Dear ADDA Treasurers,
RBI is mandating the use of new format Cheque leaves – known as CTS 2010 standard Cheques from 01-Jan-2013.
UPDATE ON 19-DEC-2012: RBI has now extended the deadline to 31st March 2013 to withdraw non-CTS 2010 standard cheques in circulation. RBI has also advised that although any residual non-CTS 2010 standard cheques will continue to be accepted post March 31st 2013, they will be cleared at less frequent intervals and may incur additional charges. RBI would be coming out with a separate specific communication in this regard.
Most Banks are now issuing CTS (Cheque Truncation System) 2010 Cheque Books only and are collecting Unused Cheque Leaves of the Non-CTS 2010 Cheque books. The new CTS standard enables Banks to convey the cheque as an image to the Clearing House rather than in its physical form.
This implies you may have to contact those members who have issued Post Dated Cheques using Non-CTS 2010 Cheque leaves and request them to replace these PDCs with the new format Cheque Leaves.
Samples of CTS 2010 Standard Cheque leaves.
image courtesy: contentcarry.com, investmentkit.com.