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K KUNDAN
The new process is being adopted to reduce the scope of frauds as the new standardized cheques will
have number of security features. The system will also help in speed clearance of chequess and thus
customers will be able to get faster credit to their accounts. This will happen as there will be no
physical movement of the cheuqes and hence time is saved and risk of loss of cheques in transit are
totally eliminated.
K KUNDAN
(a) You should ensure that you use only CTS-2010 compliant cheque leaves from April 1, 2013.
(b) You can check if you hold a CTS compliant cheque book by verifying if the cheque leaves have
the features mentioned above. You need to apply in your bank for the same and it is available free of
cost.
(c) If you have any unused cheque leaves with you, these must be surrendered in your bank.
(d) In case you have given old post dated cheques (like for your Housing Loan or Auto Loan) to
some body, you must exchange them with the CTS-compliant cheques immediately.
RBI has advised that though non CTS-2010 standard cheques will continue to be accepted post July
31, 2013, they will be cleared at less frequent intervals and may incur additional charges. RBI has
advised to preferably use dark coloured ink while writing CTS cheques.