RBI moots levy to discourage cheque usage.

Features of CTS-2010 Standard Cheque

Features of CTS-2010 Standard Cheque

1. Branch address with IFSC code printed top of the cheque.
2. Date in dd/mm/yyyy format with boxs.
3. Printers name with CTS-2010 in left side of cheque.
4. A pantograph which shows VOID/COPY while taking photocopy of the cheque below the account number.
5. New rupee symbol instead of bilingual format.
6. "Please sign above" is mentioned on bottom right of the cheque
7. Watermark "CTS INDIA" to be visible cheque is held against any light.
8. Ultra Violet logo of Bank printed at upper left corner of cheque to be visible in UV lamps.

Old cheque of State Bank of India (SBI)

Old cheque of State Bank of Travancore (SBT)

Old cheque of State Bank of Travancore (SBT)

Seeking to discourage usage of cheques an RBI paper suggested that,

• Banks should charge cash withdrawal and deposits through cheques.
  
  In order to avoid increased dependence or slip page to cash based transactions, high cash withdrawals and deposits of cash by individuals may also be charged.
  
• Government agencies should do away with convenience charges for online payment of utility bills.
  

This was issued in a discussion paper floated by RBI on "Disincentivising issuance and usage of cheques"

The RBI has invited comments from the public by February 28, seek to establish a "less-cash" society and encourage greater adoption of Electronic Mode of Payment.