[www.keralites.net] Non-CTS-2010 cheques to be cleared till 31,2013 – Reserve Bank of Inida

 

Non-CTS-2010 cheques to be cleared till 31,2013 – Reserve Bank of Inida

 

Non-CTS-2010 cheques (Cheque Truncation System) will continue till December 31, 2013,the Reserve Bank of India (RBI) said.

While banks have begun to issue fresh cheques in the CTS-2010 format, there is still a large volume of non-CTS-2010 format cheques being presented in image-based clearing.

In March, the timeline for withdrawal of residual non-CTS-2010 standard cheques was extended up to July 31, 2013.

Accordingly, the central bank has decided to put in following arrangements for clearing of residual non-CTS-2010 standard cheques.

Separate clearing session will be introduced in the three CTS centers (Mumbai, Chennai and New Delhi) for clearing of such residual non-CTS 2010 instruments (including PDC and EMI cheques) from January 1, 2014. This separate clearing session will initially operate thrice a week (Monday, Wednesday and Friday) up to April 30, 2014. Thereafter, the frequency of such separate sessions will be reduced to twice a week up to October 31, 2014 (Monday and Friday) and further to weekly once (every Monday) from November 1, 2014 onwards.

Banks may educate and notify their customers of the likely delay in realisation of non-CTS-2010 standard instruments in view of proposed arrangement for clearing of such instruments at less frequent intervals, the RBI said in a notification on Tuesday.

During the transition period (i.e. up to December 31, 2013), the existing clearing arrangements will continue and all cheque issuing banks are advised to make efforts to withdraw the non-CTS-2010 Standard Cheques in circulation.

It is further advised that the volume of instruments processed in the three CTS Centers in all clearing sessions will be monitored with respect to the non-CTS-2010 instruments presented by banks. RBI may consider levying penalty on drawee banks (and presenting banks where necessary) which violate the instructions issued under the Payment and Settlement Systems Act, 2007.

 

Best Regards

Prakash Nair

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www.keralites.net

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