Why you need to apply for a new cheque book

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Considered to be a major milestone in the history of Indian banking, Cheque Truncation System (CTS) aims to make cheque clearance more efficient and reduce the clearance time of cheques to one day, thereby trimming down the floating time considerably. India processes as many as 1.2 billions cheques annually and therefore, the implementation of this system would drastically cut down the waiting period involved. The system will be implemented nationwide from January 1, 2013.

CTS cheque sample

How does it work?

An online image-based cheque clearing system, the collecting bank branch would deploy scanned images along with the magnetic ink character (MICR) of the cheque which will be sent out electronically using their Capture System, removing the need for physical/manual transfer of cheques. The captured images and the data is then signed and encrypted and sent to the Clearing House or the central processing location and thereafter forwarded to the drawee or paying bank.

This helps speed up the cheque collection process that eventually helps provide better and faster customer service.

Key Features of Cheque Truncation System

• User friendly graphic user interface
• Automated coding and endorsing of cheques
• Encryption of data file before transmission to the clearing house or the service branch
• Employs a unique transaction follower process to confirm the status of cheque
• Improved and efficient settlement and prevention of fraud
• Equipped with enhanced archival procedure that stores images and data facilitating report generation along with future enquiry
• Alerts RMs in case of return of cheque due to insufficient funds

New cheque leaf

Impact of CTS on Customers

Handling of EMIs with the Introduction of CTS

In cases where customers have issues post-dated cheques (PDC) for payment  of monthly installments towards an ongoing loan, they would need to issue fresh cheques to the bank or service provider as per the new directive on CTS by the RBI. The replacement of these cheques needs to be done latest by December 31, 2012 and is applicable on all banks and NBFCs.

Encashment of Old Cheques

If you have an old cheque with you, you should get it encashed by December 31, 2012. The RBI mandate states that payments for such cheques will be honoured only till then.

Banks need to issue the new types of CTS-compliant cheque books with the prescribed features to all their customers latest by December 31, 2012. Customers may need to surrender their old cheque books or cancel them and show proof of cancellation. No replacement fee will be charged by the bank for issuing new cheque books

Apart from these aspects, the system does not, in any way, affect the way things function for a customer. They would continue using cheques as they do currently; however, cheques that have been altered or modified will not be permissible under the new system. The other precautions that need to be taken while issuing or writing a cheque are:

• Ensure that all details are clear and readable, using black or blue ink
• Write the name of the payee, amount and the date and sign the cheque correctly.
• In case you use seals on the cheque, ensure that they are imprinted in a manner that they do not mask or hide the other important fields of the cheque.

Benefits of CTS for Customers

There are many benefits of the cheque truncation system from the perspective of a customer. 

• Clearance cycle gets shortened - As this system is being implemented, the physical or manual movement of cheques for clearance has ceased. With cheques being transmitted electronically, the settlement process becomes quicker, facilitating reduction in the clearance cycle.
• The fear of loss of cheques during transfer from the collecting bank to the drawee or payee bank is eliminated.
• Limitations of the current clearance system with respect to jurisdiction and geography are eradicated. This enables integration and consolidation of several clearing locations across various banks offering different service levels into one standard clearance system applicable throughout the country.
• CTS helps reduce the scope of fraud significantly. Moreover, the electronic transmission is quick and allows early detection of fraud or any alteration with respect to the payee, amount or the issuer of the cheque. CTS prescribe minimum security features under ‘CTS-2010 standards’ along with superior verification process that further facilitates in the reduction of frauds.
• The operational efficiency of both the bank as well as the customer is enhanced with the introduction of this system.
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• with thanks : YAHOO FINANCE : LINK

Traffic Jam on Mandir marg, Krishna nagar, 13th Dec. Thursday 2pm

City has dismal record of structural safety

NEW DELHI: Two building crashes and the tilting of another building, within a month, highlight Delhi's worrisome record of structural safety. 

 In 2011, 60 people died and 75 were injured in 68 cases of structure collapse here. In a comparison of 53 cities, Delhi suffered the most due to structure collapse, said the National Crime Records Bureau reports. 

Only last week, a building had collapsed in east Delhi's Jheel Khurenja area without causing any casualties. On November 23, a building had tilted in Lalita Park, where 70 people lost their lives in a building collapse in 2010. 

While unauthorized construction is to blame for weak buildings, the civic agencies have failed to check it, especially in colonies lining the Yamuna's bank. "The area is deprived of civic amenities but the real estate business is thriving. The corporation needs to act," said B S Vohra of East Delhi RWAs Front. 

Rampant illegal construction has not only added to congestion but also weakened old structures. The walls of many houses have developed deep cracks and their foundations have become weak. 

