Great!!! checked Just Now. It's Live now.. We can cancel PRS Ticket Online now and get refund at PRS Counter.!!
SS Of the Same.. Known as SYSTEM TICKET CANCELLATION on IRCTC..
Thanks Arif Bhai For let us Know about it.!
Here's a Brief!!
¤System...
more...

Ticket Cancellation Procedure¤
Enter PNR Number, Train number along with Captcha.
Select check box to confirm that rules and procedure are read.
After click on submit an OTP will be sent on mobile number given at the time of booking, enter the received OTP and click submit.
After the OTP is validated PNR details will be displayed on the screen.
After verifying the details Click on ‘Cancel Ticket’ for full cancellation. Refund amount due will be displayed on the screen.
An SMS will be sent with PNR and refund details. Sample format: “Your PNR xxxxxxxxxx has been cancelled. Collect refund amt xxxxx from journey commencing station or nearby satellite PRS locations. Ref. Terms & conditions”
Refund of fare amount shall be collected only at the journey commencing station or nearby satellite PRS locations
During first two hours of the opening of PRS counters on the next day for the tickets for the trains whose scheduled departure as under:- time is (i) between 1801 hours and 0600 hours.
Upto 4 hours after the scheduled departure of the train during the working hours of PRS counters/current counters/special counters where cancellation is permitted round the clock on the tickets for the trains whose scheduled departure time is (i) between 0601 hours and 1800 hours.
¤System Ticket Cancellation Rules¤
Cancellation of tickets and refund of fare may be permitted only on fully confirmed PRS counter tickets.
This may be applicable only in case valid mobile number has been given at the time of booking.
Online cancellation may be permitted on the tickets for the trains whose scheduled departure time is (i) between 1801 hours and 0600 hours (not in advance) and (ii) between 0601 hours to 1800 hours (same day not in advance).
Online cancellation shall be permitted only upto 4 hours before the scheduled departure of the train.
Refund of fare amount shall be collected only at the journey commencing station or nearby satellite PRS locations
During first two hours of the opening of PRS counters on the next day for the tickets for the trains whose scheduled departure as under:- time is (i) between 1801 hours and 0600 hours.
Upto 4 hours after the scheduled departure of the train during the working hours of PRS counters/current counters/special counters where cancellation is permitted round the clock on the tickets for the trains whose scheduled departure time is (i) between 0601 hours and 1800 hours.
Passenger details (Viz.name, age, gender, booking status, current status) and journey details will be displayed on the website.
Once the passenger confirms full cancellation of PNR will be done and PNR will be marked as Cancelled but not refunded in the system. Seat/berth will be released. Refund amount due will also be displayed to the passenger on website
All the privilege/duty pass/PTOs/complimentary pass tickets may be allowed to be cancelled through website. In the case of pass zero refund is permissible however, for validity of the pass for fresh booking the passenger shall approach the counter to get the pass re-validated by marking the same cancelled against the earlier booked tickets as per prescribed rule.
PTO’s tickets are issued on 1/3rd of the total basic fares and normal cancellation charge is applicable in these tickets also. Therefore in many cases ticket value on PTOs is less than the cancellation charges therefore passengers may or may not cancel the tickets therefore cancellation across IRCTC website may be allowed in the case of PTOs also.