Non CTS standard cheques validity extended up to March 31

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    Non CTS standard cheques validity extended up to March 31
    Non CTS-2010 standard cheques validity is extended up to March 31, 2013 as per latest guidelines from the Reserve bank of India.

    Click here to know more about CTS 2010

    This move came after considering the representations received from stakeholders, the time limit for withdrawal/ replacement of non-CTS 2010 Standard cheques with CTS 2010 Standard cheques.

    However, it should be noted that the residual non CTS 2010 Standard cheques that get presented in the clearing system beyond this extended period will continue to be accepted for the clearing but will be cleared at less frequent intervals.

    You are therefore, advised to ensure withdrawal of non CTS- 2010 Standard cheques within the extended time limit i.e by March 31, 2013.

    Please note that since it is final extension of time for adhering to the directions issued for migrating to CTS 2010 standard cheques, all UCBs may adhere to the same, else there will be insufficient clearing arrangement at less frequent intervals for non- CTS 2010 cheque after March 31, 2013, the RBI said in the notification.

    GoodReturns.in

    Read more about: banks rbi
    Story first published: Thursday, December 27, 2012, 9:45 [IST]
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