Investment

Mumbai:  The Reserve Bank of India announced that it has extended the deadline for banks to ensure withdrawal on Non Cheque Truncation System (CTS) cheque till March 31, 2013. CTS is a process that will give banks the freedom to avoid transporting a physical cheque from the presenting bank. Reuters Simply put, CTS is a process that will give banks the freedom to avoid transporting a physical cheque from the presenting bank (where the cheque is deposited) to the drawee bank (where it is issued). As per the CTS, instead of a physical cheque, an electronic image of the cheque will be sent to the drawee bank. Earlier this year, the apex bank had asked all banks to withdraw the non CTS cheques, and accept only those cheques which conform to new standards from 1 January. The central bank also said in the notification posted on their website today: While most of the banks have confirmed that they are issuing only multi-city, payable at par CTS-2010 standard cheques at prese...

As per RBI guidelines, there have been certain changes made to the cheques issued by the Bank. However, these changes are available only in chequebooks issued after August 2011. If you have obtained the chequebook prior to this, the cheques will not be valid after December 31, 2012.  If the cheques you currently hold have the following features, they will be valid after the given date. "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

The Reserve Bank of India will shortly issue Rs.100 denomination Bank notes with inset letter 'L', in both the numbering panels, in the Mahatma Gandhi Series-2005, bearing the signature of Dr. D. Subbarao, Governor , Reserve Bank of India, and the year of printing 2012 printed on the reverse of the Bank note. The design of these notes to be issued now is similar in all respects to the Rs.100 Bank notes in Mahatma Gandhi Series- 2005, issued earlier. All the Bank notes in the denomination of Rs.100 issued by the Bank in the past will continue to be legal tender.