BackNon-CTS cheques valid till 31 July: RBI
Deadline for phasing out non-CTS cheques was 31 March
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Mumbai: The Reserve Bank of India (RBI) on Monday said customer cheques which are still not compliant to the new electronic cheque truncation system (CTS) will continue to be valid and accepted in all clearing houses till 31 July 2013. The earlier deadline for the validity was 31 March 2013.
The RBI will review the deadline in June 2013. “Cheque issuing banks shall make all efforts to withdraw the non-CTS-2010 Standard cheques in circulation before the extended timeline of 31 July 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," RBI said.
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