English हिन्दी
Connect with us

India News

Banks to clear cheques on same day from October 4, says RBI

From October 4, cheques will be cleared within hours under RBI’s new settlement framework. Positive Pay will play a key role in securing transactions.

Published

on

Reserve Bank of India

From October 4, customers will no longer have to wait for two working days to get their cheques cleared. Under the Reserve Bank of India’s (RBI) new settlement framework, cheques deposited will now be processed and cleared within a few hours on the same day.

Private banks begin same-day clearance

Private lenders including HDFC Bank and ICICI Bank have confirmed that they will implement the updated system from October 4. Customers have been advised to maintain sufficient balances to avoid cheque bounce and ensure accurate filling of details to prevent delays or rejection.

Positive Pay for enhanced security

Banks are encouraging account holders to use the Positive Pay System (PPS) for added security. Customers need to submit cheque details—such as account number, cheque number, date, amount, and beneficiary name—at least 24 working hours in advance for cheques above Rs50,000.
For cheques above Rs5 lakh, Positive Pay has been made mandatory. If the details provided do not match, clearance will be rejected, and the drawer will need to resubmit.

Faster process through CTS

Currently, banks use the Cheque Truncation System (CTS), which electronically transmits scanned cheque images to the drawee bank. While this eliminated the need for physical transfer, clearance usually took up to two working days when deposited through drop boxes or ATMs. The RBI’s phased move to continuous clearing aims to speed up the system—Phase 1 begins on October 4, 2025, and Phase 2 is scheduled for January 3, 2026.

Customer guidelines to avoid rejection

To ensure smooth processing, customers must:

  • Fill cheque details correctly without overwriting.
  • Ensure the amount in words and figures match.
  • Use a valid date.
  • Match their signature with bank records.

Cheques validated under Positive Pay are also protected under the RBI’s dispute resolution system.

India News

CID searches Mamata Banerjee’s residence-cum-office in signature forgery investigation

The West Bengal CID carried out a search at Mamata Banerjee’s Kalighat residence-cum-office in Kolkata as part of an ongoing probe into allegations that signatures of Trinamool Congress MLAs were forged on a document submitted to the Assembly Speaker.

Published

on

Mamata Banerjee

The West Bengal Crime Investigation Department (CID) on Tuesday carried out a search at the Kalighat residence-cum-office of Trinamool Congress chief Mamata Banerjee as part of its investigation into an alleged signature forgery case that has triggered a major political controversy in the state.

The probe relates to allegations that signatures of several Trinamool Congress MLAs were forged on a communication submitted to the Assembly Speaker regarding the selection of senior party leader Sobhandeb Chattopadhyay as the Leader of Opposition.

According to the complaint, two party MLAs, Ritabrata Banerjee and Sandipan Saha, informed the Speaker that no resolution had been adopted at a May 6 meeting as claimed in the official communication. They further alleged that signatures were added later and questioned the authenticity of several entries on the document.

The CID team, accompanied by police personnel, arrived at the premises located at 30B Harish Chatterjee Street in Kolkata. The location serves as both Mamata Banerjee’s residence and an important party office. Investigators reportedly conducted the search after seeking information connected to the collection of signatures under scrutiny.

The development comes amid an intensifying investigation that has already seen multiple notices issued to Trinamool Congress national general secretary Abhishek Banerjee. Searches were also conducted at locations linked to him as investigators sought to verify details regarding the process through which the signatures were collected.

The signature forgery controversy has added to the political challenges facing the Trinamool Congress, with the issue exposing internal divisions within the party following its recent electoral setback in West Bengal.

Continue Reading

India News

Government reduces subsidised LPG cylinder quota for Ujjwala beneficiaries to four annually

The government has reduced the annual quota of subsidised LPG cylinders for Ujjwala beneficiaries from nine to four, while retaining the Rs 300 subsidy per eligible refill.

Published

on

LPG Cylinder

The Centre has reduced the number of subsidised cooking gas cylinders available each year to beneficiaries of the Pradhan Mantri Ujjwala Yojana (PMUY), bringing the entitlement down to four cylinders annually from the previous limit of nine. The decision was announced by a senior government official, who said the revised quota reflects the average LPG consumption pattern among beneficiaries.

PMUY, launched in 2016, provides LPG connections to women from economically weaker households to encourage the use of cleaner cooking fuel. At the time of its launch, beneficiaries were eligible for up to 12 subsidised 14.2-kg LPG cylinders every year. The quota was reduced to nine cylinders last year and has now been lowered further to four.

Government cites consumption patterns

Speaking at a media briefing, Petroleum Ministry Additional Secretary Praveen Mal Khanooja said the revised entitlement broadly corresponds to the average annual LPG usage recorded among Ujjwala households.

The government continues to provide a subsidy of Rs 300 per 14.2-kg cylinder to eligible PMUY consumers. The subsidy amount is transferred directly to beneficiaries’ bank accounts after the purchase of a refill. The assistance was first introduced at Rs 200 per cylinder in May 2022 and was increased to Rs 300 in October 2023.

LPG prices rise

The policy change comes shortly after a rise in domestic LPG prices. A 14.2-kg household LPG cylinder became costlier by Rs 29 earlier this month, taking the retail price in Delhi to Rs 942. For PMUY beneficiaries, the effective cost after the Rs 300 subsidy is Rs 642 per cylinder.

Government officials have also pointed to increasing financial pressure on oil marketing companies, which are reportedly facing substantial losses on domestic LPG sales despite the recent price increase.

Impact on beneficiaries

With the latest revision, PMUY beneficiaries will receive subsidy support on only the first four LPG refills purchased during a year. The government maintains that the revised limit is sufficient to meet the average consumption needs of beneficiary households, though the decision is expected to affect millions of families enrolled under the scheme.

Continue Reading

India News

K Kavitha attacks Revanth Reddy government, seeks action over land linked to Pawan Kalyan

K Kavitha has intensified her criticism of the Telangana government, alleging selective action in land matters and demanding scrutiny of land allegedly owned by Andhra Pradesh Deputy Chief Minister Pawan Kalyan.

Published

on

K Kavitha

Former MP and Telangana Rakshana Sena chief K Kavitha has accused the Telangana government of adopting a selective approach in dealing with land-related issues and demanded action regarding a parcel of land allegedly owned by Pawan Kalyan.

Addressing reporters in Hyderabad, Kavitha questioned the administration led by A Revanth Reddy and alleged that authorities were not acting uniformly in cases involving land that falls within protected water body limits.

Kavitha alleges land falls within protected limits

Kavitha claimed that around 10 acres of land associated with Pawan Kalyan is located in the Kodikunta lake area and falls under Shikam land and Full Tank Level (FTL) limits. According to her, official revenue records identify the land as protected lake property, and therefore authorities should examine the matter and take appropriate action.

She argued that if action is taken against certain properties for alleged violations involving lakes and water bodies, similar standards should be applied in all cases without exception.

Criticism of the Telangana government

During the interaction, Kavitha also criticised the Telangana government and alleged that large-scale irregularities had taken place in matters related to public land. She accused the administration of failing to address several issues while selectively targeting others.

The remarks come amid an ongoing political confrontation involving opposition leaders and the Congress-led government in Telangana, with land-related controversies becoming a key point of political debate.

No immediate response reported

There was no immediate public response reported from Pawan Kalyan or the Telangana government regarding Kavitha’s latest allegations at the time of reporting. The claims made by Kavitha have also not been independently verified by authorities.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com