Pitfalls in Phase Two of CERSAI

In the earlier version of CERSAI we will be getting an Asset ID which can be used in future for correction, modification and satisfaction of the loan/property transaction details.

Now in Phase Two, we should note the Security Interest ID which are given to us on successful confirmation of transaction. If we noted only the Asset ID like we used to in the Phase One, it will not be possible for us to use it for future transactions like correction, modification and satisfaction. CERSAI will give the message that such a Security Interest ID is not registered with the system.

The site only asks the Security Interest ID for correction,modification and satisfaction. There you have to give the security interest ID and not the Asset ID. If you give the Asset ID, the system will throw error messages. Any how there are certain measures which can be used to for noting the Security Interest ID:

1.  Make a register of your own noting the Institution, Branch, Borrower, Property details, loan details etc. There should be space for writing Queue Reference Number, Transaction Date, Security Interest ID and Asset ID.
2.  Note down in your register the Security Interest ID and Asset ID after successful confirmation of Queued Transaction.
3.  Download Challan after successful confirmation of Queued Transaction. This is a shortcut method for storing the Security Interest ID. The Challan or Security Receipt will show the Transaction Reference Number, Asset ID, Security Interest ID and other details.

Since the system of CERSAI is new and the launched website/database is still lacking perfection and may contain bugs to be fixed, a systematic approach to every finished transaction is required to prevent the pitfalls.