Banks of Criminal Action Gets Warning from Telangana Government

Untitled-3On Friday the Telangana government warned banks of `civil and criminal consequences’ if they honor cheques or instructions issued by `unauthorized’ officials. The issue is regarding the transfer of funds from institutions that were part of unified Andhra Pradesh.

A meeting of bankers has been arranged by the State Government on Friday to issue a warning. Since the amount of Rs 609 crore from the AP Building and Other Construction Workers Welfare Board (APBOCWWB) to bank branches located in residuary Andhra Pradesh without the consent of the Telangana government.

In the meeting at the state secretariat, Chief Secretary Rajiv Sharma to the Telangana government, in a memorandum circulated to the bankers, by effecting the transfer of funds belonging to institutions listed under the 8th, 9th and 10th Schedule of the AP State Reorganization Act, 2014, the banks were acting in violation of the provisions of the Act.

The Chief Secretary told the bankers that as on June 1, 2014, the APBOCWWB funds have been restored to the accounts as they belonged to Telangana and residuary Andhra Pradesh. He also said on this issue the Telangana government expects a status report from the banks in the next three days.

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