Smart and Easy Cheque Printing Software
The government will soon make an amendment in the Negotiable Instruments (NI) Act for cheque bounce that will restrict banks from dragging a person to court. All such cases, after the changes come into effect, will have to be decided only through arbitration, conciliation or settlement by Lok Adalats. It is estimated that more than […]
The RBI set up a working group on Cheque Truncation and e-cheques, which studied the Truncation and Imaging processes of other countries and came out with the following recommendations:- In India the cheques should be truncated at the presenting bank itself and there should not be any amount based restriction. An electronic image based model will be […]
The technology used in cheque clearing process or technology behind the new cheque truncation process is as follows:- Cheques are kept in the presentation bank and are never sent to the Clearing House or to the drawer’s bank. The information on the cheque is encoded or read using MICR and then image processing technologies are […]