The earlier deadline was December 31
The Reserve Bank of India (RBI) has extended the deadline for implementing the Cheque Truncation System 2010 (CTS-2010) by another three months. Banks have now been asked to ensure all cheques are compliant with CTS-2010 standards by April 1, 2013. The earlier deadline was December 31.
In a circular to banks, RBI also said, “Residual non-CTS2010 Standard cheques that get presented in the clearing system beyond this extended period (March 2013) will continue to be accepted for clearing but will be cleared at less frequent intervals.” The central bank, however, indicated it might impose some fee for such cheques after March.
“While most of the banks have confirmed that they are issuing only multi-city/payable at par CTS-2010 standard cheques at present, representations have been received from various stakeholders requesting for extension of the time beyond December 31, 2012 for withdrawal / replacement of non-CTS-2010 Standard cheques / post-dated EMI cheques with CTS-2010 standard cheques,” the circular further said.
All you need to know about “CTS-2010 Standard” for cheques