Continuing Non-Digital payments Sample Clauses

Continuing Non-Digital payments. ONGC is using Bank Communication Management (BCM) tool for making electronic payments with house bank SBI which are digitally signed. Internal guidelines of ONGC stipulated to make all payments through digital mode. Cheque payments, if necessary, were to be made with approval of Head of Finance. Analysis of data related to cheque payment during the period 1 April 2014 to 31 March 2018 revealed the following: • Total 1,88,971 records (other than void cheques) valuing more than `2.50 lakh crore indicated that cheque payments still continue. Maximum cheques were issued at Company codes - Mehsana, Ahmedabad and Rajahmundry. In 7,399 records, the payment was made on weekends (Saturday and Sunday), of which more than 1,000 cheques were paid by four users valuing `9,069 crore. In 6,327 records, the vendor number is blank which included payments to private parties (other than statutory authorities/ banks). • With regard to void cheques, it was found that in 234 records of total 14,363 void cheques, there was no reason recorded in the respective field. A standardised narration strengthens internal control. Management replied (December 2018) that: • Out of total 1,88,971 items, 1,153 items comprising of `2.025 lakh crore (approx.) are from Delhi and Dehradun units which belong to categories other than vendor payments. These payments related to investments and dividends, remittance to statutory bodies/ trusts, internal fund transfer, JV payments etc. Further, as per guidelines, cheque is also issued in favour of bank for payments to LCs, remittances, other forex payments etc. which are made through RTGS mode. • Void reason no. 11 in system is without TEXT. System mapping has been initiated to make it specific as ‘Others’. Management accepted the Audit recommendation and stated (April/ May 2019) that the possibilities of digitising the forex payments and investments are being looked into. Ministry stated (August 2019) that forex payments across all units and investments, repayments of loans/ interest are made through either digital mode or authority letters.