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Introduction:

Currently MCA21 payments are allowed via Credit Card, Internet Banking & Physical Challan. The Ministry has authorized 5 banks (Indian Bank, HDFC, ICICI, PNB and SBI) for collection of MCA21 fees, which means that only the account holders of these banks can avail Internet banking facility. Further, payment via challan can only be made in the authorized branches of these above five banks. Though this was a major improvement compared to the earlier manual system, it caused delays in incorporation of companies and processing of other eForms. 

In order to eliminate inconveniences caused due to payment processing delays, Ministry is introducing payment of MCA fees via NEFT (National Electronic Fund Transfer) mode, in addition to already exiting payment methods.

Process Flow of payment of MCA21

1. User uploads eForm, selects 'NEFT' as payment option, generates a SRN and a e-Challan which contains the procedure for conducting the NEFT transfer;

2. User transfer funds to one of the MCA21 account, via internet banking facility offered by their bank in which they hold an account. User may quote SRN in the remark column;

3. User’s bank provides a unique transaction number (UTN) for the NEFT transfer;

4. Banks will inform MCA21 system in four to five working hours about the payment along with the UTN;

5. User logins to MCA21 and link UTN and SRN. Additionally, for verification purpose, user will have to provide date of payment, IFSC code and account number from which the transfer was carried out and the amount. If the payment has been notified to MCA21 system and the details are matching, then the linking will be successful and MCA21 will create work item for further processing;

6. If details of payment for the SRN is still not received from banks, an information message is displayed to user to link SRN & UTN at a later time; If details doesn't match an error message is shown to the user. 

What is NEFT?

NEFT is a nation-wide system that facilitates electronic transfer of funds from any bank branch to account holder of any other bank branch. The list of NEFT-enabled branches is available in the RBI website. 

Presently, NEFT operates in hourly batches - there are eleven settlements from 9 am to 7 pm on weekdays and five settlements from 9 am to 1 pm on Saturdays. 

NEFT transaction charges are available in the RBI website and are in addition to MCA21 filing fee. 

Further details on NEFT can be found in the RBI website (http://www.rbi.org.in/scripts/FAQView.aspx?Id=60) 

Notes for Information:

1) SRN will expire if payment doesn't reach MCA21 on time. Hence users should transfer funds well in advance taking into consideration of bank holidays and the settlement window mentioned as earlier.

2) Full amount has to be transferred in single transaction for a particular SRN. Amount can’t be dividend into multiple payments. 




Category Corporate Law, Other Articles by - CA KRISHNA KUMAR DARUKA 



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