Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT Audit :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TDS :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: cpt :: due date for vat payment
 
 
Latest Circulars »
 RBI releases Annual Report of the Banking Ombudsman Scheme
 Issuance of ₹ 500 bank notes without inset letter, in the Mahatma Gandhi (New Series)
 RBI-Exim Bank's GoI supported Line of Credit of USD 35.00 million to the Government of the Republic of Guinea
 RBI-Amendment to Master Direction on Know Your Customer
 Reserve Bank of India Act, 1934 – Section 42(1A) Withdrawal of the Incremental CRR
 RBI-Transcript of Statement made by Shri R. Gandhi, Deputy Governor
 Requirement of customer due diligence and need for maintenance of records
 Card Not Present transactions – Relaxation in Additional Factor of Authentication for payments upto ₹ 2000/- for card network provided authentication solutions
 Auction of Government of India Dated Securities December 05, 2016
 Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on December 05, 2016)
 RBI-Investment under PIS in M/s Laurus Labs Limited by FIIs/FPIs upto 49 per cent and NRIs upto 24 per cent

Standardisation and Enhancement of Security Features in Cheque Forms-Migrating to CTS 2010 standards
September, 04th 2012

RBI/2012-13/190
DPSS.CO.CHD.No. 399/04.07.05/2012-13

September 3, 2012

The Chairman and Managing Director / Chief Executive Officer 
All Scheduled Commercial Banks including RRBs / 
Urban Co-operative Banks / State Co-operative Banks / 
District Central Co-operative Banks/Local Area Banks

Madam / Dear Sir

Standardisation and Enhancement of Security Features in Cheque Forms - Migrating to CTS 2010 standards

A reference is invited to our circular DPSS.CO.CHD.No./1112/04.07.05/2011-12 dated December 27, 2011 advising all banks providing cheque facility to their customers to issue only 'CTS-2010' standard cheques in a time bound action plan not later than September 30, 2012.

2. However, it is observed that non-CTS-2010 Standard cheque forms continue to be issued by many banks even in regions which are forming  part of the northern (New Delhi) and southern (Chennai) CTS grids. As you may be aware, adherence to CTS-2010 standards has inherent advantages as the security features in cheque forms help the presenting banks to identify the genuineness of the drawee banks instruments while handling them in the image based scenario. The homogeneity in security features act as deterrent against frauds, and the fixed field placement specifications facilitate straight-through-processing at drawee banks' end through the use of optical/image character recognition technology.

3. In view of the above and to ensure the time-bound migration to CTS-2010 standard cheque formats, all banks are advised to adhere to the procedures indicated below:

  1. Arrange to issue only multi-city/payable at par CTS-2010 standard cheques not later than September 30, 2012. A confirmation stating that necessary arrangements have been put in place for issue of CTS-2010 standard cheques across the country may be submitted to this department by September 14, 2012.

  2. Arrange to withdraw the non-CTS-2010 Standard cheques in circulation before December 31, 2012 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. Progress in this regard may be submitted to this department by November 30, 2012.

  3. Banks holding post-dated EMI cheques (received either on their own behalf or on behalf of their NBFC clients) may arrange to ensure the replacement of non-CTS-2010 Standard cheques with CTS-2010 standard cheques beforeDecember 31, 2012.

4. The above instructions are issued under section 18 of the Payment and Settlement Systems Act 2007 (Act 51 of 2007).

5. Please acknowledge receipt and ensure compliance within the target dates indicated above.

Yours faithfully,

(Vijay Chugh)
Chief General Manager

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions