Add one more item — get a new cheque book — to your list of 'things to do' before the New Year. You may not be able to use your old cheques from next year with the implementation of the new Cheque Truncation System (CTS-2010), which will eliminate physical movement of cheques for clearing. Instead, only their elect
ronic images, along with key information, will be captured and transmitted. It will make the clearing process more efficient, secure and quicker; but for that, you must switch to new cheques with prescribed standard features before December 31.
If you've issued post-dated cheques for your home/auto loan EMIs, you'll have to issue fresh cheques. Banks will not charge any fee for replacing the old cheque leaves.
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