Need to facilitate Digital Financial Transactions to work 24 x 7
-Rohit Kumar Parmar [1]
A message on xx.xx.xxxx read as under :
`Please be informed that since the interest payment date of xx.xx.xxxx falls on a holiday, in accordance with applicable circulars of the SEBI, the payment of such interest will be made on the next working day, i.e., xx + 1.xxx.xxxx.’
On the next working day, the payment was made. Technically, there is nothing wrong with a payment on the next working day, except that the efficiency/ advantage accruing from `Digital Financial Transactions’ gets abridged by a day.
The same can cause a problem if there are standard instructions to debit the recipient account on the same specific date, which falls on the holiday/s. This may create a situation where the debit from the designate recipient account cannot take place for want of inadequate balance. The standing instructions to debit may not be bound by the SEBI circulars. One of the reasons for which could be debit instructions from an overseas entity, which are not bound by SEBI circulars.
There is a need for SEBI to revisit the circular, which has not been cited.
[1] Author, Freelance, Indian Economic Service, Senior Economic Adviser (Retired), Government of India, Ministry of Consumer Affairs, Food and Public Distribution and former Adviser (P 4) UNDP, Yemen has in posts
on his website (https://rohitkparmar.wixsite.com/site),
YouTube channel (https://youtube.com/@rohitkparmar),
X (formerly twitter) (https://twitter.com/rohitkparmar?s=09),
Facebook (https://www.facebook.com/rohit.parmar.5268750/),
been writing/ sharing varied topics and
can be reached at rohitkparmar@yahoo.com.
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