If they do, it means that the clearing process will begin sooner than if the cheque recipient has to visit a bank branch to pay it in. There are also limited circumstances in which stopping a cheque is permissible, as has always been the case.
You should talk to your bank or building society first. However, with the advent of cheque imaging, the quicker clearing timescale typically provides certainty of fate at the end of the next weekday after paying a cheque into a bank account, so customers are much less likely to need a cheque to be specially presented.
Because of this, fewer banks will be offering this service and it may not be for all cheques that are paid in so you will need to talk to your bank to find out more. And because of this, fewer banks will be offering this service and it may not be for all cheques that are paid in, so you will need to talk to your bank to find out more. Similarly, a cheque payable to two people normally known as a joint account can only be paid into an account in the name of the two people exactly as they appear on the cheque.
The crossing cannot be deleted, nor can the cheque be transferred over to a third party. First, check with your bank to ensure the original cheque that you issued has not already been paid. If you're happy that the cheque has not already been paid you should place a stop on the original cheque there may be a cost for this and, if you wish, issue another cheque which the person you give it to can then pay in.
Alternatively you may prefer to make the payment by other means. This situation may arise if you pay the cash into your account via a bank other than your own. The clearing cycle is treated as complete once the presentation clearing and the associated return clearing sessions are successfully processed. The entire essence of CTS technology lies in the use of images of cheques instead of the physical cheques for payment processing. There is no major change in the clearing process for customers.
Customers continue to use cheques as at present, except to ensure the use of image-friendly-coloured-inks while writing the cheques.
Of course, such of those customers, who are used to receiving the paid instruments like government departments would also receive the cheque images. Cheques with alterations in material fields explained in detail later are not allowed to be processed under the CTS environment.
The benefits are many. With the introduction of imaging and truncation, the physical movement of instruments is stopped. The electronic movement of images can facilitate reduction in the clearing cycles as well. Moreover, there is no fear of loss of instruments in transit. Further, limitations of the existing clearing system in terms of geography or jurisdiction can be removed, thus enabling consolidation and integration of multiple clearing locations managed by different banks with varying service levels into a nation-wide standard clearing system with uniform processes and practices.
CTS also benefits issuers of cheques. The Corporates if needed can be provided with images of cheques by their bankers for internal requirements, if any. CTS thus brings elegance to the entire activity of cheque processing and clearing. The benefits from CTS could be summarized as follows —.
Grid based CTS provides significant cost savings. Banks will benefit from economies of scale as the grid CTS obviates the need for establishing inward cheque processing infrastructure at various clearing locations. With the merger of many local clearing houses with CTS grids, the settlements which were earlier spread across numerous clearing house locations have been subsumed into a single settlement, thereby significantly reducing the liquidity requirements for the banks.
CTS will also result in other benefits in terms of reduction in the cheque processing fee, reduction in operational overhead, elimination of clearing differences and reconciliation issues etc. If a customer desires to see the physical cheque issued by him for any reason, what are the options available? Under CTS the physical cheques are retained at the presenting bank and do not move to the paying banks. To meet legal requirements, the presenting banks which truncate the cheques need to preserve the physical instruments for a period of 10 years.
How would be the uniqueness of a physical cheque be captured and imparted to the cheque image? CTS in India mandates the use of prescribed image specifications only. The advertised cut-off time will vary from bank to bank and building society to building society and according to how the cheque is paid in - for example: over the counter, by post, through an ATM or by mobile banking app or desktop scanner linked to online banking.
If a customer pays in a cheque in at a Post Office, the above timescale will increase by at least one additional day. Cheque recipients will still be able to pay in cheques in the normal variety of ways, such as at a bank or building society, by post or at an ATM. The high value cheques and special items such as suspicious cheques regardless of value are still physically presented together with their images to the paying banks.
In order to obviate the need for banks to make physical presentment of cheques for clearing, the Bills of Exchange Ordinance was amended to allow banks to present the electronic image of the cheques for payment. To this effect, the Bills of Exchange Amendment Ordinance was gazetted and enacted on 28 March
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