Reserve Bank of India extends deadline for new format chequeshttps://indianexpress.com/article/news-archive/web/reserve-bank-of-india-extends-deadline-for-new-format-cheques/

Reserve Bank of India extends deadline for new format cheques

The RBI has asked banks to issue new cheque books only under the new format and gave them time till July-end to withdraw the old format cheques

The Reserve Bank of India (RBI) has asked banks to issue new cheque books only under the new format and gave them time till July-end to withdraw the old format cheques.

All cheques currently with customers in the old format will continue to be valid for another four months (the earlier deadline was March 31).

The RBI also said the system of post dated cheques and payment via EMI will be banned from now wherever electronic debit facilities are available.

“All residual non-CTS-2010 cheques with customers will continue to be valid and accepted in all clearing houses (including CTS centres) for another four months up to July 31,2013,subject to a review in June 2013,” the circular said.