Rule 88 - Identification number for each transaction.
Section 88: Unique Identification Numbers for Transactions
Section 88 outlines the process for generating unique identification numbers for financial transactions related to electronic cash, credit ledgers, and liability registers. Whenever there is a debit or credit transaction in either the electronic cash or credit ledger, a unique identification number is created on the common portal. This ensures that each transaction is distinct and can be tracked easily. Furthermore, when a liability is discharged, the unique identification number associated with that transaction is recorded in the electronic liability register to maintain accurate records. Additionally, for any credits to the electronic liability register that do not pertain to the discharge of liabilities, a separate unique identification number is also generated. This system of unique identifiers helps streamline financial record-keeping and enhances the traceability of transactions.
Note: It is an AI generated summary for reference purpose only.
88. Identification number for each transaction
(1) A unique identification number shall be generated at the common portal for each debit or credit to the electronic cash or credit ledger, as the case may be.
(2) The unique identification number relating to discharge of any liability shall be indicated in the corresponding entry in the electronic liability register.
(3) A unique identification number shall be generated at the common portal for each credit in the electronic liability register for reasons other than those covered under sub-rule (2).
