In a New Year, you can add one more item to your ‘must-have’ list, and one of them is a new Cheque book. Now, a person does not need to use their old cheques from the next year because of the introduction of new chequebooks. The truncation system will remove the physical movement of Cheque for clearing. As an alternative, only electronic pictures along with relevant information will be transmitted and captured. It will make the procedure more secure, convenient, and faster. For that, you must switch to the new cheques system.
People should follow these steps of the newly introduced Cheque Book:
1.Check your Cheque’s Status: If you have already ordered the chequebooks in the previous month then, definitely you will get the new cheque book. It is because several banks have already migrated to the new system. Although, if you have received the chequebooks for more than one or two months ago, you have to run fast for a status check.
2.Get your old Cheque Books Replaced: Recently if you are not having the newly introduced cheque book, ask your lender. Banks follow two ways to replace their old cheques. One way is to send the new chequebook through registered post and tell customers to cancel their old cheques. Banks also ask users to give the older ones. Another way is that the users can visit the bank personally to give the older cheque. The lender will not charge any replacing fee to the customer.
3.Issue New Post-Dated Cheques for EMIs: If the bank has issued you a post-dated cheque for your car loan or personal loan EMI then, you can get the fresh cheque book from the bank. According to RBI norms, if banks have accepted PDC’s cheques from their customers for EMIs then, they should replace them with CTS standard complaints, before December 31, 2012.
4.Encash any old Cheque Now: If a customer received a cheque on Dec 1 that does not belong to CTS 2010, the customer should not hold up its encashment.
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