What is The New Cheque Truncation System (CTS-2010)
Since the next year (2013) March, you can’t use your old cheque leaves. The RBI changed the cheque format according to cheque truncation system (CTS-2010). It will be implemented in March 2013 for eliminate physical movement of cheques for clearing. You must switch to new cheques with prescribed standard features before February 28 for continue your money transaction.
Format of cheque Truncation System 2013
The new CTS enabled cheque has 5 changes comparing old one. They are,
- The bank logo printed on the top of the cheque with invisible ink (ultra-violet ink).
- VOID Pentograph is include a background design in the paper. The VOID Pentograph is using to avoid counterfeiting.
- In the left hand side, you can see Cheque printer details /CTS-2010.
- Near the Amount field, you can see new rupee symbol.
- “Please Sign Above” text will be printed near the sign area.
If you’ve issued post-dated cheques for your home or auto loan EMIs, you’ll have to issue fresh cheques. Banks will not charge any fee for replacing the old cheque leaves.