Few days’ back the Reserve bank of India (RBI) had issued directives to bank on alterations on cheques titled ‘CTS-2010 Standards for Cheques’. Due to this directive there was some confusion amongst the people and banks, therefore RBI has given clarification on this matter. RBI said that its recent directive on alterations on cheques is applicable for cheques cleared through the state-of-the-art image-based cheque truncation system (CTS). At present CTS method of clearance of cheques is used in RBI’s clearing house in the National Capital Region (NCR) only that is around Delhi. While in other places mostly MICR method of cheque clearance is used, therefore RBI’s recent directives on alterations in cheques is not applicable for MICR, non-MICR and over the counter (that is cheques used for withdrawing cash) clearances. RBI told the cheque truncation system standards will be effective from 1 December, 2010.
Moreover the norm also stated that ‘‘no changes or corrections should be made on the cheques (other than for date validation purposes, if required). It also said ‘‘for any change in the payee’s name, courtesy amount (amount in figures) or legal amount (amount in words), etc, fresh cheques should be used by customers. This would help banks to identify and control fraudulent alterations.’’
Now as per clarification given by RBI the directives will be applicable only for cheque truncation system clearance in the National Capital Region (NCR), where a pilot project is running. However, originally it was planned cheque truncation system would be implemented in the four metros, and it is yet to be implemented in Mumbai, Kolkata and Chennai.
In the three metro cities, and also at all other RBI clearing houses mostly MICR method for cheque clearance is used. According to RBI’s clarification the directives will not be applicable for banking customers outside of National Capital Region (NCR) so they don’t have to worry about alternations on cheques for now.
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