Overview of Book Now Pay Later (BNPL Scheme):
Eligibility for Credit Facility:
Bulk customers, defined as individuals or entities who provide Rs. 10,000 worth of speed post business in a calendar month at a Speed Post booking office, are eligible for the credit facility.
Application Process:
Bulk customers interested in availing the credit facility must apply to the designated authority using the prescribed format. Upon approval, the customer must enter into an agreement with the designated authority and provide a Bank Guarantee.
Contract Duration:
The contract is applicable for a period of one year and can be renewed annually by the approving authority.
Billing Cycle:
BNPL bills will be prepared on a monthly basis (calendar month) by the office of posting. Bills will be raised by the 7th day of the following month (bill date).
Payment Terms:
Bulk customers are required to pay the bill amount in full on or before the last day of the month in which the bill is raised.
Penalties for Late Payment:
Failure to make payment by the due date will result in a penalty at the rate of 12% per annum on the bill amount, imposed from the bill date.
Alternative Payment Option:
Bulk customers who choose not to avail the credit facility and make full payment at the time of Speed Post articles will be eligible for a discount if the speed post business provided by them in a calendar month amounts to Rs. 50,000 or more.
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