By CA Manoj Kohli 19th Dec.,2012 The Reserve Bank of India (RBI) has extended the deadline for implementing the Cheque Truncation System2010 ( CTS- 2010) by another three months. This is the second such extension. Banks have now been asked to ensure all cheques are compliant with CTS- 2010 standards by April 1, 2013. The earlier deadline was December 31, extended from October 1. In a circular(Given below)to banks, RBI also said, “ Residual non- CTS2010 Standard cheques that get presented in the clearing system beyond this extended period ( March 2013) will continue to be accepted for clearing but will be cleared at less frequent intervals.
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