Book Now Pay Later (BNPL) Short Notes | BNPL Registration Process, Bank Guarantee and complete details

Book Now Pay Later Facility (BNPL) Short Notes:

* Bulk customer is eligible for credit facility provided he enters in to an agreement with the Department.

* Bulk customer is defined as anyone who provides Rs. 10,000 worth of speed post business in calendar month at a Speed Post booking office.

* The bulk customer choosing to avail credit facility will APPLY to designated authority in the prescribed format.

* The bulk customer will have to enter into an agreement with the designated authority. On getting approval, the customer shall have to produce Bank Guarantee.

* The contract will be applicable for a period of Three year and approving authority shall renew the contract on an Bi-annual basis.

# Approving authority:

. For single location: Head of Division/first class PM

. For multiple location: PMG/CPMG

# Designated Authority to sign aggrement:

. HOD/First class PM/Manager NSH/IC of BNPL booking centre

Bank Guarantee:

. Valid for 39 months

* The BNPL bill will be prepared on a monthly basis (Calendar month) by the office of posting.

* The bill will be raised by 7th day of following month (bill date).

* The bulk customer shall pay the bill amount in full on or before last day of the month in which bill is raised (due date).

* In case the customer fails to make the payment by the due date, penalty at the rate of 12% per annum on the amount of the bill amount shall be imposed from the bill date.

* In case, the bulk customer chooses not to avail the credit facility and to make full payment at the time of Speed Post articles, he/she will be eligible for discount of the speed post business provided by him in a calendar month is Rs 100,000 and above or more.

Read More >>>

1. BNPL MCQ
2. Revised BNPL Guidelines 2022