cheques

Roll-out of Speed Clearing is one of the many initiatives taken by Reserve Bank of India for improving efficiency in the time frame for and process of collection of outstation cheques – the time frame has reduced from 7-45 days to 2-3 days, while the Full Article

As you are aware, for convenient, cost-effective and quick processing and settlement of clearing instruments arising out of normal business activities of banks, an elaborate Clearing House infrastructure is in place in the country. Currently operational at most locations across the length and breadth of the country, Clearing Houses facilitate multilateral net clearing and settlement of over four million cheques everyday on a T + 1 basis. In fact, the processing cycle in .. Full Article

In this connection, it may be mentioned that frequent dishonour of cheques of value of less than Rs. 1 crore is also a matter of concern and banks need to take appropriate action in those accounts where such dishonour of cheques occur. Full Article

Banks were told by the Reserve Bank of India  on Tuesday to ensure clearance of all local cheques within a day and of outstation cheques within 14 days. Compliance is to be reported within a month. Each bank branch is to display the cheque collection policy prominently on the banks’ website. Failure to adhere to the [...] Full Article

NOTIFICATIONS NO. DPSS.CO. (CHD) NO. 873 / 03.09.01/ 2008-09, DATED 24-11-2008 As you may be aware, during August 2006, a case was filed before National Consumer Disputes Redressal Commission, New Delhi (the Commission) under the Consumer Protection Act, 1986, inviting attention to the delays in cheque clearing and, specifically, to the issue of float in [...] Full Article

Uttam Prakash Agarwal, president of Institute of Chartered Accountants of India (ICAI), has been in focus lately, handling queries on the role of auditors in the Satyam Computer fiasco. Agarwal, who is also chairing the six-member high-level committee set up by ICAI to look into the Satyam scandal, talked to Vivek Seal of DNA on [...] Full Article

During 2007, the then Finance Minister P. Chidambaram launched an innovative scheme called as Refund banker Scheme. It was first introduced in New Delhi and Patna. Since then, the scheme has been extended to other cities in India. Here, we take a look at the Refund Banker Scheme, its pros and cons.  Refund Banker Scheme:-A [...] Full Article

SUMMARY OF CASE LAW The relationship between the assessee-airlines and the travel agent is one of principal and agent; the supplementary commission which is the amount retained by the travel agent is commission within the meaning of section 194H read with Explanation (i) to the said section; the difference between the full value of the [...] Full Article