With the introduction of Cheque Imagine and Truncation System in 2006, LankaClear replaced the previous time consuming and tedious physical cheque clearing system with an image based cheque clearing system bringing down the clearing cycle to the next business day (T+ 1 clearing). With that Sri Lanka became the first in South Asia and second in the world to adopt such an advanced cheque clearing system in the world.
With CITS, LankaClear turned around the previous process where the physical cheque needed to be transported from place to place which took nearly 5 to 7 days for a cheque to be realized.
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?
Collecting banks are no longer required to physically send cheques to LankaClear. Physical Cheques are retained by the presenting bank and data and images are transmitted electronically to the paying bank via LankaClear
3. Can I use rubber stamps for "account paye
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.
4. What can I do if I misplace a cheque/ Representable Cheque Rerun Notification?
Contact your bank immediately and instruct them to stop payment.
5. How long does it take to realize a cheque?
From the time a cheque image reaches LankaClear from banks, it is processed within one business day, so that that cheque could be realized on the next working day.
6. Can I write a cheque in my native language?
In Sri Lanka, cheques written in Sinhala, Tamil and English languages are considered valid.
7. What are the Dos and Don’ts related to cheques
8. How can I get a certified image of a cheque?
Contact your bank immediately and request for a certified image from LankaClear
9. Is a certified image of a cheque accepted in a Court of Law?
10. Can I draw a cheque for a value over Rs.100,000,000?
Except for government departments, state corporations, statutory bodies others can not draw cheque value over Rs. 100,000,000
11. In what circumstances can a cheque be dishonored/returned?
A cheque can be returned due to multiple reasons. Below are the urn codes and the corresponding reasons.
12. How do I issue a cheque to pay someone?
Write the full name of the payee as per payee's bank records on the 'Pay' line. Cross out the 'Bearer' word on the cheque and double cross on the top left corner of the cheque if it has to be paid only to the said payee.
13. Can I present a torn or damaged Cheque Return Notification (CRN)?
No. You should ask the drawer for a new cheque.
14. What should I do if I have misplaced or lost CRN that can be presented?
CRN is a substitute of the dishonored cheque, you should treat a misplaced or lost CRN as if it were a lost cheque. You should ask the drawer for a new cheque. Also drawer should also place stop payment instructions for the lost cheque.
15. If a CRN that is presented and returned, will the same CRN be used again?
A new CRN will be issued for each return of the same cheque. Hence, if a CRN is presented and subsequently returned, another CRN will be generated stating new return reason.