Sarkaritel.com News and Features-Corporate News

Railways to introduce electronic clearing system

New Delhi, October 4, 2004

Indian Railways have decided that payments to railway vendors and suppliers will be made through Electronic Clearance System (ECS) as per the directives of the Central Vigilance Commission (CVC).

The ECS is a unique system to facilitate faster and safe payment wherein the payment will be credited electronically direct to the respective bank accounts of suppliers and vendors without issue of individual cheques for the payees.

This facility is intended to help in maintaining transparency, prevent leakages of revenue and cut down delays in making payments.

Option of all vendors, suppliers and other related agencies, having interface of this nature, has been sought for receiving payments through ECS in the form prescribed by the Reserve Bank of India.

E-mail : newseditor@sarkaritel.com