RBI has issued notification to out-date older cheques leaves by December 31, 2012 by fully adopting to CTS 2010 (Cheque Truncation System) guidelines. This means that if you have any cheque leaf older than mid 2011 (varies from bank to bank), these cheques will not be accepted post January 1, 2013. CTS 2010 standard has introduced new security and format features in cheques, including popular MICR code.
To verify if your cheque will hold true post December 2012, check for the following two features on cheque, if they are present, you don’t need to worry, if not, order your new cheque book (varies from bank to bank) .
- “Please sign above” is mentioned on cheque leaf on the lower right-hand side.
- A wave like design is embossed on the left-hand side of Cheque leaf
This also means any post dated cheque issued also needs to be replaced at earliest as those cheques will also not hold valid if you don’t have these features. So get hold of your cheque book and make sure you have one delivered to you at earliest if you are using the older cheques.
Original RBI Notification link : Click Here
UPDATE : As per new notification the timeline has been extended to March 31, 2013.