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MONEY
TRANSFER
Lalita khakhlary
Manish Kr. Singh
PRESENTATION OUTLINE
What is money?
What is electronic money?
Types of electronic money tranfer?
Electronic fund transfer
Gyro transfer
Reasons for various online money
transaction
Types of risk involved in EFT
SCAMS and its types.
NEFT system functional process
What is money?
vMoney is any object that is
generally accepted as payment
for goods and services and
repayment of debts in a given
country.
vmedium of exchange
vunit of account
vstore of value
vstandard of deferred payment
Ready money is Aladdin's
lamp. LorD Byron (1788-1824) British poet.
ELECTRONIC MONEY
ØElectronic money (also known as e-
currency, e-money, electronic cash,
digital money, digital cash or
digital currency) refers to money or
scrip which is only exchanged
electronically
v
ØContactless payment transfer in
order to facilitate easy payment.
v
ØIt involves use of computer network,
the internet,the digital stored value
system.
vcredit
cards
vdebit cards
vkey fobs
vsmartcards
vother
ELECTRONIC FUND
TRANSFER
vElectronic funds transfer or EFT
refers to the computer-based
systems used to perform
financial transactions
electronically.
dy is
having
constant
WATCH
OUT
Over
your
Money!!!
TYPES OF SCAMS
vliterary scams
vpoetry scams
vjury duty scams
vchain letters and email
scams
vlottery scams
vNigerian scams
vwork at home scams
vcredit card scam
vPayPal Scam
vMissing Persons Scam
vIRS email scams
vFree vacation scam
vEnvelop stuffing scam
vFax directory scam
ADDRESSES OF THE PEOPLE THAT ARE ACTIVE ONLINE, AMONG THE
MILLIONS THAT SUBSCRIBED TO YAHOO,HOTMAIL AND VARIOUS
MICROSOFT WINDOW USERS, WE ONLY SELECT FIVE PEOPLE EVERY
YEAR AS OUR WINNERS,THROUGH ELECTRONIC BALLOTINGSYSTEM
BATCH NUMBER.....................YW/08872/PY
REF NUMBER.......................WL/7662/5AQ
WINNING NUMBER...................WZ554/30
HOW EVER YOU WILL HAVE TO FILL AND SUBMIT THIS FORM TOTHE
EVENTS MANAGER
1.FULL NAME..............
2.CONTACT ADDRESS........
3.AGE....................
4.TELEPHONE NUMBER.......
5.MARITAL STATUS.........
6.SEX....................
7.OCCUPATION.............
8.STATE:.................
9.COUNTRY................
10.NATIONALITY...........
THE OBJECTIVES OF
NEFT
(1) to establish an electronic funds
transfer system to facilitate an
efficient, secure, economical,
reliable and expeditious system of
funds transfer and clearing in the
banking sector throughout india.
o ACCEPTANCE
o BANK
o BENEFICIARY
o BENEFICIARY BANK
o NEFT
o NEFT CLEARING CENTRE (Nariman
point ,Mumbai)
o NEFT SFMS MESSAGE
o NEFT SERVICE CENTRE
o EXECUTION
o
o
Continue…
o NODAL DEPARTMENT
o NOTIFIED
o ORIGINATOR/SENDER
o PARTICIPATING BANK
o PAYMENT INSTRUCTIONS
o SECURITY PROCEDURE
o SENDING/ORIGINATING BANK
o SETTLEMENT ACCOUNT
o VALID REASONS OF NON-PAYMENT
ELIGIBILITY CRITERIA
ØShall be a bank
Ø
ØShall be a member of Real Time
Gross Settlement System (RTGS)
Ø
ØShall have installed SFMS
Ø
ØShall meet the other prescribed
eligibility criteria notified by RBI from
time to time.
o
Participating parties
NEFT FLOW INFLOW
SUMMARY
vElectronic money transfer is
the fastest money transfer
system, thanks to the
advancement in technology.
v
vRisk involved is severe and
be very careful in having
online money transactions
v
vLet world money be “safe”
and we acquire safe internet
practices
REFERENCES
www.wikipedia.org
www.slideshare.net
www.googleimages.com
THANK YOU