Friday, January 4, 2013

Cheque Truncation System: Banks to block circulation of non-CTS cheques by March 31

......The CTS 2010 standard is highly accessible and profitable though it might lead to the wastage of resources as people lack complete knowledge. The old cheques cannot be used for clearing but can still be used for withdrawal purpose. The last date to completely stop the circulation and usage of the old format was earlier decided to be December 31 which is now changed to March 31 and with people becoming more aware, it gives them quite some time to act accordingly for minimal wastage and misuse of resources............

Read - IE

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