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Thread: 7 things you need to know about the new cheque books

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    ♥ek haseena thi♥ Field Marshal basanti<<<'s Avatar
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    Default 7 things you need to know about the new cheque books



    Check your cheque. See if it includes these seven key features. We had earlier reported that your old cheque books may become invalid, come January 1, 2013.
    But what is different or should be different in your new, regulation compliant cheque book?
    Most of the new features have been introduced to make the cheque payments a more secure and universalized mode of payment.
    The idea according to RBI was triggered by growing use of multi-city and payable-at-par cheques at any branch of a bank, increasing popularity of Speed Clearing for local processing of outstation cheques andhence, implementation of grid based Cheque Truncation System (CTS) for image-based cheque processing
    We give you a lowdown on the changes.

    1. The IFSC and MICR codes, predictably are a must on every cheque leaflet.

    2. All cheques shall carry a standardised watermark, with the words "CTS-INDIA" which can be seen when held against any light source. This would make it difficult for any fraudster to photocopy or print an instrument.

    3. Bank's logo shall be printed in ultra-violet (UV) ink. The logo will be captured by / visible in UV enabled scanners / lamps.

    4. Background of cheques shall be kept as clutter free as possible for improving quality and clarity of images.

    5. No changes / corrections should be carried out on the cheques (other than for date validation purposes, if required). For any change in the payee's name, amount in figures or amount in words, etc., fresh cheque forms should be used by customers.

    6. "payable at par at all branches of the bank in India" text will be at the bottom of all the cheques.

    7. There should also be words 'please sign above this line' at the right bottom corner of the cheque. The customers will also be required to use a darker ink for their signatures on the cheque so that the signatures are scan-able.

    You can see the image above for the sample layout of the cheque leaflet as mandated by RBI.
    However, most of the specification in there are technical and are more specifically intended for the Banks rather than the consumers.
    As far as an average consumer is concerned, the above checklist would be more than sufficient to establish the validity of the cheques.
    All that an aware consumer is required to do is to spend a couple of seconds checking the cheque.

    ........
    Atheism is a non-prophet organization.

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    HALLA BOL Field Marshal amitsush's Avatar
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    jikni emi jaa rahi cheque se unke to poorane cheque kaam karenge na , ki naye lagane padenge
    I WILL LOOK FOR U
    I WILL FIND U AND
    I WILL BAN U


  3. #3
    ♥ek haseena thi♥ Field Marshal basanti<<<'s Avatar
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    Quote Originally Posted by amitsush View Post
    jikni emi jaa rahi cheque se unke to poorane cheque kaam karenge na , ki naye lagane padenge
    bank main pooch lena ek baar

    BTW ..

    Your cheque book may be invalid from Jan 1, 2013



    Courtesy Akosha.com
    If your chequebook is not compliant with RBI's cheque truncation system (CTS), implemented from October 1, it may be invalid from January 1, 2013.
    Yeah! That's right!
    Cheque books and/or cheques issued by the Banks that are not compliant with RBI's cheque truncation system (CTS), implemented from October 1 shall no longer be valid from January 1, 2013 onwards.
    Banks across the country have been instructed to recall and replace such cheques and cheque-books before the deadline–a task, supposedly being carried out on a war footing.
    CTS simply means cheques that have features like IFSC and MICR. It is of course a safer, more secure system and most new generation private sector banks have already complied with these norms. Its the State owned Banks (as always) who are lagging behind and hence, rushing to meet the deadlines.
    The consumers are being informed through notices pasted on Branches and ATM kiosks. Some banks are also providing the new cheque-books at the doorsteps of the consumers.
    While this is definitely a desirable amendment for security purposes, the fate of the post-dated cheques that are not compliant with the norms but have already been issued for dates after January 1, 2013 hangs undecided.
    Whether the banks will decide to honour such cheques or not remains to be seen, though going by the current positioning of RBI with respect of these norms, chances seem pretty bleak.
    If you are a consumer of a State owned bank in the country, do make sure that you have the correct cheque book or have it replaced. Contact the nearest Branch immediately.
    Agreed that banks are trying to ensure that transition is smooth for the consumers, but we know that plenty of things fall through the cracks–especially in the consumer
    Atheism is a non-prophet organization.

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    mallik!! Major avdhut123's Avatar
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    maine bank me poochha tha kal un logo bhi malum nahi iske bare main........ kya ye system poore india me hogi ya sirf metros me....
    “India won’t change because we are not changing .”


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