E-Payment-

E-Payment-

E-payment means payment of freight by debiting customer’s account and crediting Railways account with bank online. This facility is provided to corporate customer. This facility is developed by CRIS which acts as a co-coordinator between Indian Railway and Bank. This facility can be provided at TMS (FOIS) locations only.

Salient Features:-

1) Customer must have an account exclusively for this purpose at any internet banking enabled branch.

2) Quadripartite agreement is to be signed among bank customer and Railway. After signing agreement Railways will give a unique customer code.

3) Customer will open an irrevocable inland letter of credit (LC) bank credit with the bank in favour of Railway for a minimum amount equal to 2 days average freight during busy season in last financial year.

4) At loading point/terminal the goods clerk will key in customer code and other particulars through TMS.

5) Above data is captured by CRIS and passed on to bank.

6) Bank will process the data, and debit the freight from- customer’s account and credit the same to Railway Account.

7) On getting success message FOIS will generate paid ERR .In case of unsuccessful transaction, FOIS will generate paid ERR up to the LC limit, thereafter TO-pay RR will be generated.

8) This facility is introduced to provide better service to rail customers and to reduce cash transactions.

Question =

Write short notes.

1. Weekly Inventory

2. Modes of payment

3. CNCC

4. Weight only system

5. E-payment of freight