Elon Musk launches 'America Party' after fallout with Trump, cites public demand for alternative
Washington, DC: Billionaire entrepreneur Elon Musk has announced the formation of a new political party in the United States, called the America Party. The move comes shortly after a public fallout with President Donald Trump and his departure from the now-defunct Department of Government Efficiency (DOGE).
Making the announcement through his social media platform X, Musk said, “Today, the America Party is formed to give you back your freedom,” citing a poll he conducted where over 65% of respondents supported the creation of a third party.
Musk criticised both the Republican and Democratic parties, calling the current political system a “uniparty” responsible for waste and corruption. “When it comes to bankrupting our country with waste and graft, we live in a one-party system, not a democracy,” he wrote.
Drawing historical parallels, Musk said the America Party would challenge the political establishment by using “extremely concentrated force at a precise location on the battlefield”, referencing Epaminondas' victory at Leuctra.
Tensions between Musk and Trump have escalated in recent weeks, particularly over Trump’s sweeping new legislation, dubbed the “One Big Beautiful Bill”, which was signed into law on July 4. Musk criticised the bill for potentially adding $3.3 trillion to the national debt over the next decade.
Musk, who previously held a key advisory role and led cost-cutting efforts through DOGE, had earlier hinted at the possibility of forming a new party. Reacting to a user on X comparing the idea to Tesla and SpaceX, “low probability of success, but game-changing if it works”, Musk responded positively.
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Banks to clear cheques within few hours from Oct 4: RBI
Mumbai, Aug 13 (PTI): The RBI will introduce a new mechanism from October 4 for clearance of cheques within hours of being presented to banks, reducing the current time period of up to two working days.
Cheques will be scanned, presented, and passed in a few hours and on a continuous basis during business hours. The clearing cycle will be reduced from the present T+1 days to a few hours.
Cheque Truncation System (CTS) currently processes cheques with a clearing cycle of up to two working days.
To improve the efficiency of cheque clearing and reduce settlement risk for participants, and to enhance customer experience, the RBI has decided to transition CTS from the current approach of batch processing to continuous clearing with 'on-realisation-settlement'.
The Reserve Bank of India (RBI) has issued a circular for introduction of Continuous Clearing and Settlement on Realisation in CTS.
"It has been decided to transition CTS to continuous clearing and settlement on realisation in two phases. Phase 1 shall be implemented on October 4, 2025 and Phase 2 on January 3, 2026," it said.
There will be a single presentation session from 10:00 AM to 4:00 PM.
Cheques received by the branches shall be scanned and sent to the clearing house by the banks immediately and continuously during the presentation session, RBI said.
"For every cheque presented, the drawee bank shall generate either positive confirmation (for honoured cheques) or negative confirmation (for dishonoured cheques)," it said.
During Phase 1 (from October 4, 2025 to January 2, 2026), drawee banks will be required to confirm (positively/negatively) cheques presented on them, latest by the end of the confirmation session (7:00 PM), else those will be deemed to have been approved and included for settlement.
In Phase 2 (from January 3, 2026), the item expiry time of cheques shall be changed to T+3 clear hours.
Giving an example, the RBI said the cheques received by drawee banks between 10:00 AM and 11:00 AM will have to be confirmed positively or negatively by them by 2:00 PM (3 hours from 11:00 AM).
Cheques for which confirmation is not provided by the drawee bank in the prescribed 3 hours shall be treated as deemed approved and included for settlement at 2:00 PM.
RBI further said that on completion of settlement, the clearing house will release the information of positive and negative confirmations to the presenting bank.
"The presenting bank shall process the same and release the payment to the customers immediately, but not later than 1 hour from successful settlement, subject to usual safeguards," it said.
RBI directed banks to make their customers adequately aware of the changes in the cheque clearing process.
Banks have also been asked to be in readiness to participate in continuous clearing in CTS on the prescribed dates.
