Payment Instruments

New Image Friendly Cheque
With a view to minimize the impact on Banking customers and financial institutions, a two year transition period was agreed in November 2003 allowing ample time to make necessary changes by cheque printers, technology providers and businesses for a smooth transition to Image Friendly Cheques and declared 1st April 2005 as the cut off date to activate Image Friendly Cheques. Since observing 80% image friendly cheques in circulation, we have since informed all Banks to withdraw outstanding non-image friendly cheques from customers by 1st October 2005. Furthermore, as of early 2005, all cheque printers has begun to print new cheques in conformance to Image Friendly cheques and this approach has since contributed to a smooth transition in introducing the new cheque specification to the Banking customers. Therefore, those in possession of Image Friendly Cheques will soon be able to realize their funds the following day, from any location across the nation.

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Cheque Return Notification (CRN)
The Payment & Settlement System Act No. 28 of 2005 lays down the procedure in respect of the payment of cheques electronically presented. Section 34 (1) of the act states where a cheque presented for payment is dishonored by non-payment, the banker to whom the holder delivered the cheque for collection shall issue to the holder an Image Return Document/Cheque Return Notification (CRN) with the following set out requirements. According to section 34(2) “ An Image return document shall be deemed to be the cheque to which it relates”

Banks will return the Cheque Return Notification (CRN) in lieu of a returned cheque unlike the current practice of returning the originally deposited physical cheque. CRN format will conform to requirements set out by the Central Bank of Sri Lanka (CBSL).

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Download CRN Form