cheque book replaced immediately, it said. How does it work cheque truncation system is an online imagebased cheque clearing system which involves scanning of cheque images and subsequent electronic movement replication of these images within the. Therefore, non cts cheque would take more time to clear. If you received your cheque book before august 2011, you are requested to order a.

The rbi is now planning to implement a panindia cheque truncation. Post this deadline, all magstripe based cards will be blocked. Three things to know if you still use cheques livemint. Still using nonctc compliant cheques for making payments and havent got your old cheque books replaced with the cts2010 standard. 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. In case if your cheque book does not reflect the aforementioned details you must obtain a new cts complied cheque book at the earliest, and surrender the noncompliant one to the bank. Noncts2010 complaint cheques valid up to jul20how does this impact you. Check your current cheque book is it valid new cts.

In case you have issued non cts 2010 standard post dated cheques pdcs. If your cheques are not cts 2010 complaint, there can realisation delays. Cheque truncation system new benchmark for cheques in banks. No clearance of non cts compliant cheques from january. Just check, whether your existing cheque book is ctscompliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. Get ready to order new india cheque books times of. Those who have not yet got the cts compliant cheques can apply for it through normal.

Customers are being issued new chequebooks conforming to cts 2010 since april last, and most have the new book. No noncts2010 cheques will be encashed after this date. Deadline for cts compliant cheques extented to 31st july 20 uncategorized march 25, 20 leave a comment the reserve bank of india rbi has asked banks to issue new cts2010 compliant cheque books under the new format and has given time till julyend to withdraw the old format cheques. Rbi to introduce panindia cts by sept 2020 to make cheque. If the cheques are not compliant with the new cts 2010 standards by march 31st 20, they may be considered invalid and may not be honored post the deadline. Several banks that promised to send ctscompliant cheque books to the. Your cheques can be permanently banned after january 1, 2019. Everything you need to know about the new cheque regime. The separate clearing session will be discontinued from december 31, 2018. 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. If you have availed a home loan and or auto loan and issued postdated cheques instead of opting for direct debit, then you will be required to replace such postdated cheques with the cts2010 compliant ones before december 31, 2012. Bank customers rbi new guidelines 2019 non cts cheques stop. All cheques currently with customers in the old format non cheque truncation system will continue to be valid for another four months. However, it is now unlikely that the rbi will go beyond january 2019 deadline.

Therefore, we recommend you to replace your noncts2010 cheque book with a new cheque book. Based on the 31 march deadlines, many vendors like ebay have already put up notices to only accept cts2010 cheques, so get your new cheques before they start to bounce. Cts 2010 new cheque truncation system wef 1st april 20. Everything you need to know about the new cheque regime new delhi, dec 3. If you are looking to write a cheque or planning to encash from april 1, 20, make sure your cheque complies with the reserve banks cheque truncation system cts 2010 standards.

Request you to make a note that noncts compliant cheques would not be accepted by banks for clearing post 31 july 20. Effective 1stjuly 2018, non cts 2010 standard cheques shall be cleared only once a fortnight every alternate wednesday beginning july 4thand thereafter to once a month from september 1, 2018 second wednesday of the month beginning september 12th. Rbi extends deadline for noncts cheques till july 31. Important message cts 2010 regulation applicable to. The deadline for switching to new format bank cheques under the cheque truncation system cts ended on wednesday. Just check, whether your existing cheque book is cts compliant or you need to get a new ctscomplaint cheque book issued before 31st december 2012. Therefore, we recommend you to place a request for a new cheque book. 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. As per the revised rbi guidelines, the deadline of use of non cts compliant cheques have been further extended till 31st december 20. 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. However, as per rbi guidelines dated 18th march, 20, now this deadlines has been. Truncation is the process of stopping the flow of the physical cheque issued by a drawer at some point by the.

The cheque truncation system cts is a process of stopping flow of physical. If you have non cts compliant cheque book, you must visit your banks branch. 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. Those pnb customers who still have noncts compliant cheques, will not be. Offering cheque truncation system cts is a step in this direction. Customers are requested to ensure that in case of post dated cheques pdc issued to any officeservice vendorbanks from the dbs india cheque book issued as. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. The state bank of india, for instance, has put a notice on its website which says, as per rbi directives, periodicity for processing noncts cheques in cts clearing has been reduced to once. 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. As per rbi guidelines, after july 31, 20, noncts2010 standard compliant cheques will still be accepted for clearing but will be cleared at less frequent intervals. Cheque books issued, by the bank, on or after 1st january 2012 are cts 2010 standard compliant.

As per rbi guidelines, non cts 2010 standard cheques will be withdrawn from circulation by 31december20. Banks, customers go slow in adopting new cheque book the hindu. Customers may requestinsist their banks for cheque forms that are compliant with the cts 2010 standard. Rbi extended deadline for cts 2010 standard cheques. 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. It might happen that your cheque s start bouncing and do not get accepted from jan 1, 20. Cts is compliant to the requirements of the it act, 2000. Amid the prevailing scenario, there is speculation that the deadline. In case if your cheque book does not reflect the aforementioned details you must obtain a new cts complied cheque book at the earliest, and surrender the non compliant one to the bank. Based on the experience gained and the benefits that would accrue to the customers and banks, it was decided to bring cts into operation across the country. Cheque truncation system cts cheque printing software. Most banks have already stopped clearing non cts cheques since january 1, 2019. Tds rates epfo portal login pay cut pan aadhaar linking deadline extended.

The apex bank had earlier set december 31, 2012, as the deadline for the implementation of the new cheque standards across all banks and nbfcs. You need to apply in your bank for the same and it is available free of cost. Cheque truncation system basically helps in faster clearance of the cheques in the banking records. Banks, customers go slow in adopting new cheque book the.

Jan 12, 20 8 boxes to write the date in ddmmyyy format. Only cheque books issued after aug 2011 are cts 2010 compliant. If you have availed a home or auto loan and issued postdated. Rbi has issued a circular telling all banks that they should only process and accept those cheques which follow cts guidelines what is cheque truncation system or cts. Even after march 31st, 20 banks will accept your non cts cheques for clearance but the processing time for non cts cheque will be higher than cts 2010 cheques. With banks continuing to accept old format cheques. Number of accounts to which cts2010 standard instruments are yet to be issued. In the recent period you must have received text messages and emails to change your old cheque book. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience. Will my old cheques that are not cts2010 still work. There is a new standard in banking called as cheque truncation system or cts 2010, which all the banks have to follow now. Get your new chequebook, now patna news times of india. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010.

Deadline for cts compliant cheques extented to 31st july. All residual noncts2010 cheques with customers will continue to be. Important message cts 2010 regulation applicable to cts. 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. The deadline for withdrawal was initially fixed for july 31, 20. Cts transfer money cheque book truncation system rbi. Get ready to order new india cheque books welcomenri. If you are still in use of nonctc cheque books, then it is in your own. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque. On 17 july 20 the rbi extended the deadline to 31 december 20.

In case if your cts 2010 cheque book, you must obtain a new cts complied cheque book, and surrender the non compliant one to the bank. If your cheques are not cts 2010 complaint, there can realisation delays, as they will be cleared at less frequent intervals. Your cheque book may be invalid from jan 1, 20 rediff. Starting 1 august 20 only cts2010 compliant cheques would be accepted for clearing. Latest news deadline of 31st december 2012 is extended to 31st march 20 from rbi. If the cheques are not compliant with the new cts 2010 standards by march 31st 20, they may be considered invalid and may not be honored post the deadline or may be cleared at a less frequent interval as per rbi directive. And if you hold any postdated cheques beyond 31st march you will have to arrange to get it replaced with a new cheque truncation system cheque.