Circular No:
CRA/PO&RI/PAO/2012/002 April 9, 2012
CRA/PO&RI/PAO/2012/002 April 9, 2012
National Securities Depository Ltd. Central Recordkeeping Agency
Circular
Subject: Return of
remittances without complete narration & deletion of unmatched Subscriber
Contribution Files (SCFs) in CRA system after 15 days of SCF upload.
remittances without complete narration & deletion of unmatched Subscriber
Contribution Files (SCFs) in CRA system after 15 days of SCF upload.
As you are aware, as per the
approved system design, following steps are required to be followed by the
uploading offices while uploading contribution details and remitting the funds
against each SCF to facilitate credit in the subscriber account:
approved system design, following steps are required to be followed by the
uploading offices while uploading contribution details and remitting the funds
against each SCF to facilitate credit in the subscriber account:
a) PAO will upload SCF in the
CRA system.
CRA system.
b) Once the SCF is successfully
uploaded in the CRA system, CRA system will generate a Transaction ID.
uploaded in the CRA system, CRA system will generate a Transaction ID.
c) Trustee Bank downloads the
Transaction ID master from the CRA system multiple times every day.
Transaction ID master from the CRA system multiple times every day.
d) PAO will transfer funds
equivalent to SCF to the Trustee Bank either by directly submitting a cheque/DD
to Trustee Bank or by making an electronic transfer by way of NEFT/RTGS.
equivalent to SCF to the Trustee Bank either by directly submitting a cheque/DD
to Trustee Bank or by making an electronic transfer by way of NEFT/RTGS.
e) In case of direct submission
of funds at Trustee Bank branches, the PAO has to submit the funds along with
the Contribution Submission Form (CSF) obtained from the CRA system. CSF has
the relevant details of PAO registration no., transaction ID, amount uploaded
in the SCF and the respective NPS Trust account to be credited.
of funds at Trustee Bank branches, the PAO has to submit the funds along with
the Contribution Submission Form (CSF) obtained from the CRA system. CSF has
the relevant details of PAO registration no., transaction ID, amount uploaded
in the SCF and the respective NPS Trust account to be credited.
f) Once the cheque is received
at the Trustee Bank branches, the bank branch shall match the cheque/DD
received with the transaction ID and the amount mentioned in the CSF. In case
of amount mismatch the cheque/DD will not be accepted.
at the Trustee Bank branches, the bank branch shall match the cheque/DD
received with the transaction ID and the amount mentioned in the CSF. In case
of amount mismatch the cheque/DD will not be accepted.
g) In case of electronic
transfers, it should have a standard prefix “PAOFIN”, the seven digit PAO
Registration number and the 13 digit Transaction ID (<PAOFIN PAO Registration
No. Transaction ID>) in the following fields as mentioned by Trustee
Bank:
transfers, it should have a standard prefix “PAOFIN”, the seven digit PAO
Registration number and the 13 digit Transaction ID (<PAOFIN PAO Registration
No. Transaction ID>) in the following fields as mentioned by Trustee
Bank:
a. RTGS – Accredited Bank to
mention PAOFIN, PAO Reg. No. (7 digit), Transaction ID (13 digit) in the field
7495 (sender to received information, line no. 4) of RTGS message. Total number
of characters should be 26 and should not have any space or special characters
in between. Further, the fund remittance should be by R-41 RTGS type only.
mention PAOFIN, PAO Reg. No. (7 digit), Transaction ID (13 digit) in the field
7495 (sender to received information, line no. 4) of RTGS message. Total number
of characters should be 26 and should not have any space or special characters
in between. Further, the fund remittance should be by R-41 RTGS type only.
b. NEFT – Accredited Bank to
mention PAOFIN, PAO Reg. No. (7 digit), Transaction ID (13 digit) in the field
7002 (origination of remittance) of the NEFT message. Total number of
characters should be 26 and should not have any space or special characters in
between.
