Non cts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. Now, old cheque is valid up to july 31 goodreturns. Noncts cheques may face further clearance delay from may. Get your noncts cheque book replaced immediately, it said.
All residual noncts2010 cheques with customers will continue to be valid and accepted in. All demand drafts above rs 20,000 will have to be account payee on. If you are still in possession of nonctc cheque books, then it is in your own interest to get those replaced with cts2010 standard cheque. You will not be able to use your old cheque books starting 1 january 2014. Bank customers rbi new guidelines 2019 non cts cheques stop. Noncts cheques to become invalid from january 1 goodreturns. Sbi has said that the cheque books of these banks will not be valid after december 31. Check your current cheque book is it valid new cts. Cheque book definition and meaning collins english. The deadline for switching to new format bank cheques under the cheque truncation system cts ended on wednesday. Banks will have to mention the threemonth validity on cheques and drafts issued from the next financial. Non cts cheque bounce and validity in 2016 answered by expert cheque bounce lawyer. In a move to increase speedy collection of crossed cheques, the reserve bank of india has come up with new cts cheques. Cheque books of these banks valid only till december 31.
Noncts cheques may face further clearance delay from may 1. Come april 1, 2012, your cheques and bank drafts will have a life of just 3 months. Many banks have still not asked their customers to surrender the non cts 2010 cheque books to reflect the change, a crosssection of. The threemonth validity will apply for all cheques and drafts dated 1 april 2012 or later.
Every account holder must deposit their non cts cheques and cheque books in their respective branch and get new cheque leaves or books as per the new cts 2010 standard. If you are still in possession of non ctc cheque books, then it is in your own interest to get those replaced with cts 2010 standard cheque books latest by december 31. No longer will you be able to use non cts cheques and sbi customers will not be able to do so from december 12, while other bank customers will not be able to use non cts cheques from january 1. If you are still in use of nonctc cheque books, then it is in your own. Deadline ends, old cheques make way for safe, fast cts. The reserve bank of india has extended validity of old cheque book non cts2010 standard up to july 31, 20.
However, banks may continue to follow their existing policy regarding cheque book issuance for additional issuance of cheques, in adherence to. If you are an account holder of sbis erstwhile six associate banks including bharatiya mahila bank, your cheque books will become invalid from december 31. Sbi, hdfc, pnb, icici, bob, other bank customers these to become invalid non cts cheques used by customers of all banks including state bank of india sbi, hdfc bank, icici bank, bank of baroda, punjab national bank and others will become invalid from january 1. Noncts cheques valid till 31 july rbi india infoline. If you have ordered your cheque books recently, say, a month ago, you may already have the new cheque leaves with you. Cheques to only remain valid for 3 months from april 2012.
The cheque truncation system cts is a process of stopping flow of physical. Get your non cts cheque book replaced immediately, it said. Noncts cheques valid till 31 july rbi the rbi has also said the system of post dated cheques and payment via emi, in either the old or new format. Cheque truncation system cts or imagebased clearing system ics, in india, is a project. Just check, whether your existing cheque book is cts compliant or you need to get a new cts complaint cheque book issued before 31st december 2012. Validity of cheques, drafts cut to 3 months times of india. No clearance of noncts compliant cheques from january. Meaning, pronunciation, translations and examples log in dictionary. Many banks have still not asked their customers to surrender the noncts 2010 cheque books to reflect the change, a. Non cts cheques may face further clearance delay from may 1. This video explains the validity period of cheque and amount of cheque. I had to give the first page of my old cheque book and they took my. Cts2010 cheques have certain common security features and standardised field placements for enabling image based processing of. A cheque book is a book of cheques which your bank gives you so that you can pay for.