If the customers have issued post dated cheques for the payment of monthly installment towards the ongoing loan then they would have to cancel those cheques and issue newÂ CTS-2010Â compliant cheques.
Following are the features of new ‘CTS – 2010 Compliant’ Cheques
- Branch address with IFSC code printed top of the cheque.
- Date in dd/mm/yyyy format with boxes.
- There is a new symbol of rupees inserted near the numerical amount column.
- “Please Sign Above”Â is written on the cheque at the bottom right side.
- Wave like design is embossed on the left hand side of cheque.
Features of New CTS – 2010 Compliant Cheques
- Clearing time is decreased as there is no manual or physical movement of cheques.
- With electronic transmission of cheques the settlement process would be quicker.
- The loss of cheques in manual transmission is also eliminated.
- Fraudulent in cheque clearing is also eliminated.
- Limitation of cheque clearance on the basis of location is also eliminated.