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    Very Easy Money Transfer: E-Cheque

    Uploaded by

    Kartheek Aldi
    E-cheques provide an electronic alternative to paper cheques that are legal in India. E-cheques never expire, never bounce from insufficient funds, and can be deposited remotely, crediting the payee's account within 2-3 days. They also cost half as much as demand drafts to process payments. E-cheques contain an exact digital copy of a paper cheque and use digital signatures and encryption for security. They allow for fast, secure, and convenient electronic payments with advantages like lower costs, free generation, and reduced liability for banks.

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    Very Easy Money Transfer: E-Cheque

    Uploaded by

    Kartheek Aldi
    113 views15 pages
    E-cheques provide an electronic alternative to paper cheques that are legal in India. E-cheques never expire, never bounce from insufficient funds, and can be deposited remotely, crediting the payee's account within 2-3 days. They also cost half as much as demand drafts to process payments. E-cheques contain an exact digital copy of a paper cheque and use digital signatures and encryption for security. They allow for fast, secure, and convenient electronic payments with advantages like lower costs, free generation, and reduced liability for banks.

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    1.E-cheque

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    E-cheques provide an electronic alternative to paper cheques that are legal in India. E-cheques never expire, never bounce from insufficient funds, and can be deposited remotely, crediting the payee's account within 2-3 days. They also cost half as much as demand drafts to process payments. E-cheques contain an exact digital copy of a paper cheque and use digital signatures and encryption for security. They allow for fast, secure, and convenient electronic payments with advantages like lower costs, free generation, and reduced liability for banks.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    113 views15 pages

    Very Easy Money Transfer: E-Cheque

    Uploaded by

    Kartheek Aldi
    E-cheques provide an electronic alternative to paper cheques that are legal in India. E-cheques never expire, never bounce from insufficient funds, and can be deposited remotely, crediting the payee's account within 2-3 days. They also cost half as much as demand drafts to process payments. E-cheques contain an exact digital copy of a paper cheque and use digital signatures and encryption for security. They allow for fast, secure, and convenient electronic payments with advantages like lower costs, free generation, and reduced liability for banks.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 15

    Very Easy MOney Transfer

    E-Cheque
    FROM KARTHEEK.A.P MBA99614

    E-cheque system in India :


    With amendments in the Sections 6 and 1(4), coupled

    with the introduction of 81 A to the Negotiable Instruments Act, 1881, ECT is now legalized. After initial implementation in the national capital region, it will spread gradually across the country, though the stipulated deadline for the phased commencement is December 31, 2006. In 2002, e is for an e-cheque. An electronic cheque. A cheque that never expires. A cheque that never bounces whether because of insufficient balance in the account or a faulty signature. A cheque the creditor doesnt have to present physically at his bank. A cheque that enables outstation payments to be credited to the payees account within 2-3 days flat. A cheque that transfers money at half the cost of a demand draft!

    e-Cheque

    A cheque in the electronic form

    "a cheque in the electronic form" means a cheque which contains the exact mirror image of a paper cheque, and is generated, written and signed in a secure system ensuring the minimum safety standards with the use of digital signature (with or without biometrics signature) and asymmetric crypto system

    Advantages of e-Cheques

    Highly secure - uses digital signatures and a symmetric crypto system based on Public Key Infrastructure

    Advantages of e-Cheques

    They are a fast, secure and convenient mode of electronic payment

    Advantages of e-Cheques

    With e-Cheques you can


    Payment Transfer Deposit Certify Shop Inquiry Present Re-present

    Advantages of e-Cheques

    Process automation leads to lowering of costs

    Advantages of e-Cheques

    Generation of e-Cheque is Free

    Advantages of e-Cheques

    The Bank's liability in preserving passwords, PINs etc. is reduced

    Advantages of e-Cheques

    The Bank cannot be held responsible for any frauds resulting from the leakage of critical user information or incorrect transfers

    Advantages of e-Cheques

    Operating expenditures like costs of printing cheque books etc. are reduced

    Process flow
    4. User sends Certified echeque to payee 1. User Creates eCheques

    3. Certified echeque is sent back electronically to the user

    5. Payee deposits Certified echeque in bank online 6. Banks settle the payment through Electronic clearing

    2. Bank verifies details. If, Stage 1 then transfer through NEFT Else, Certify e-cheque and send back to user.

    A VEMOT e-Cheque

    Thank you!

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