A system and method for monitoring and tracking entities in one or more transit points is provided. The present invention provides for receiving one or more types of signaling functions associated with an entity in response to a code generated by a transmitter device. The code comprises a unique transmitter ID associated with a unique entity ID. Further, the invention provides for ascertaining validity of at least one type of signaling function and generating a time stamped record of at least one type of signaling function. Further, the invention provides for processing the code with tracking data to generate an event message. The tracking data comprises at least location of the entity along with other parameters associated with the entity. Further, the invention provides for extracting the unique entity ID and tracking data associated with the entity from the event message, and generating a tracking file.