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Use of Non-CTS 2010 Standard Cheques to End on March 31, 2013
Posted On Friday, Dec 14, 2012
Dear Valued Reader,
This mailer is with reference to the Reserve Bank of India (RBI) Circular dated September 03, 2012 regarding 'Standardisation and Enhancement of Security Features in Cheque Forms' circular.
Banks have been instructed by RBI to issue only multi-city/payable at par CTS-2010 standard cheques after September 30, 2012.
While all banks were advised to ensure the replacement of non-CTS-2010 Standard cheques with CTS-2010 standard cheques before December 31, 2012, it has been decided to extend the time up to March 31, 2013 for banks to ensure withdrawal of non-CTS 2010 Standard cheques and replace them with CTS-2010 Standard cheques. View the
revised circular.How to identify a CTS '2010' compliant cheque?
1. Bank's logo printed with invisible ink
2. Void pantograph (What is a Void pantograph?)
3. Cheque printer details/CTS- 2010
4. Rupee symbol
5. Signature Space Indicator
View for specification and additional details as prescribed by RBI on
"CTS-2010 Standard Cheques"and the sample image of a CTS 2010 standard cheque.
Additionally, any post-dated cheques (Non ‘CTS 2010') issued by you for your loans and EMI repayments to be presented after March 31, 2013 will need to be replaced by the fresh cheques meeting the above mentioned guidelines.
What’s in it for me as a Mutual Fund Investor?
• We would request you to note that effective March 31, 2013 you would not be able to purchase into the Schemes of a Mutual fund with non CTS 2010 standard cheques.
• In case of investors who have submitted post-dated non-CTS 2010 standard cheques dated 1st April, 2013 onwards for your Systematic Investment Plan (SIP) investments , then you need to replace them with CTS-2010 standard cheques before March 31, 2013. Depending on the Fund House procedure, the cheques earlier submitted to the fund house may be forwarded by courier to your address registered in the records.
For this you need to submit a written request to the mutual fund house mentioning your folio number, scheme details and SIP details along with the CTS 2010 standard cheques of the respective SIP due date. (Please check the process with your respective fund houses)
In case if you have invested with Quantum Mutual Fund, then the same can be submitted to our registered office address as given below as mentioned below or any of our Karvy collection center’s closest to you:
Quantum Asset Management Company Private Limited,
505, Regent Chambers,
5th Floor, Nariman Point,
Mumbai - 400021.
request you to approach your bank for more clarifications in this regard.
Taking care of your investments,
Meera Shetty
Head - Investor Relations
Risk Factors: Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Please visit – www.quantumamc.com/disclaimer to read scheme specific risk factors. Investors in the Scheme(s) are not being offered a guaranteed or assured rate of return and there can be no assurance that the scheme's objective will be achieved and the NAV of the scheme(s) may go up or down depending upon the factors and forces affecting securities markets. Investment in mutual fund units involves investment risks such as trading volumes, settlement risk, liquidity risk, default risk including possible loss of capital. Past performance of the Sponsor / AMC/ Mutual Fund does not indicate the future performance of the Scheme(s). Statutory Details: Quantum Mutual Fund (the Fund) has been constituted as a Trust under the Indian Trusts Act, 1882. Sponsor: Quantum Advisors Private Limited. (liability of Sponsor limited to Rs. 1,00,000/-) Trustee: Quantum Trustee Company Private Limited. Investment Manager: Quantum Asset Management Company Private Limited (AMC). The Sponsor, Trustee and Investment Manager are incorporated under the Companies Act, 1956.
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