Electronic Funds Transfer


Electronic Funds Transfer

Electronic funds transfer belongs to RBI and is recommended by Shere Committee. It gives the facility to give and collect the money electronically. This facility targets the exporters; by the use of this facility they don’t need to go to bank for the submission of the fee of license, they can offer their license fee online by filling the application form electronically.

Online Banking

Why we use Electronic fund transfer over other mode:

  • As compare to traditional mode of money transfer like paper check, demand draft it is more secure way of money transfer because banks gives you the facility to use a separate payment gateway specially created for this purpose only..

  • The efficiency and accuracy of money transfer is higher than as compare to the traditional mode of money transfer.

  • It is a more economic mode of money transfer.

  • It will reduce the time of the procedure hence indirectly saves your money and efforts.

 

Name of the banks which provides the facility of Electronic Fund Transfer:

Here is the list of the banks which allow you to use this facility. The names of banks are given below-

 

  • State bank of India

  • Punjab National Bank

  • ICICI Bank

  • Bank of India

  • IDBI Bank

  • Union Bank of India

  • HDFC Bank

  • UTI Bank

 

What kind of licenses are under this facility:

Almost all the licenses which can be filled online are comes under this facility. Say for example DFIA, DEPB, EPCG, DES and many more.

 

To use this facility what is the necessities:

An authorized exporter who’s having approved Import Export Code can use this facility just by open a bank account in which net banking facility is available. Net banking facility needs a proper ID and Password provided by the bank authority.

Fee Refund facility is available or not in Electronic Fund Transfer?

  • Generally once the fee is paid refund is not allowed but in some cases you can claim the fee refund. The following given reasons will make you to understand in which condition you can claim and get your fee back:

  • If you deposit the wrong amount of fee for example you paid more amount of fee than the required.

  • In case you paid the fee but there is no application has been created will also make an exception.

  • Sometimes applicant is exempted from the fee payment but if he deposited the fee, in that case he also claims for the fee refund.

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