Cheques with corrections to be cleared till Dec 1
Parnika Sokhi. Mumbai
Don't be fooled if a bank tells you it cannot clear cheques with cancellations from Today. The Reserve Bank of India (RBI) has clarified that customers need to comply with its guidelines for standardisation of cheques from December 1 and not July 1 as proclaimed by some banks.
The guidelines issued by the RBI in February had specified cheques with cancellations or corrections won't be cleared. The RBI said in a notification last week that these guidelines are applicable only where the Cheque Truncation System (CTS) is in place.
Under the CTS, the cheque's image is sent for verification instead of the original bill. This ensures faster processing compared to the three days it takes for clearance. Therefore, cheques with errors cannot be processed under the CTS. At present, only the Delhi NCR region has implemented the CTS on a pilot basis. Chennai will implement it by the year-end, also on a pilot basis.
The RBI guidelines are not applicable to cheques cleared under other systems like the magnetic ink character recognition (MICR) clearing, non-MICR clearing, over-the-counter collection (for cash payment) or direct collection of cheques outside the clearing house arrangement. The RBI said the guidelines have been introduced to curtail frauds due to alterations and to protect banks and customers.
(Source: DNA)
http://www.facebook.com/?filter=app_2361831622#!/group.php?gid=144654990478&ref=nf
***************************************************************************
Please visit the blog of IndianCAs and Express yourself by writing your comments by clicking on the link below:
http://indiancas.blogspot.com/
***************************************************************************
Hi! I have created an sms group for the benefit of members of IndianCAs. I will be sending regular updates, good quotes.If you wish to subscribe to this group, send following sms to 9870807070
ON IndianCAs
You will receive an sms from group. Just reply the message by writing:
Agree
And you will be the member of my SMS group IndianCAs.You can unsubscribe at any point of time by sendin an sms Off IndianCAs. There is no charge for receiving sms. So let's Go Mobile.
*************************************************************************
Note: All messages posted by members including me on this group are sent in their personal capacity. No official position held anywhere by them have nothing to do with this email group. The group does not accept any responsibility with regards to accuracy or the mistakes in the material circulated on this group. Please confirm from your independent source before using the information or material posted on this group.
*************************************************************************
Further, your attention is invited:
The messages on this group are approved only when the moderator finds it of immense importance to the members at general, otherwise, this group is not used for discussion or as discussion forum.
No comments:
Post a Comment
What do you think about this? Please write your comment.