mention PAOFIN, PAO Reg. No. (7 digit), Transaction ID (13 digit) in the field
7002 (origination of remittance) of the NEFT message. Total number of
characters should be 26 and should not have any space or special characters in
between.
h) Once the Trustee Bank is
able to identify the funds remitted with the details of SCF uploaded (based on
the details available in the Transaction ID master), it will upload a Funds
Receipt Confirmation (FRC) for the SCF in the CRA system.
able to identify the funds remitted with the details of SCF uploaded (based on
the details available in the Transaction ID master), it will upload a Funds
Receipt Confirmation (FRC) for the SCF in the CRA system.
i) Information received from
PAO and Trustee Bank are matched at CRA based on the three parameters of PAO
registration number, Transaction ID and the amount.
PAO and Trustee Bank are matched at CRA based on the three parameters of PAO
registration number, Transaction ID and the amount.
j) Subsequently, once the
details match, SCFs are matched & booked in CRA system. In case the data is
not available/does not match, the file will remain in unmatched status.
details match, SCFs are matched & booked in CRA system. In case the data is
not available/does not match, the file will remain in unmatched status.
k) Investment of funds after
Matching &Booking at CRA is processed through Pay-In.
Matching &Booking at CRA is processed through Pay-In.
l) Allotment of Units based on
NAV of the date when investment was made through Payout process.
NAV of the date when investment was made through Payout process.
l) Allotment of Units based on
NAV of the date when investment was made through Payout process.
NAV of the date when investment was made through Payout process.
|
The Timelines for the above
process is as follows:
A. SCF upload Day = T
|
|
B. Transaction ID Master is
being downloaded by Trustee Bank on T |
|
C. Fund remittance by Nodal
offices on T or T+1 |
|
D. FRC is uploaded by T+2 or
T+3 (+2 days of fund remittance) depending on whether Fund remittance by Nodal offices on T or T+1. |
|
E. Matching & Booking of
the uploaded FRC takes place on T+3 or T + 4 in the CRA system. |
|
F. Investment of fund (by
PFMs) takes place on T+ 3 or T+ 4 of fund remittance. |
|
G. Units credited in the
subscriber account on T+3 or T + 4 |
It is now advised that the PAOs
strictly adhere to the above procedure immediately. Vide it’s letter (copy
enclosed) reference No. 8/17/2012/PFRDA dated April 4, 2012, PFRDA has
communicated to CRA that from May 1, 2012:
strictly adhere to the above procedure immediately. Vide it’s letter (copy
enclosed) reference No. 8/17/2012/PFRDA dated April 4, 2012, PFRDA has
communicated to CRA that from May 1, 2012:
All such remittances which do
not have the required information of <PAOFIN PAO Registration No.
Transaction ID>in the designated fields (of Electronic Fund Transfer
Message) will be returned to the remitting bank branch by T + 2 day of
receiving such remittance.
not have the required information of <PAOFIN PAO Registration No.
Transaction ID>in the designated fields (of Electronic Fund Transfer
Message) will be returned to the remitting bank branch by T + 2 day of
receiving such remittance.
Further, in case of following
inconsistencies, funds will be returned to the remitting bank branch by T + 2
day of receiving the funds:
inconsistencies, funds will be returned to the remitting bank branch by T + 2
day of receiving the funds:
o Remittance made in R 42 type
o Incorrect PAO Registration Number
o Incorrect Transaction ID
o Transaction ID already matched in the CRA system
o Incorrect PAO Registration Number and Transaction ID
combination
combination
o Mismatch in amount of SCF and amount remitted.
In case of funds received under
RTGS R-41 type, funds will be returned to the account of the nodal offices. In
case of funds received under RTGS R-42 type, funds will be returned to the
sundry account of the remitter bank branch (source bank branch).
RTGS R-41 type, funds will be returned to the account of the nodal offices. In
case of funds received under RTGS R-42 type, funds will be returned to the
sundry account of the remitter bank branch (source bank branch).
