ChequeMan Blog

Handling of EMI with the introduction of CTS

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 new CTS-2010 compliant cheques.

Features of new CTS – 2010 Compliant Cheques

Following are the features of new ‘CTS – 2010 Compliant’ Cheques

1. Branch address with IFSC code printed top of the cheque.
2. Date in dd/mm/yyyy format with boxes.
3. There is a new symbol of rupees inserted near the numerical amount column.
4. “Please Sign Above” is written on the cheque at the bottom right side.
5. Wave like design is embossed on the left hand side of cheque.

Features of New CTS – 2010 Compliant Cheques

Benefiting the account holder

• 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.