Now, old cheque is valid up to July 31

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Now, old cheque is valid up to July 31
The Reserve Bank of India has extended validity of old cheque book (Non CTS-2010 standard) up to July 31, 2013. Earlier, last date was March 31, 2013.

Banks are also advised to not to charge their savings bank account customers for issuance of CTS-2010 standard cheques when they are issued for the first time.

However, banks will have to make all efforts to withdraw the non-CTS-2010 Standard cheques in circulation before the extended timeline of July 31, 2013 by creating awareness among customers through SMS alerts, letters, display boards in branches/ATMs, log-on message in internet banking, notification on the web-site etc.

No fresh Post Dated Cheques (PDC)/Equated Monthly Installment (EMI) cheques (either in old format or new CTS-2010 format) shall be accepted by lending banks in locations where the facility of ECS/RECS (Debit) is available.

Lending banks shall make all efforts to convert existing PDCs in such locations into ECS/RECS (Debit) by obtaining fresh mandates from the borrowers, the RBi said in the notification.

Read more about: rbi, banks
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