RBI extends deadline for withdrawing non-CTS 2010 cheques by four months

RBI extends deadline for withdrawing non-CTS 2010 cheques by four months

All cheques currently with customers in the old format (non-Cheque Truncation System) will continue to be valid for another four months till 31st July, the RBI circular said

The Reserve Bank of India (RBI) on Monday asked banks to issue new CTS2010 compliant cheque books under the new format and gave them time till July-end to withdraw the old format cheques.

All cheques currently with customers in the old format (non-Cheque Truncation System) will continue to be valid for another four months (the earlier deadline was 31stMarch), the apex bank said.

The RBI also said the system of post-dated cheques and payment via equated monthly instalment (EMI), in either the old or new format, will be banned from now wherever electronic debit facilities are available.

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