USE "MICR" CODE TO GET EARLY REFUND

From some of the sources i have come to know that dept. will sent refund order through UPC instead of registered post earlier,and you can forecast yourself how many refund order will be lost in transit,and how much difficult to get refund order from income tax deptt. second time ???.
so what we should do ????

1. Send a request to FINANCE MINISTER to send refund order by REGT POST !!!!!!

2. Fill your bank branch MICR code in INcome Tax Return & get the refund directly in bank account.

I think 99% people opts for 2nd choice.
so you would like to know wat is an MICR Code

WHAT IS MICR CODE

Full text of MICR code is :

MAGNETIC INK CHARACTER RECOGNITION (MICR)

In MICR technology the information is printed on the instrument with a special type of ink which is made up of magnetic material. On insertion of the instrument in the machine, the printed information is read by the machine. MICR system is beneficial as it minimizes chances of error, clearing of cheques becomes easy and transfer of funds becomes faster in order to facilitate operations.

MICR code consist of 9 digit

First three digit denotes city and are same/identical first three digit of your pin code
for example for New Delhi =110 so first three digit of MICR code of all the bank branches located in NEW delhi irrespective of bank or bank branches will be110.

4-6 digit denotes for Bank
each bank has given a three digit code,4-6 digit is= bank code eg. SBI code is "002"so 4-6 digit of MICR CODE all the the branches of SBI is "002" irrespective of location in the india.

(7-9)Last three digit denotes branch code,it is in serial wise ,means if delhi has only one branch of sbi and its MICR code will be

110(FOR CITY)

002(FOR BANK)

001(FOR BRANCH)


"110002001"

so if you are located in delhi & your client has given you a Micr code of the bank located in New Delhi ,does't begin with "110",you can easily tell him your Micr code is wrong.