Corporation officials say they are helpless due to a shortage of supervisors. "Staff crunch has been a persistent problem with the corporation after trifurcation. The application for recruitment of junior engineers has been pending for over two years. It is impossible for an engineer to keep a check in almost five wards," said S S Yadav, commissioner, East corporation. 

with thanks : Times of India : LINK

Traffic Jam on Mandir marg, Krishna nagar, 11th Dec 2012, Tuesday, 3pm

New Taxes in EDMC budget ?

Dear Vohra ji, 

Thanks a ton for taking up this important issue. MCD had been squeezing only the honest tax payers rather than bringing the almost 70% of the property owners who have not been paying any tax, in their net.  EDMC seems to be a step further.  We can understand that their coffers are empty and they need money to pay salaries and meet other expenses, but putting all the burden on the existing tax payers looks like a day light robbery.  Instead, they should try to control rampant corruption in every department so that legitimate money goes to their treasury rather than in some pockets; they should honestly try to take strict action against those not paying taxes and bring them in the tax net; empower and involve RWAs/housing societies in tax collection, etc. 

Vohra ji, we would be pleased to extend our whole-hearted co-operation and support, and wish you all the success in your efforts. 

Best regards 

Ram Gupta 

Priyadarshini Vihar RWA

Lok Adalat to settle power theft, meter tampering cases

Over 20,000 cases to be heard at Karkardooma Court Complex on December 8, 9

 

Power distribution company BSES Yamuna Power Ltd (BYPL) will organise a Lok Adalat on December 8 and 9 for settlement of around 20,000 cases of electricity theft and meter tampering in East and Central Delhi. 

“The Lok Adalat will provide BYPL customers a one-time opportunity for amicable and on-the-spot settlement of cases relating to direct theft and meter tampering,” a BYPL official said. 

Cases involving sums of up to Rs 25 lakh will be taken up at the Lok Adalat, which is to be held in the Karkardooma Court Complex over the weekend. 

“To ensure the success of the Lok Adalat, BYPL is taking all possible steps to inform eligible customers through various channels. Besides sending notices, the company is also running radio spots on popular FM stations,” BYPL CEO Ramesh Narayanan said. 

He said around 20,000 letters and notices have been sent to the customers and litigants concerned. Of these, the maximum number of cases (3,825) are from Yamuna Vihar. 

The company said in case of a default, it will initiate criminal proceedings against defaulters as per provisions of the 2003 Electricity Act. 

The Lok Adalat will take up all power theft cases, including those pending before various courts in Delhi, including the Special Court of Electricity, Karkardooma and Tis Hazari courts. 

A BYPL official said consumers who wish to settle their power theft cases can either attend in person or through their advocates

 

 

with thanks : INDIAN EXPRESS : LINK : for detailed news.

BSES Yamuna gets India Power Awards

BSES Yamuna Power Limited has been conferred with a prestigious award for its contribution in improving the distribution infrastructure in the city in the last 10 years. The company won the India Power Awards 2012 in the category 'Turn Around Delhi Discom'. 

Promoted by the Council of Power Utilities, India Power Awards are considered prestigious in the energy Sector. The awards were presented across 12 different categories. 

The BYPL was chosen for the award for introducing modern technology like Supervisory Control and Data Acquisition (SCADA) and Geographical Information System (GIS) in its distribution network. 

Expressing his happiness on being conferred with the award, BYPL CEO Ramesh Narayanan said, "This award will further inspire us to perform even better and continue to deliver according to the expectations of our different stakeholders." 

with thanks :  Business Standard : LINK

New Taxes in EDMC Budget ?

Dear Mr. Vohra ji,

I fully endorse your views! The woes are increasing while the MCD is taxing the law-abiding citizens. If they wish to increase their revenues there are many ways and could be done in consultation with the recognized RWAs/Federations etc. We won't be unreasonable and illogical. With the all round increase in all spheres the honest people would also be reasonable in their demands which could be considered and conceded! This is real 'bhagidari' and not the other 'official one' which is given publicity all over. 

Thanks for taking up the cause and difficulties of the hon/citizens with the authorities concerned through various means at your disposal but I wonder whether they will have any impact at all! However, our good wishes and cooperation are always with you, for you and forever and ever!!!

With best regards,

TK Balu

EDMC Budget : Jago Delhi Jago !

EDMC Commissioner Mr S S Yadav today announced a whole lot of NEW TAXES for East Delhi.  

Property Tax : It's quite strange that instead of widening the Tax net, EDMC is harrassing those who are already paying it and those who are not in their Tax net have again gone scot free.  Property tax in the area is likely to go up with East Delhi Municipal Corporation today proposing an increase of property valuation by 1.6 times and imposing education cess and betterment tax on it.

