Sampada Sharma 26 June 2020
In 2018, many public sector and private sector banks issued a notice for customers to replace their non CTC complaint cheques with the CTS -2010 standard cheques.The prople who fail to get their old cheques replaced by december 31st, 2018 will not be able to get their old cheques clear as separate clearing of non - CTS cheques will be dicontinued from decmeber31, 2018.
On septmeber 5, 2018 rbi issued the directions about the same.
G.L.N. Prasad (Retired employee.) 27 June 2020
A cheque is a cheque as defined under the Negotiable Instrument Act. The presentation can be made in many ways like 1.through clearing 2.By post 3or through Bank (Some times even the customers act as a messenger and carry such schedule). As clearing is automated through magnetic character recognition (MICR) , Non-MICR cheques are not accepted for clearing In those cases, a cheque can be presented by the bank through process of Local bill collection (LBC) or (Outward Bill collection). If it is local, the collecting banker may send that cheque through messenger for collection to paying banker. A paying banker has to perform his obligations as per NIA, and he should not say that non-MICR cheques can not be paid, present it through clearing etc., as there is no such stipulations in NIA. A banker can reject payment of cheque as per the cheque return schedule only and as prescribed by Bank Manual. and NIA.
smart jain 02 July 2020
G.L.N. Prasad (Retired employee.) 02 July 2020
That article is not relevant to the present issue and not even touches the issue.