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At present, cheque clearing through the Cheque Truncation System (CTS) operates in a batch processing mode and has a clearing cycle of up to two working days.
Vaidya, who played four One-Day Internationals for India in the mid-1990s, was produced before a court which released him on a surety bond.
The case against Bijulal is that he transferred Rs 2.73 crore from the official account of the District Collector to his personal accounts.
More than Rs 2.6 crore was siphoned off in five transactions from the Punjab National Bank, Central Bank of India, Union Bank of India and Canara Bank.
“I will continue with the legal procedures and also explore possibilities of filing a case in India in connection with the issue,” said Thushar.
Thushar Vellappally, has been asked to cough up Rs 6 crore by his former business associate Nasil Abdullah to settle the Rs 19 crore cheque-default case in the United Arab Emirates. However, Thushar has offered to pay up only Rs 3 crore.
While Nasil told the court that the settlement money offered by Thushar was insufficient, the latter alleged that the controversial cheque leaf with his signature was stolen property.