guptasumanjpr,
http://rbi.org.in/scripts/NotificationUser.aspx?Id=4249&Mode=0
Use of electronic mode of payment for large value transactions Recognizing the importance of ensuring the safety and security of the payment systems, Reserve Bank has put in place three modes of electronic payments i.e. Real Time Gross Settlement (RTGS) System, National Electronic Fund Transfer (NEFT) System and Electronic Clearing Service (ECS). Payments through these modes have been steadily growing in the last few years.
RBI/2007–2008/375
DPSS No. 2096 / 04.04.007 / 2007-2008 June 20, 2008
Considering the level of comfort that the electronic payment systems and its users have achieved, it has since been decided to reduce the threshold limit mandated from Rs 1 crore to Rs. 10 lakhs with effect from August 1, 2008.
Rajgopalan