10. Pantograph with hidden/ embedded word 'VOID' is included in the cheques seen below the area where the account number is printed. The word is clearly visible in photocopies of a cheque.

The above checklist would be more than sufficient for a customer to identify whether the cheque book he currently holds is CTS compliant or not.

Now, you must apply in your bank for a new regulated cheque book available free of cost and then watch out for any communication from your bank regarding its issuance.  Once your new cheque book is issued, you can either choose to destroy the old cheques book or surrender it to your bank.

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“It also becomes imperative that if one has availed a home loan and/ or auto loan and issued post-dated cheques, then they will be required to replace such post-dated cheques with the CTS-2010 compliant ones now before March 31, 2013," explains Virat Diwanji, Executive Vice President and Head Branch Banking, Kotak Mahindra Bank, as quoted by TOI.

There are quite a few advantages of using a CTS compliant cheque, as the scope of frauds is is low due to the various security checks in place. The CTS also helps in speedy clearance of cheques resulting in faster credit to your account. This is predictably because there is no physical movement of cheques and hence time is saved.

Also Read: 8 Simple Ways to Save Your Taxes