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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

 
 
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