Monday, July 26, 2010

Write cheques the right way for cheque truncation system

The Reserve Bank of India has notified banks that from December 1, 2010 alterations on cheques presented for clearing through truncaion system (CTS) will not be accepted. At present, CTS is implemented in Delhi.

What is cheque truncation system?
It is a system of clearing and settlement of cheques between banks based on electronic data/images or both, without physical exchange of the instrument. CTS will benefit customers as cheques will get realised faster.

Guidelines for writing the cheques the right way:
Do not leave extra spaces between words or figures
Avoid making alterations. Instead write a new cheque.
Remember to cross your cheque whenever applicable.
Always draw a line through any unused space.
Do not write/sign/mark/pin/staple/paste/fold/ on this band

Posted by Admin-Mohit at Monday, July 26, 2010
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