No. Bank Negara Malaysia (BNM)
implemented the new Cheque Truncation & Conversion System (CTCS) 1 replacing the existing SPICK clearing system nationwide from June 1, 2008.
One of the key objectives of Cheque Truncation & Conversion System (CTCS) is to achieve same day clearing
. In cheque truncation, the clearing of cheques will be based on the image and Magnetic Ink Character Recognition (MICR) Codeline data of the cheque and not the physical cheque.
Unlike the old system, no alteration on a cheque is permissible under the new system as a safeguard against fraud. Therefore precautions need to be taken while issuing or writing a cheque.
The bank reserves the right to dishonour and return cheques which in the bank's opinion, bear any alteration (whether counter-signed by the drawer or otherwise).
In addition, you (the issuer of the cheque) may be charged a fee by your bank to recover part of the administrative cost.
- The official website of the Bank Negara Malaysia
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