Cheque truncation system cts or image based clearing system ics, in india, is a project of the reserve bank of india rbi, commenced in 2010, for faster clearing of cheques. Cheque truncation system cts is a cheque clearing system undertaken by reserve bank of india rbi that aims at reducing the time involved in cheque clearing to one day. Though the reserve bank of india deadline for issuing new cheques under the cts 2010 cheque truncation system is coming to an end on march 31, many banks are yet to provide the new series of cheque. If the letters cts2010 are present here, your cheque book is cts2010 compliant. In the cts system, only the scanned image of the cheque will travel. Cheque truncation system cts cheque printing software. If these features are present in your cheque book, it is a cts compliant one. All cheques carry a standardised watermark, with the words cts india which can be seen when held against any light source. Post dated cheques issued by you and due after 31st march 20, needs to replace by cts 2010 compliant cheques. Cts is based on a cheque truncation or online image based cheque clearing system where cheque images and magnetic ink character recognition micr data are captured at the collecting bank branch and transmitted.
But the above said additional features are based on rules and regulation of cts 2010. The stronger security features in the cts 2010 cheque makes it easy for the presenting banks to confirm the genuineness of the drawee banks instruments. If you have your cheque book issued before aug 2011, then you need to get a new cheque book to be used after 31 dec 2012. My cheque book is not cts2010 compliant, what to do. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience. Words cts 2010 printed on the left hand side of the cheque leaf near perforation. With the introduction of imaging and truncation, the physical movement of instruments is stopped.
Banks, customers go slow in adopting new cheque book the. We are glad to inform that axis bank has started issuance of cts 2010 cheque book post august 2011. Procedural guidelines for cheque truncation system cts. However some of the features of cts cheques are cheque printer details. What is bearer cheque, order cheque, crossed cheque, open. Cheque book issued prior to december 2010 is non cts compliant savings treasure accounts. You need to apply in your bank for the same and it is available free of cost. Its mentioned on the side line of the cheque as cts 2010 to identify whether its cts 2010 standards or not.
Non cts cheque book will not accept, sbi cheque book rule. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. Cts is basically an online imagebased cheque clearing system where cheque images are captured at the. All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. Important message cts 2010 regulation applicable to. When a cheque is not crossed, it is known as an open cheque or an uncrossed cheque.
Cheque book issued till 04 november 2012 is non cts compliant is my cheque cts compliant. So, the validity of non cts cheques is again extended, this time upto 30th april 2014. You can see some of the features to identify if you have a cts 2010. The electronic movement of images of cheques speeds up the process of settlement and can facilitate reduction in the clearing cycles. Cts2010 compliant cheque will have the printer details along with the text cts2010 printed on the extreme left hand of the cheque leaf.
The number 2010 in cts 2010 is because the guidelines for cts came up in the year 2010. Android hindi news app, ios hindi news app amarujala hindi news app. This feature will avoid fraudulent from photocopying or printing it. The move to replace cheques with instruments that meet the new cheque cts. Electronic images of cheques will be transmitted along the clearing cycle as. Cheque truncation system cts, an online image based clearing system for faster clearing of cheques in india. The deadline for new cheques under the cheque truncation system cts 2010 has been extended till 31 march 20 by the rbi. New cts cheque contains information of printer where they are printed along the words cts 2010 mentioned along the area where we tear off the leaf from the cheque book. Procedural guidelines for cheque truncation system cts version 2. Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 07. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. View image above if your cheque is not of cts 2010 standards then you need to apply for new cheque book of this standard and surrender the older cheques. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010.
Branch address with ifsc code printed top of the cheque. A copy of cheque, cts 2010 compliant may please be used in explaining the requirements to be filled for the cheque leaves that can be used for transaction from january 01, 20 onwards. It is process of stopping the movement of the physical cheque issued by a person from presenter bank to the drawee bank. You must obtain a cts2010 compliant cheque book on or before 31st march 20. In case if your cts 2010 cheque book, you must obtain a new cts complied cheque book, and surrender the noncompliant one to the bank. In cheque truncation, the movement of the physical instrument is stopped and replaced by electronic images and associated micr line of the cheque. As rbi is moving towards accepting only cts 2010 compliant cheques, non cts cheques should not be used post 31st march, 20. These cheques may be cashed at any bank and the payment of these cheques can be obtained at the counter of the.
