Sunday, October 14, 2012

New cheque standards

The central bank has introduced Cheque Standards and Specifications guidelines to bring uniformity in cheques issued by the banks and financial institutions.
For electronic cheque clearance system to work effectively, cheques issued by different banks and financial institutions need to be uniform.
And the central bank has amended the cheque specifications to suit electronic cheque clearance (ECC).
Nepal Clearing House Ltd (NCHL) has already started operations from February, providing automated cheque clearing service which used to earlier be performed manually at the central bank. Moreover, the amended specifications will also strengthen the security features of the cheques to avoid any instances of fraud.
Membership of Nepal Clearing House Ltd (NCHL) — that has started clearing cheques electronically  — has crossed 50, with Nepal Rastra Bank, all 32 commercial banks, 11 development banks, and six finance companies as its members
The new cheques will be magnetic ink character reader (MICR) cheques with the necessary security features by the member banks and financial institutions.

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