A new circular, dated 26 June 2018, has been issued by Reserve
Bank Of India(RBI) to all the banks regarding processing of non-CTS cheques.
Currently, non-CTS cheques are processed once in a week i.e. on every Monday. As
banks are advised to comply with CTS-2010 standard and security printers also
do not print non-CTS cheques, the number of non-CTS cheques are declining continuously.
With this declining number of non-CTS cheques, RBI also dropped the frequency
of separate session for non-CTS cheques.
What New RBI Circular Says
- Frequency of separate session for clearing of non-CTS cheques will be reduced to once a fortnight w.e.f 1st July 2018 (Every alternate Wednesday, beginning July 4th).
- And again with effect from 1st September 2018 , this session frequency will be further reduced to once in a month (2nd Wednesday of the month, beginning September 12th) till 31st December.
- After 31st December 2018, the separate session for non-CTS cheques will be discontinued, however, these cheques can be presented in Express Cheque Clearing System(ECCS) centres.
What if that is a holiday?
ReplyDeleteIf the specified date is holiday then?????
ReplyDeleteIf the specified date is holiday then????
ReplyDelete