New Format Cheques CTS-2010 Standards will be implemented from 1st January, 2013
CTS- 2010 Standards implementation : Standardisation and Enhancement of Security Features in Cheque Forms, the introduction and implementation of additional security features on cheque forms will commence from 1.1.2013, this Guidance Note will be called CTS-2010.
Important things on new cheque leaf as follows...
A) Water Mark (to be incorporated at the paper manufacturing stage)
B) Void Pantograph ( at printing stage)
C)Ultra-violet logo of Bank(at printing stage)
D) Standardized field placements of a cheque
E) Cheque printing colours and background.
F) Microlettering.
G) New Rupee Symbol at CAR (Courtesy Amount Recognition) amount in figure field.
H) Printer Name along with CTS – 2010
What would be benefit of cheque truncation to customers of banks?
Before we answer this question, we have to understand the present system of cheque clearance. The cheques presented by customers, today, are sent to the clearing house at the drawee centres by the beneficiaries' bank. The cheques at the bigger cities, in view of the large volume of paper instruments, are subjected encoding and then to mechanical sorting and thereafter reach the drawee branches.
As per the existing banking practice, these instruments received at the counters of the drawee branches are paid or returned by them. The returned instruments are passed on to the presenting customers through the process of a return clearing. Only after the return clearing process gets over, banks release the credit to the customers. The beneficiaries' account gets credited on the same day on which the drawees' account gets debited; however, the beneficiary is permitted to use the proceeds only after the return clearing process.
With the introduction of the imaging and truncation, the physical movement of instruments would be stopped and the electronic movement of images of cheques would speed up the process of settlements and ultimately alter the clearing cycles. The clearing cycle could be shortened and it would be possible for customers to realize the proceeds of cheques early. Thus cheque truncation would reduce effectively the time of float, i.e. time from the point of issue of cheque to the point of time the actual debit takes place. In case such clearing is introduced across the cities, it would ensure the realisation of inter-city instruments faster thus ensuring early availability of funds to beneficiaries.
Thus the benefits could be summarized as:
a) Faster clearing cycle;
b) Better reconciliation/verification process
c) Better Customer Service ñ Enhanced Customer Window
d) T+0 for Local Clearing and T + 1 for inter-city clearing.
e) Elimination of Float - Incentive to shift to Credit Push payments.
f) The jurisdiction of Clearing House can be extended to the entire country - No Geographical Dependence
g) Operational Efficiency will benefit the bottom lines of banks - Local Clearing activity is a high cost no revenue activity.
h) Minimises Transaction Costs.
i) Reduces operational risk by securing the transmission route
THE TIMES OF INDIA
Ex-servicemen to get timely pensions
| Dec 6, 2012, 05.29 AM IST
NEW DELHI: The defence ministry on Wednesday took several decisions to ensure ex-servicemen get their pensions in time, stung by criticism over the huge delay in former NSG commando Surender Singh getting all his dues. Anti-graft crusader Arvind Kejriwal had raised the case of Singh, who was injured in the 26/11 terror attacks, last month, forcing the government to admit there had been a considerable delay since the soldier's retirement "paperwork'' had not been completed in time.
At a meeting chaired by defence minister A K Antony, it was decided that 50% of the pension of soldiers who are "invalidated out" or are "war casualties" should be disbursed immediately, pending the completion of retirement/medical board formalities. It was also decided the Army and Navy should follow the IAF's example of the which has established " e-tracking process" to ensure pensions are disbursed in time.
Antony also directed that orders for the recently announced Rs 2,300 crore pension package for ex-servicemen should be issued by this month-end. ``The minister said the disbursement of the enhanced pensions should begun by March 31,'' said an official.
Minister of state for defence Jitendra Singh will also hold a meeting with different banks this month to bring "uniformity'' in the disbursement of pensions. Antony also asked his officers to ensure "faster disposal'' of decisions taken by the Armed Forces Tribunal.
Ex-servicemen, however, still remain unhappy over the non-implementation of their long-standing demand for one rank, one pension mechanism, which has been promised by most political parties over the years but has never been implemented.
The defence community of 14 lakh serving and 23 lakh retired military personnel, after all, swells into a sizable - albeit diffused - votebank of around 1.5 crore people if family members are also taken into account.
UOI have filed application seeking extension of time limit by another 12 weeks in the Supreme Court giving ref of its order of 04/9/12. Main reasons given are:
1. Calculation of arrears spread over three pay commissions (IV/V/6 CPC). Work load heavy which has to be done for every officer.
2. In respect of pre 1986 officers no data exists which has to be created all over again.
3. Final financial implication can only be known once all calculations are complete in respect of every officer for which budgetary allocation is being done.
More will follow.
Secy RDOA
Visit: www.bharatpensioners.org
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