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What is E-Payment?
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E-payment is a mode of payment in addition to the conventional methods of payment
offered by the banks under specific security norms of Reserve Bank of India. This
scheme facilitates anytime, anywhere payment and an instant cyber receipt is generated
once the transaction is complete. It provides the convenience of making online payment
through Bank’s Internet banking service.
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Why NRDA needs E-Payment?
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NRDA is having 14 bank accounts for various projects (One for land acquisition,
Two for Staff payment and contingent expenditure. Remaining Eleven (11) bank account
are operated for particular projects (all projects account will be E-Payment)
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Tentative procedure to be followed for payment after implementation of e-payment:
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- Approval for payment from the authority
- Preparation of request for payment in the on-line application available from the
bank mentioning invoice no., heads of invoices, applicable taxes, tax deduction
if any. On preparing the request for payment, the person need to post the entry
from his side and only after that it will be visible for approval at next level
- On preparation of the cheque a request will come to the approving authority for
approving the payment in the on-line application. The approving authority will check
the following while approving the payment
- payment amount with the invoice amount
- Tax deducted as per applicable rules
- Tax paid as per applicable rules and the agreement
- Justification of the payment
- Account no. / MICR no. of the firm or the person etc.
- On approval from the level as mentioned in Sl. No. 3 the amount will be transferred
from the account of NRDA to the account of the vendor
- A receipt of successful transaction will be generated from the on-line application
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The receipt of successful transaction will be sent by NRDA through e-mail to the
authorised signatory of the vendor in a pre-registered e-mail ID with a request
to confirm the receipt. The vendor will send the confirmation in reply.
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Creation of Database
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To enable e-payment, beneficiary’s details in following format need to be maintained:
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Name of Beneficiary
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Account type of Beneficiary
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Name of the Bank, address, Contact No.
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Bank Account No. of Beneficiary
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Beneficiary Bankers IFSC Code
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Beneficiary Bankers MICR Code
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Address, Contact No. & e-mail address of contact person
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After the end of each month, the designated bank will normally forward following
reports to the NRDA for reconciliation:
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- Date-wise Monthly Statement of amount credited and debited account.
- All successful transactions against each cheque.
- Consolidated rejection report.
- Outstanding balances in the Account vis-à-vis rejected transactions.
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