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: TDS :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: form 3cd :: VAT RATES :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: empanelment :: VAT Audit
 
 
Latest Circulars »
 Payment Systems - Next Orbit (Shri R. Gandhi, Deputy Governor - February 20, 2017 - at the launch of Bharat QR Code at Hotel Trident, Mumbai)
 Financing MSMEs: Banks & FinTechs – Competition, Collaboration or Competitive Collaboration? (Shri S. S. Mundra, Deputy Governor – February 20, 2017 – at the NAMCABS Seminar organized by College of Agricultural Banking in Mumbai)
 Issuance of Rupee denominated bonds overseas – Multilateral and Regional Financial Institutions as Investors
 RBI-Formation of twenty one new districts in the State of Telangana - Assignment of Lead Bank Responsibility
 RBI imposes penalty on Janata Urban Co-operative Bank Ltd., Wai, District Satara
 Monitoring of Foreign Investment under PIS in Indian Companies- Incorporation in Ban List–M/s HDFC Bank Ltd.
 Reserve Bank of India seeks Comments on Draft Circular on Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions
 Forward Rate Agreement (FRA) and Interest Rate Swap (IRS) - Withdrawal of Fortnightly return
 RBI-Foreign Investments in India
  RBI cancels the Licence of the Shri Chhatrapati Urban Co-operative Bank Ltd., Pimple Nilakh, Pune, Maharashtra
  Finance Minister meets the Directors of the RBI Central Board

Payments into Government Account through Debit / Credit cards and Net banking: permissible period for remittance
January, 22nd 2015

RBI/2014-15/416
DGBA.GAD No.H-3203/42.01.011/2014-15

January 21, 2015

The Chairman / Chief Executive Officer
All agency Banks

Dear Sir / Madam

Payments into Government Account through Debit / Credit cards and Net banking: permissible period for remittance

Please refer to circulars DGBA.GAD.No.H-2444/42.01.011/2010-11 dated October 8, 2010 and DGBA.GAD.No.H-4831/42.01.011/2012-13 dated February 18, 2013 on the above subject. We hereby advise that as per the instructions of the Controller General of Accounts, Ministry of Finance, Government of India, agency banks are required to adhere to the following additional norms for payment of government revenue through Debit / Credit cards and Net banking:

  1. Remittance norms of T + 1 working day, including the Put Through date should be strictly followed, where “T“ is the day when money is available with the receiving bank branch.

  2. Penal interest will be levied on delayed remittances of e-receipt into government account, i.e., on delay beyond T+1 working day, if any, and

  3. The settlement should conform to the provisions contained in the Payment and Settlement Systems Act 2007 and the rules and regulations framed thereunder.

Yours faithfully

(K.Ganesha)
Deputy General Manager


DGBA.GADNo.H-4831 /42.01.011/ 2012-13

February 18, 2013

The Chairman & Managing Director/ Managing Director/General Manager
All agency Banks

Dear Sir / Madam

Recovery of Interest on delayed payments and permissible period for remittance of Government Receipts into Government Account

Please refer to our circular DGBA.GAD.No.H-9284/42.01.011/2008-09 dated April 28, 2009 on the captioned subject.

2. With a view to bring uniformity in the procedure for reporting both Central and State Government Transactions to Reserve Bank, it has been decided with the approval of Comptroller and Auditor General of India that the petty claims of delayed period penal interest involving amount of 500/- or below will be ignored and excluded from the purview of penal interest.

3. Further, it has been decided in consultation with Comptroller & Auditor General of India that the permissible period of remittance in respect of all State Government transactions made through e-mode will also be T+1 working day (including put through date).

4. You are advised to circulate these instructions amongst your branches conducting Government business.

Yours faithfully,

(G.C.Biswal)
Deputy General Manager

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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