New Delhi:When you are busy making the to do list for this New Year's, make sure you add the task of getting a new cheque book from your bank. As per the government mandate, from January 1 next year, old format cheques would not be valid, and the new Cheque Truncation System (CTS-2010) would be implemented to ensure that the physical movement of cheques come to an end. As per the new process, only certain key electronic images would be sent across banks with the details, which will ensure more secure, efficient, and quicker transactions thus eliminating the need of a physical cheque altogether.
As per Banking Codes and Standards Board of India (BCSBI) chief AC Mahajan, "Customers need not worry about the impending CTS implementation. I am sure they will not be inconvenienced due to the migration process. Some transitory period, from January 1 to March 31, could be given during which both types of cheques will be accepted. Banks are sending messages to customers now so that they comprehend the urgency and act upon it."
Keeping a watch for your cheque book
- Even if one has been odering their cheque books within the last month or so, by now, the new CTS-2010 editions would have arrived by now. However, if recently applied for, one would perhaps have to approach the bank branch at the earliest poosible for setting in the new orders.
- The new cheque books have the Rupee symbol, near the numerical field.
- There will be a 'please sign above' sign on the bottom right corner.
- Also there will be a void pantograph embossed on the left hand bottom side