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SL Rupee Cheque Clearing FAQ
SL Rupee Cheque Clearing FAQ
FAQ
1. Why is there a single size for personal and corporate cheques within CITS?
With the implementation of the Cheque Imaging and Truncation System, all cheques are transmitted by image, rendering the difference in size of cheque in material in the cheque verification process.
2. Why do you then call it "truncated"?
Collecting banks are no longer required to physically send cheques to the National Clearing House (LankaClear). Physical Cheques are retained by the presenting bank and data and images are transmitted electronically to the paying bank via LankaClear
3. What are the main changes in the CITS cheque?
New standard size for both personal and corporate cheques (Refer to Image Friendly Cheque specification)
Introduction of a Cheque Return Notification (CRN)
4. How does CITS affect me? What changes do I need to take note of with regard to cheque writing, deposits?
You are required to use an Image Friendly Cheque and to write with a dark colored ink (blue or black ink is recommended) to ensure that the image of the cheques can be captured.
There is no change to the process with regard to availability of funds and the way customers conduct cheque deposits as the traditional form of cheque clearing will not be replaced.
There is no change to the process with regard to availability of funds and the way customers conduct cheque deposits as the traditional form of cheque clearing will not be replaced.
5. Can the new cheques be written in Sinhala characters?
Yes
6. Can I use rubber stamps for "account payee"?
To ensure that all elements of the cheque are captured during the scanning process do not place stamps across the face of the cheque as the Payee, Cheque Amount and Signature must be fully legible on the image as well.
7. Can I use rubber stamps for the "date" columns?
Yes, as long as it does not interfere with the lines in the box.
8. But what's in it for me? What are the benefits to me as a customer?
The CITS System provides seamless integration to existing Banking technology to enable instant retrieval of clearing information and the seamlessness provides a more secure and efficient way to process cheques.
The greatest benefit to the customer is that the funds are credited the following day, irrespective of the location of the Bank branch the cheque was deposited.
The greatest benefit to the customer is that the funds are credited the following day, irrespective of the location of the Bank branch the cheque was deposited.
OVERSEAS/FOREIGN CHEQUES
How will overseas / foreign cheques be treated?
There will be no changes to the clearing process if the cheques are issued in US Dollars as they will be cleared on manual clearing basis (same as current practice).