Betterment Tax : What betterment Tax they can charge to the residents when the Roads condition has worsened. Traffic jams have widely increased the travelling time. Pollution levels are touching the peaks. Yamuna has been converted into a drain. The Dirty drain water is being supplied as drinking water. The residents have to suffer from Dengu to Swine flu due to the declining sanitary conditions.  But expect a 10 % Betterment Tax on Property Tax. Rs. 22 Crores expected by EDMC.

Education Cess : Just ask the Parents that how many would like to send their wards to a MCD Govt school for education. No quality, no standards, no compatibility with any of the private schools. Just for the future of kids, parents are forced to pay high fees to the private schools so that kids could compete with the future. Govt or MCD has totally failed to provide quality education to students of Middle class or lower middle class segments.  But again a 5 % Education cess on Property tax. Rs. 11 crores expected by EDMC.

Professional Tax : Professionals are already paying Income Tax / Service Tax and many other related Taxes. Businessmen are already in the net of CST, VAT, EXCISE etc. etc. Why a new tax at all ?  Professional Tax of Rs. 1200 to 2400 on vatious Income slabs.

Generator Tax :  Those using Generators have to pay this. Seems Govt won't leave you in any segment, you may be.  Electricity Tax on Generators of 5 KW and above.

Car Parking : They are not able to provide any new parking, any better parking in the area. The parking mafia is already making good money. Now they want to make it at minute rate basis for the further harrasments of users of parking sites. Minute based Car Parking rates with 50 % additional for Peak hours between 5pm to 9pm & monthly parking charges up from Rs. 500 to Rs. 1500

It's just politics or the impact of trifurcation of MCD, but one thing is clear that one who elects any form of govt is the one who is forced to pay for the working of that form of Govt. None bothers if you can or can't afford it.

JAGO DELHI JAGO !

B S Vohra

Incident Management during Table Top Exercise for DEMEx Mega Mock Drill

With thanks : Shivani Rana ji

ट्रैफिक पुलिस से सबूत के साथ होगी बात

ट्रैफिक पुलिस से सबूत के साथ होगी बात

• अमर उजाला ब्यूरो

नई दिल्ली। आपने नो पार्किंग जोन में खड़े वाहन को जब्त करते समय ट्रैफिक पुलिस को फोटोग्राफी और वीडियोग्राफी करते देखा होगा। वाहन चालक के ना नुकूर करने पर पुलिस वीडियो दिखाकर उससे जुर्माना वसूलती है। अब आरडब्ल्यूए यही तरीका अपनाकर भागीदारी बैठकों में दिल्ली ट्रैफिक पुलिस के झूठे दावों की पोल खोलने की तैयारी में है।

 

ज्वाइंट फ्रंट ऑफ आरडब्ल्यूए सोमवार से यह मुहिम पाबंदी के बावजूद सड़कों पर दौड़ते व्यवसायिक वाहनों के खिलाफ शुरू करेगी। आरडब्ल्यूए से जुड़े लोग सड़कों पर भागते ऐसे वाहनों की वीडियोग्राफी करेंगे। फिर इस वीडियो को भागीदारी व मासिक बैठकों में दिखाएंगे। आरडब्ल्यूए फ्रंट के अध्यक्ष वीएस वोहरा ने बताया कि यह मुहिम सबसे पहले कृष्णा नगर, गीता कॉलोनी, पुश्ता रोड पर चलाई जाएगी। ये वो इलाके हैं, जहां सुबह आठ बजे के बाद व रात को नौ बजे से पहले व्यवसायिक वाहनों की एंट्री पर प्रतिबंध है। 

 

फिर भी यहां खुलेआम ऐसे वाहन फर्राटा भरते हैं, जिससे जाम की समस्या तो होती ही है, हादसे भी होते हैं। उन्होंने कहा कि बैठकों में जब यह मुद्दा उठाया जाता है तो ट्रैफिक पुलिस कार्रवाई की बात कहती है। साथ ही चालान की संख्या बताकर अपनी पीठ थपथपाती है। अब हम रिकॉर्डिंग कर ट्रैफिक पुलिस को सच से रूबरू कराएंगे। ऐसे वाहन, जो कि पाबंदी के बावजूद सड़कों पर रफ्तार भरते हैं, उनकी वीडियोग्राफी की जाएगी। साथ ही वीडियो को ट्रैफिक पुलिस के फेसबुक अकाउंट में भी अपलोड कर उनकी आंखें खोली जाएंगी। 

 

with thanks : Amar Ujala : LINK