No cash moves across a border or through an electronic transfer system, the places where authorities are most likely to spot or record the transaction.
After a year of pilot studies, says the prime minister, Manmohan Singh, his government will start sending cash into beneficiaries' bank accounts through a new electronic transfer system.
They allow the lenders to automatically withdraw monthly loan payments from borrowers' checking accounts through an electronic transfer system known as A.C.H., or Automated Clearing House.
Banks enable people to borrow money, and, today, by operating electronic-transfer systems, they allow commerce to take place without notes and coins changing hands.
At the same time, international banks and investors began to exploit new technologies, such as electronic-transfer systems and offshore financial markets, which made it easier to shuffle money around the globe.
It was the city from which a young programmer, Vladimir Levin, infiltrated the computers of Citibank's electronic funds transfer system in 1995.
Congregations of many denominations are steadily embracing the same electronic fund transfer system that allows individuals to pay their bills or regularly invest in mutual funds.
"Restarting the E.B.T. system required time to ensure service was back at full functionality," a Xerox spokeswoman, Jennifer Wasmer, said in an e-mail, referring to the electronic benefits transfer system.
See articleSWIFT actionSWIFT, an international electronic bank transfer system, suspended transactions with EU-sanctioned banks in Iran, a move that sharply increases the impact of sanctions on Iran's economy.
The account can be used as a regular electronic payment transfer system as well similar to Paypal.
