Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: Central Excise rule to resale the machines to a new company :: TDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: cpt :: form 3cd :: VAT Audit :: VAT RATES :: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARDS
Latest Circulars »
  Sources of Variation in Foreign Exchange Reserves in India during April-December 2017
 Sources of Variation in Foreign Exchange Reserves in India during April-December 2017
 Developments in India’s Balance of Payments during the Third Quarter (October-December) of 2017-18
 Submission of returns by the Government-owned Non-Banking Financial Companies
 Agency commission payable to banks for operating Special Deposit Scheme (SDS)
 Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Sanmitra Sahakari Bank Maryadit,
 Banking Regulatory Powers Should Be Ownership Neutral (Urjit R. Patel, Governor, Reserve Bank of India – March 14, 2018 – Inaugural Lecture : Centre for Law & Economics, Centre for Banking & Financial Laws Gujarat National Law University, Gandhinagar)
 50 LPA-OPening Very Urgent Chief Financial Officer (cfo)
 RBI Working Paper No. 2/2018 : Non-Linear, Asymmetric and Time-Varying Exchange Rate Pass-Through: Recent Evidence from India
 Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits
 RBI: SMA details exempted from disclosure under RTI

Unclaimed Deposits/Inoperative Accounts in UCBs - Treatment of certain Savings Bank Accounts opened for credit of Scholarship Amounts and credit of DBT under Government Schemes
October, 05th 2013

UBD.BPD.(PCB)CIR No. 23/13.01.000/2013-14

September 30, 2013

The Chief Executive Officers of
All Primary (Urban) Co-operative Banks

Madam/Dear Sir,

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

Please refer to Circular No.UBD.BPD.(PCB)CIR.No.9/13.01.000/2013-14 dated September 1, 2008 on unclaimed deposits/ inoperative accounts, in terms of which UCBs were advised that a savings as well as 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 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. In view of the above, UCBs are advised that they may allot a different “product code” in their CBS to all such accounts opened by banks so that the stipulation of inoperative/dormant account due to non-operation does not apply, while crediting proceeds as mentioned in paragraph 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, care may be taken to ensure that the customer is not inconvenienced in any manner.

Yours faithfully,

Principal Chief General Manager

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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