To change the cheque dimensions, you can click and drag the borders of the cheque. Everything you need to know about cts 2010 cheques banking. The sample of a cts 2010 standard cheque format is shown below. Sample cheque as per the guidelines issued by reserve bank of india rbi, cheques books issued by the bank needs to be compliant with cheque truncation system cts 2010 standards. The benchmark prescriptions are collectively known as cts 2010 standard.
It act, 2000 and the bankers book evidence bbeact, 1891, the legal framework. How cts 2010 cheque is different cts 2010 mark up on the vertical side line as. Cts2010 standard cheques free book on indian stock market. A reproduction of the sample cheque available on rbis website. Cheque truncation system new benchmark for cheques in banks. Otherwise, cts 2010compliant cheques are designed uniformly in.
Its all about cts 2010 new cheque truncation system. Instead of this an electronic image of the same cheque will presented to the drawee bank by the clearing houses with the required. For the uninitiated, cts transforms cheque clearing from a paperintensive to a digital process whereby only images of cheques move between the payer. Everything you need to know about cts 2010 cheques. Does your software supports cts 2010 cheque formats. Cheque truncation system cts or imagebased clearing system ics, in india, is a project of the reserve bank of india rbi, commenced in 2010, for faster. Watch the demo video to know why the new cts system speeds up cheque. If you havent switched to cts cheques, you have 4 more months.
Cts 2010 standard and old bank cheques of india cts 2010 cheque truncation system cheque is a new type of cheque introduced by reserve bank of india. What are the benefits of cts to customers of banks. All the cts 2010 cheque should be clean, image friendly and over writing is not accepted because the cheque will be cleared through image based clearing system. Jan 12, 20 8 boxes to write the date in ddmmyyy format. Check your current cheque book is it valid new cts. So, better hurry up if you havent got your old cheque books replaced with cts 2010 standard cheque books. Cheque forms known as cts 2010 as per rbi circular dated 22nd february 2010. So it is necessary for all to understand how your new cheque format looks like.
All banks providing cheque facility to their customers have been advised to issue only cts 2010 standard cheques. Cheques not complying with cts 2010 standards will be cleared at less frequent intervals i. New format cheques from jan 1 the hindu businessline. Bank customers do not need to discard their non cts 2010 standard cheque books in a hurry to get their multicity cts 2010 standard cheque leafs. If the letters cts 2010 are present here, your cheque book is cts 2010 standard compliant. The branch address and ifsc code should be on the top left side of the cheque 2. Mark will be in oval shape, and diameter of it is 2. What is cts 2010 standard cheque book cts stands for cheque truncation system. Also already circulated cheques will be replaced within 31st december 2012.
What is the format of cts2010 standard cheque book. Therefore, we recommend you to place a request for a new cheque book. Non cts compliant cheques cheques not compliant to the cheque truncation system cts 2010 standards will be cleared thrice a week only, until 30 april, 2014. Indian bank charges rupees thirty for one cts2010 cheque book, from customers. If you have availed a home or auto loan and issued postdated. Cts 2010 standard cheque introduced for standardization of security features and easy processing. Features of cts2010 standard chequects cheque truncation system 6222014 01. As per rbi guidelines, after march 31, 20, non cts 2010 standard compliant cheques will still be accepted for clearing but will be cleared at less frequent intervals. You can return your unused cheque book to any of your nearby bank branch and place a fresh order for new cheque books before 31st march 20. The new cheque standard cts 2010 with set of minimum security features would ensure uniformity across all cheque forms issued by banks in the country and also help presenting banks while scrutinising recognising cheques of drawee banks in an image based processing scenario. Thus, it is considered as the major landmark in the indian banking industry. One can find this symbol where we write amount in figures.