it is a system of fund transfer machanism where transfer of
money takes place from one bank to another on a ral time and
on gross bases. this is the fastest possible money transfer
system through the banking channel.
settlement in real time means"Payment transaction is not
subjected to any process of waiting period . the
Transactions are setteled on soon as they are they are
processed "gross settlement" on one to one bases without
bunching with any other transaction considering that money
transfer takes place in the books of the reserve bank of
india, the payment is taken as final & irrevocable.
RTGS is primarily for the large value transsaction.The
minimum to be remitted through RTGS is One lack
RTGS - 'Real Time Gorss Transfer' is the fund transfer
mechanism used in banks, where in the beneficiary's
(Transferee) a/c gets the money credited on the same day if
money is transferred with in the specified business hours.
The minimum amount at present is Rs. 1,00,000/-
The acronym 'RTGS' stands for Real Time Gross Settlement,
which can be defined as the continuous (real-time)
settlement of funds transfers individually on an order by
order basis (without netting). 'Real Time' means the
processing of instructions at the time they are received
rather than at some later time.'Gross Settlement' means the
settlement of funds transfer instructions occurs
individually (on an instruction by instruction basis).
Considering that the funds settlement takes place in the
books of the Reserve Bank of India, the payments are final
and irrevocable.
Actually we had Posted P.V.C bills to Indian Railway the
total bills amount is Rs.10,00,000/-, and government had
passed only Rs. 8,00,000/- and gov. had said that there are
no more P.V.c bills are lying outstanding in their a/c, so
for now are claiming Rs. 2,00,000/- as loss on sale, i m
totally confused what would be the impact on the Profit and
loss a/c , and in which group it will come,if I do a entry of:-
dr. Central sale @12.5% a/c Rs.2,00,00/-
Cr. Loss on sale a/c Rs.2,00,000/-
or
Will i adjust the Cst@12.5% on Pricipal Value, or will i
pass on the entry on total amount i.e Rs.2,00,00/-
Plz guide,me soon.
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