Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: cpt :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: due date for vat payment :: TDS :: VAT Audit :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: empanelment :: VAT RATES
 
 
« Latest Circulars »
 RBI- Compliance with Ghosh Committee Recommendations
 RBI announces auction of a 15-days Government of India Cash Management Bill
  Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 - Amended
 Minutes of the Monetary Policy Committee Meeting April 5-6, 2017
 Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 - Amended
 RBI-Professor Willem H. Buiter, Global Chief Economist, Citigroup, delivers the Sixteenth C.D. Deshmukh Memorial Lecture titled ‘The Good and the Bad Fiscal Theory of the Price Level’
 RBI launches Quarterly Order Books, Inventories and Capacity Utilisation Survey: January – March 2017 (Round 37)
 RBI-Exim Bank's Government of India supported Line of Credit of USD 31.29 million to the Government of the Republic of Nicaragua
 RBI-Grant of ‘Certificate of Registration’ – For carrying on the business of credit information – Transunion CIBIL Limited
 RBI-Recruitment for the post of Director, CAFRAL
 RBI-Recruitment for the post of Director, CAFRAL

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, 08th 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 - Our Mission

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