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Monday, December 10, 2012

VTA demands gradual implementation of CTS-2010 cheques


VTA demands gradual implementation of CTS-2010 cheques


RESERVE Bank of India (RBI) has issued circular No.DPSS.CO.CHD.No. 399/04.07.05/2012-13 on September 3.2012. whereby non Cheque Truncaiion System (CTS) 2010 standard cheques will be withdrawn from circulation by December 31, 2012.
Vidarbha Taxpayers Association (VTA) has appreciated CTS-2010 standard system by Reserve Bank of India as it benchmarks towards achieving standardization of cheques issued by banks across the country, which will enhance security features in cheque forms.
Standardization includes provision of mandatory minimum security features on cheque forms such as quality of paper, bank's logo in invisible ink. watermark, void pantograph and standardization of field placements on cheques.

However. VTA found that still, many account holders have not exchanged their old cheque books with new CTS-2010 complaint cheque books from their respective bank. Moreover. VTA also observed that many banks arc still issuing old cheques to their customers and this will surely create chaos in financial circles after 1.1.2013.
J P Sharma. President of VTA said. "Although Reserve Bank of India as well as many nationalized and scheduled banks have issued advertisements in media, however there is a sure chance that many account holders might have missed such awareness drive. Likewise,common man especially senior cit-izens. do noi visit banks quite frequently, hence may be ill-informed on the said subject and will face grave problems after cutoff date".

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