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Showing posts from April, 2018

Digitisation of Government Payments – Payments above INR5,000/- to be made electronically only

          A huge number of payments are made by Government Departments every day in the normal course of business           To encourage digital payments, Controller General of Accounts, vide Office Memorandum   5 th December 2016, has advised all Government Departments to release all payments above INR5,000/- to suppliers/contractors/grantee/loanee institutions etc be released electronically only.           As there was not much progress, Controller General of Accounts vide Office Memorandum   dated 28 th June, 2017 sought exception report on the payments above INR5,000/- from the respective Government departments.           As the reasons furnished by Government departments were not tenable, Controller General of Accounts, vide Office Memorandum dated 31 st January 2018 reiterated the need to release all payments above INR5,000/- electronically only.           It was noticed that a majority of cheques above INR5,000/- were issued to Telephone companies, electr

Nanded goes Live on CTS – Western Grid

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          Banking customers in Nanded are finally able to experience the benefits of Cheque Truncation System.           The first set of locations in Western Grid went live on CTS in mid-2013. Since then a number of locations have migrated from MICR and ECCS based clearing to CTS.           However, Nanded joined the CTS Western Grid only in the first week of April 2018.   The official confirmation of commencement of CTS in Nanded City is through NPCI Circular Dt.11 th April, 2018 regarding commencement of “Paper to Follow” center at Nanded.           One of the most important processes of CTS is the physical setup of a “Paper to Follow” center. Issuance of circular by NPCI regarding commencement of “Paper to Follow” center, is a sure shot indicator of CTS clearing in that particular location.           Nanded is a city in Maharashtra state, India. It is the eighth largest urban agglomeration of the state and the eighty-first most populous city in India. It is th