June 15, 2016

To
Respected Chairman Sir

From:
Sachin Rastogi
CFO

Respected Madam
Subject: Proposal for Automation of Utility & Scholarship Payments for
FIITJEE Limited with Axis Bank Limited.
Respected Sir/ Madam,
Herewith we will like to propose the Corporate E- Payment Facility PAY PRO
SOLUTION with Axis Bank Limited for all vendor payments. In phase I we will
implement this facility for the following payments: a) Utility Bill Payments and b)
Student Scholarship Payment. On the successful automation of Phase I we will
extend the e-payment facility to all payments.
Under the current mechanism all payments are being made through cheques. Post the
audit of expense voucher cheques are being prepared and then again the payment
voucher are being audited and then send to you for your approval and signatures.
Many times the name printed on the cheque is erroneous resulting in re-printing of
cheques. Due to increase in the volume of routine transactions and to save the
valuable time of all persons involved in the system, we will like to implement epayment solution with Axis Bank
The Pay Pro Facility is the CMS Offline Facility offered by Axis Bank under which
various types of Payments can be processed through single file upload. The following
mode of payments are being offered under this facility
1. RTGS/NEFT
2. Direct Credit
3. Customer Cheque Printing at bank end/customer end
4.
Printing.

Demand

Draft

Salient Features of Pay Pro are as Follows:

i)
ii)
iii)
iv)

Automated Payment resulting in reduced bank reconciliation

Full proof control withhold compliance mechanism
Availability of maker/ checker concept.
Availability of multiple limit for authorizers.

We will be implementing the same by opening of the 2 New Accounts a) Utility

Payment Account and
b) Scholarship Payment Account for
better control and safety purpose.
Utility Payments Telephone, Internet, Mobile Bills, Electricity, Water Bills
etc.

For the utility payments we will be making the below mentioned excel sheet
(Annexure A) containing the information on the basis of the audited expense voucher
Annexure A (Attached for your reference)
On the basis of the above payment summary sheet we will take the fund transfer from
FIITJEE Limited Main Account to Utility Payment Account equivalent to Utility Bill
Payment Amount and send the same along with sheet for your approval and
signature.
On the approval of above sheet the funds will be transferred to Utility Payment
Account and Payments will be initiated through the Pay Pro Solution. For the Utility
Bill Payments the Limit for per transactions will be Rs. 3,00,000/- and it will be
approved jointly by any two persons of the below mentioned persons:1. Mr. Sachin Rastogi, CFO
2. Ms. Ruchika Aggarwal, Corporate Controller
3. Ms. Richa Verma, Financial Controller
4. Mr. Pardeep Sharma, General Manager- F & A.
Scholarship Payment
For the students payment FTRE/FTSE Cash Scholarship, Board/ NTSE Scholarship to
be awarded to students we will be taking the cheque printing option at bank with
Static/ Dynamic Signature option.
The below mentioned sheet will be sent to you containing all the details as mentioned
for your approval and signature
1. FTRE/ FTSE Cash Scholarship- Annexure B (Attached for your reference)
2. X- Board/NTSE/KVPY Scholarship- Annexure C (Attached for your
reference)
3. Award & Reward Olympiads Annexure D (Attached for your reference)
Based on the above sheet we will take the funds transfer from FIITJEE Limited Main
Account to Scholarship Payment Account and then initiate the Payment through
the E- Payment Solution. Post receipt of digitally signed cheques we can handover the
same to the concerned person.
For the scholarship payments we like to keep the transaction limit as Rs.100,000/and the approval persons will be as underCurrent Process (Manual Cheque
Preparation)
Cheques to be signed jointly by any
two from below mentioned persons
Mr. Pardeep Sharma, General Manager

E- Payment Solution
Payments to be approved jointly by any
two from below mentioned persons
Ms. Ruchika Aggarwal, Corporate
Controller

Ms. Richa Verma, Financial Controller

Ms. Richa Verma, Financial Controller

Mr. Varun Jain, Manager ( About to leave

the organization in next few days)

Mr. Pardeep Sharma, General Manager

Thus requesting your kind approval for initiating the same

Regards,

Sachin Rastogi

Annexure - A
Utility Payments
S.
No.
1
2
3
4
5
6
7
8

Particulars
Name of the Beneficiary/Vendor
Period/Month
Name of the Location
Type / Nature of Payment
Bill No. and Bill Date
Amount
Name of the Approver Authority
Remarks

Annexure - B
FTRE/FTSE Cash Scholarship
S.
No.
1

Particulars
Name of the Beneficiary /Student

2
3
4
5
6
7
8
9
10
11
12
13
14
15

Student FTRE Registration Number

Student Rank
Student Enrolment Number
Name of the Location/ Centre
Actual Date of Enrollment
Program Opted by Student
Total Cash Prize
Actual Cash Prize
Number of Instalment
Period of Scholarship (Per Qtr. Size)
Percentage of Attendance in Such Qtr.
Amount of Scholarship in such Qtr.
Name of the Approver Authority
Remarks

Annexure - C
X- Board/ NTSE / KVPY Scholarship
S. No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17

Particulars
Name of the Beneficiary /Student
Student FTRE Registration Number
Student Enrolment Number
Name of the Location/ Centre
Student Enrollment Date
Program Opted by Student
Date of Batch / Class Commencement
Duration of Course
Number of Months for Services Availed
Amount of Service Availed
Scholarship already awarded (% and amount)
Waiver/ Concession already awarded (% and amount)
Actual Tuition Fee
Scholarship Amount Payable
Supporting documents as per policy obtained from student (YES / NO)
Name of the Approver Authority
Remarks

Annexure - D
Awards & Rewards Olympiads
S.
No.
1
2
3
4
5
6
7
8
9
10
11
12

Particulars
Name of the Beneficiary /Student
Student Enrolment Number
Name of the Location/ Centre
Program Opted by Student
Student studying in which class
Students Category in Olympiad
Exam Cleared Head (ROM / NSEP /NSEC / NSEJS )
Percentage of Attendance in Such Qtr.
Total Amount of Reward
Reward Amount as per 1st Instalment
Name of the Approver Authority
Remarks