Cheque books only in new format will be valid from January 1, 2012

Old cheque books will be of no use from January 1, 2013 with the implementation of Cheque Truncation System (CTS-2010). Only new cheques with more security and standardized features will be acceptable.
How it will help?
The new cheques will obviate the need of physical movement of cheques for clearing. This will be possible just by electronic images of the cheque through which key information will be captured and transmitted. It will make the clearing process more efficient, secure and quicker.
What changes have been made in new cheques?
The features which are new:

• Bank logo printed with invisible ink (ultra voilet)
• VOID pantograph
• Chequer printer details/CTS-2010
• New Rupee symbol
• Signature space indicator

For more click here/

Month: Current Affairs - December, 2012