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NALCO plumps for automatic refund system

BHUBANESWAR: The National Aluminium Company Limited (NALCO), India’s leading manufacturer and exporter of alumina and aluminium, has decided to go for automatic refund of unadjusted balance amounts to its customers without waiting for requests.

Currently, 70 per cent of NALCO’s domestic sale of metal is made against advance payment. As per the prevailing practice, refunds against excess advance were made by the company based on customers’ requests.

“The revised proactive policy is expected to bring cheer among the customers who buy heavily from NALCO due to its consistent quality and assured supply,” a company said in a statement on Tuesday.

According to the company, the refund would be made at the end of each quarter within a threshold limit of Rs.1 lakh. The refund shall be automatic, unless the customer specifically desired for rollover of the balance for continuation of their transaction, the company said. The company would also send the monthly statement of accounts to all customers for their reconciliation and confirmation.

The National Aluminium Company Limited (NALCO) has strengthened its Board with the appointment of A. Sahay, S.S. Sohoni and K.S. Raju as independent Directors.

The three have been appointed for a term of three years, according to an official release issued here on Tuesday. The number of Directors increased to 10 with these appointments.

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