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Preparations to curb illegal transactions and black money through fund transfer

Saturday - August 24, 2019 11:40 am , Category : BUSINESS
There can be a change in the rules for fund transfer
There can be a change in the rules for fund transfer

Now you may have to take permission before fund transfer!

AUG 24 (WTN) - There was a time when consumers had to engage in long queues in the bank for bank related works. Consumers in banks used to waste their precious time for banking related works like withdrawing the money and depositing the money. But after the Internet revolution in the country, the whole situation has changed. Because of cheap data and smartphones, millions of people in India are using internet on smartphones. Due to the Internet revolution, almost all bank related works are being done online.

There was a time when for sending money, one had to either send money order or issue a check. Due to all this process, money used to reach to the concerned person after a long time. But since the advent of internet revolution, due to net banking, money transfer has become so easy from one account to another in a few seconds. But now the Modi Government has made preparations to curb 'illegal' money transfer through the fund transfer.

For your information, let you know that National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) are used for online fund transfer. But as you know that currently any person transfers money to another person's bank account with any one of the above mentioned systems, then the concerned person has to register first in this process. In this process of registration and sending of money, there is no need of his consent.

But to prevent illegal transactions happening through net banking, now it may be necessary to take approval of the person in whose account the money is being transferred.  That is, only after the consent of a person, money can be transferred to his account through net banking.

In fact, the Modi Government is working on this scheme to prevent illegal transactions through net banking. For this, the Finance Minister Nirmala Sitharaman has given a proposal to banks, according to which if money is being transferred to a person's bank account, then he has to be agreed in money transferring. Though, this decision of Modi Government is commendable, but according to banking industry experts, the implementation of this new system will delay the fund transfer, while banks will also have to change their software to implement this new system.

As we told you earlier, there are currently three modes of online payment. NEFT, RTGS, IMPS. Of this, funds worth more than Rs 2 lakh are transferred through RTGS. On the other hand, NEFT and IMPS are mostly used by the ordinary consumers. For your information, let you know that IMPS is considered to be the best means of fund transfer at this time, because it transfers the funds in a short time. At the same time, the transfer of funds through NEFT takes 30 minutes to 2 hours.

Experts say that if the approval of the concerned bank account holder is taken for fund transfer, it will increase the time of fund transfer. Fund transfer will take more time due to approval of account holder’s consent in the online payment. This is why, because the further process of fund transfer will depend on the online consent of the account holder to whom the money is being transferred. In such a situation, if the concerned person is busy, then it is natural to delay in the fund transfer.

But this decision of the Modi Government also has many benefits. First of all, the biggest benefit of this new system will be that it will not allow transferring money to the wrong account. At the same time, it will be able to detect illegal money transaction easily. After the implementation of this system, money will not be deposited in any bank account without the consent of the account holder. In such a case, in the case of income tax or black money, the Government will get information from the bank account that who had accepted the transferred money?