In case of NEFT, funds will be
returned to the sundry account of the remitter bank branch.
returned to the sundry account of the remitter bank branch.
The SCFs, if not matched &
booked within 15 days of upload, will be deleted from the CRA system. The PAOs
have to upload the details once again in the CRA system in such cases.
booked within 15 days of upload, will be deleted from the CRA system. The PAOs
have to upload the details once again in the CRA system in such cases.
With this system in place, the
facility of submission of Fund Transfer Details (FTD) related to all fresh
Transaction IDs (SCFs uploaded on or after May 1, 2012) in the Contribution
Funds Transfer Details module (FTD module) will be stopped.
facility of submission of Fund Transfer Details (FTD) related to all fresh
Transaction IDs (SCFs uploaded on or after May 1, 2012) in the Contribution
Funds Transfer Details module (FTD module) will be stopped.
Accordingly, the PAOs are
advised to check with the Accredited Bank about the return of the funds in case
a SCF is not matched within five days of remittance of the relevant funds. The
PAOs are further advised to re-remit the funds immediately in such a scenario
to avoid deletion of SCF from the CRA system.
advised to check with the Accredited Bank about the return of the funds in case
a SCF is not matched within five days of remittance of the relevant funds. The
PAOs are further advised to re-remit the funds immediately in such a scenario
to avoid deletion of SCF from the CRA system.
Accordingly,
the PAOs are advised to check with the Accredited Bank about the return of the
funds in case a SCF is not matched within five days of remittance of the
relevant funds. The PAOs are further advised to re-remit the funds immediately
in such a scenario to avoid deletion of SCF from the CRA system.
the PAOs are advised to check with the Accredited Bank about the return of the
funds in case a SCF is not matched within five days of remittance of the
relevant funds. The PAOs are further advised to re-remit the funds immediately
in such a scenario to avoid deletion of SCF from the CRA system.
You are requested to take note
of the above procedure and strictly adhere to it. In case of any clarification
please contact Mr. Shahid Khan at 022-24994648 (E-mail ID – [email protected])
or Mr. Rishi Singh at 022-24994359 (E-mail ID– [email protected]).
of the above procedure and strictly adhere to it. In case of any clarification
please contact Mr. Shahid Khan at 022-24994648 (E-mail ID – [email protected])
or Mr. Rishi Singh at 022-24994359 (E-mail ID– [email protected]).
ANNEXURE:
Further the SCFs which are not matched and
booked within 15 days of upload will be deleted from the CRA system.
booked within 15 days of upload will be deleted from the CRA system.
Accordingly with this system in place, the facility of
submission of the details related submission of funds for all fresh
submission of the details related submission of funds for all fresh
Transaction IDs(SCFs uploaded on or after
May 1, 2012) in the
Contribution Funds Transfer Details module will be
May 1, 2012) in the
Contribution Funds Transfer Details module will be
stopped.
Accordingly, CRA is advised to,
1. Intimate all uploading offices.
2. Prominently display the circular issued
to the uploading offices on its websites – both corporate website as well
to the uploading offices on its websites – both corporate website as well
as the transaction website.
3. Not to allow any credit in the pool account from May 1, 2012.
4. Develop suitable functionality to cancel
all such transaction IDs of all SCFs which are not matched and booked
all such transaction IDs of all SCFs which are not matched and booked
after 15 days of upload.
5. No to allow any funds transfer details upload for the
transaction IDs uploaded on or after May 1,2012
transaction IDs uploaded on or after May 1,2012
6. Display associated messages (for cancellation of all SCFs, Fund
transfer Details upload etc.) in appropriate
transfer Details upload etc.) in appropriate
language and place.
The letter with the guidelines to be
communicated to the uploading offices is being enclosed for your reference.
communicated to the uploading offices is being enclosed for your reference.
Yours
faithfully,
faithfully,
(Dr. Pumima Sharma)
Deputy
General Manager
General Manager
Source/Order: https://www.npscra.nsdl.co.in/download/news/Circular.zip
COMMENTS