New Cheques to be Issued from January 1, 2013 in India

With the implementation of new Cheque Truncation System (CTS-2010), bank account holders in India may not be able to use old cheques or the old cheque-books from January 1st, 2013. The new cheques will eliminate the physical movement of cheques for clearing. Only the electronic images with the key information will be captured and transferred. This makes the clearing process fast, secure and more efficient.

According to new guidelines, bank customers will have to get new cheque-books for further transactions before the year ends. The new rule will come into effect from January 1, next year.

However, the new cheque rule process might not be fully operational until the start of financial year. A transitory period of three months from January 1 to March 31 will be given to accept both kinds of cheques, that are currently in practice and the ones that will come into effect next year. The information regarding new cheques can be obtained from the respective banks. Thus, get ready to replace your old cheque books and new post dated cheques for EMIs.

Source: The Economic Times

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