Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: list of goods taxed at 4% :: cpt :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: empanelment :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARDS
 
 
« Latest Circulars »
 Why the Government shouldn't insist RBI to part with its Contingency Fund?
 India slips in OECD ratings on exchange of tax info
 Auction of Government of India Dated Securities November 20, 2017
 Auction for Sale (Re-issue) of Government Stock (GS) November 20, 2017
 Monetary Transmission in India: Why is it important and why hasn’t it worked well? (Dr. Viral V Acharya, Deputy Governor - November 16, 2017 - Inaugural Aveek Guha Memorial Lecture, Homi Bhabha Auditorium, Tata Institute of Fundamental Research (TIFR))
 New Opening Accounts & Finance - Executive /asst. Manager ( Chartered Accountant)
 35 LPA-Opening DGM / GM Accounts - Chartered Accountant ( CA )
 Secondary market transactions in Government Securities – Notional Short Sale
 Over-the-Counter Government Securities Transaction by Foreign Portfolio Investors (FPIs) – Settlement Period
 Agency Commission for GST receipt transactions
 Inclusion of “Utkarsh Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934

RBI-StCBs - CCBs - Unclaimed Deposits/Inoperative Accounts in banks Treatment of certain savings bank accounts opened for credit of Scholarship amounts and credit of Direct Benefit Transfer under Government Schemes
October, 17th 2013

RBI/2013-14/313
RPCD.RCB.BC.No. 42/07.51.014/2013-14

October 7, 2013

The Chairmen / CEOs
All State and Central Cooperative Banks

Dear Sir / Madam,

Unclaimed Deposits/Inoperative Accounts in banks – 
Treatment of certain savings bank accounts opened for credit of Scholarship
amounts and credit of Direct Benefit Transfer under Government Schemes

Please refer to our Circular RPCD.CO.RF.BC.No. 89/07.38.012008-09 dated February 18, 2009 on unclaimed deposits / inoperative accounts wherein State and Central Cooperative Banks were advised that a savings or current account should be treated as inoperative/dormant if there are no transactions in the account for over a period of two years and the safeguards to be adopted in dealing with such accounts.

2. State and Central Governments have expressed difficulties in crediting cheques / Direct Benefit Transfer / Electronic Benefit Transfer / Scholarships for students, etc. into Zero Balance Accounts and accounts opened for the beneficiaries under various Central/State Government schemes but had been classified as dormant/inoperative due to non-operation of the account for over two years.

3. Keeping the above in view, State and Central Cooperative Banks are advised that they may take appropriate steps including allotment of a different 'product code' in their CBS to all such accounts opened by them so that the stipulation of inoperative / dormant account due to non-operation does not apply while crediting proceeds as mentioned in para 2 above.

4. In order to reduce the risk of fraud etc., in such accounts, while allowing operations in these accounts, due diligence should be exercised by ensuring the genuineness of transactions, verification of signature and identity, etc. However, it has to be ensured that the customer is not inconvenienced in any manner.

Yours faithfully,

(A.Udgata)
Principal Chief General Manager

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions