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: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: empanelment :: cpt :: VAT Audit :: articles on VAT and GST in India :: TDS :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARDS :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4%
 
 
Latest Circulars »
  RBI-Enhancement of withdrawal limits from ATMs and Current Accounts
 Auction of Government of India Dated Securities January 16, 2017
  Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of ₹ 500 and ₹ 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016
 RBI-Career Opportunities at Reserve Bank Information Technology Pvt Ltd
 RBI-Appointment of Director, National Institute of Bank Management (NIBM), Pune (Revised)
 RBI-Enhancement of withdrawal limits from ATMs and Current Accounts
  Evidence of Import under Import Data Processing and Monitoring System (IDPMS)
 Evidence of Import under Import Data Processing and Monitoring System (IDPMS)
 Issuance of 35 days and 49 days Cash Management Bills under Market Stabilisation Scheme (MSS) on January 13, 2017
 RBI to conduct Overnight Variable Rate Reverse Repo Auction under LAF on January 12, 2017 between 4.00 pm and 4.30 pm
  Macro and Micro Drivers of Business Potential of IFSCs in India (Dr. Urjit R. Patel, Governor – January 11, 2017 – at Gandhinagar, Gujarat)

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