Kangana Tea Estate located in Dimapur district is a unit of Manisha Foods Ltd., Siliguri. The company operates in production and sale of fine quality Assam tea. Sanjay, aged 62 years, a long-time employee of the company,

To Mr. Roshan Managing Director Kangana Tea Estate This is with reference to the various mechanisms for transfer of funds electronically. As a Manager-treasury functions, I would like to apprise you the various methods of transfer of funds electronically which are as follows: Electronic Clearing System (ECS): ECS is a retail funds transfer system to effect payments (utility bills, dividends, interest, etc). ECS helps corporates, government departments, public sector undertakings, utility service providers to receive and/or pay bulk payments. Real Time Gross Settlement (RTGS): RTGS is an electronic payment system, where payment instructions are processed on a 'continuous' or 'REAL TIME' basis and settled on a 'GROSS' or 'individual' basis without netting the debits against credits. The payments so effected are 'final' and 'irrevocable'. The settlement is done in the books of the central bank (RBI). Both customers and banks can transfer fund monies the same day at regular intervals within the banking hours. National Electronic Funds Transfer (NEFT): NEFT is a system similar to RTGS with some differences. Once the applicant for the transfer of funds furnishes full and correct details (correct details of account means correct name of the beneficiary, the account number, the branch and bank of the beneficiary, and the IFS code, etc.), funds can be transferred to the beneficiary's account by the remitting bank. Transfer of funds through NEFT is safe, quick. It reduces the paper work and is cost effective. Internet Banking: Internet banking is one of the popular e-banking modes has changed the banking operations and offer virtual banking services to the clients on 24x7 basis. It is also called as convenient banking, since the customer (account holder) can have access to his bank account from anywhere at any time, through the bank's web site. The customer is allowed online access to account details and payment and funds transfer facilities. Net banking services of a bank can be accessed through a Personal Identification Number (PIN) and access password as in the case of ATMs. Core Banking Solutions (CBS): Core Banking Solutions has helped banks to offer better customer service. It has also reduced the cycle time of payment, mainly in clearing process and the process helped to achieve an increased efficiency. The Core Banking Solutions mainly work on the support of effective communication and good information technology. It is on account of merger of communication technology and information technology which enables the banks to offer core banking needs of the clients. Mr. X Manager- Treasury Function Kangana Tea Estate