MUMBAI, Jan 1: A system of facilitating the presentation and payment without their physical movement in regard to Government payments has again been postponed, RBI said today. “As part of enhancing the efficiency in cheque clearing, Reserve Bank has introduced CTS for clearance of cheques facilitating the presentation and payment of cheques without their physical movement. While this process has stabilized, the current requirement of forwarding the government cheques in physical form, after payment to the Government Departments, requires a change”, it said.
While the date for implementation of the Cheque Truncation System (CTS) with regard to Government payments was set at January 1, 2015 it has been postponed. The revised date would be advised shortly the RBI said in a statement.
(AGENCIES)
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