Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems)
Notification No. 3 of 2021
New Delhi, 30th April, 2021
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
Section 285BA of the Income Tax Act, 1961 and Rule 114E requires specified reporting persons to furnish statement of financial transaction (SFT).
2. For the purposes of pre-filling the return of income, CBDT has issued Notification No. 16/2021 dated 12.03.2021 to include reporting of information relating to Capital gains on transfer of listed securities or units of Mutual Funds. The new sub rule 5A of rule 114E specifies that the information shall be furnished in such form, at such frequency, and in such manner, as may be specified by the Director General of Income Tax (Systems), with the approval of the Board.
3. The guidelines for preparation and submission of Statement of Financial Transactions (SFT) information are enclosed in Annexure A and Annexure B respectively. The format of control statement to be submitted by the Designated Director is given in Annexure C. The data structure and validation rules are enclosed in Annexure D and Annexure E respectively. Notification No. 3 of 2018 dated 05.04.2018 may be referred for the procedure for registration.
4. All Depositories as defined in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996(22 of 1996) are required to prepare the data file in prescribed format from their internal system. Reporting entities are required to submit the data files using SFTP Server using the login credentials (To be communicated separately).
5. A separate control statement (refer annexure C) is required to be signed, verified and furnished by the Designated Director.
6. The statement of financial transactions relating to Financial Year 2020-21 shall be furnished on or before the 31st May 2021. Thereafter, the statement of financial transactions relating to the quarter ending 30th June, 31st September, 31st December and 31st March shall be furnished on or before 25th of July, October, January and April respectively.
7. The reporting entities are also required to provide information reported to Income Tax Department, to the account holder which will enable taxpayers to reconcile the information displayed in the Annual Information Statement (AIS) (Form 26AS).
1 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
8. In case, the reporting person/entity comes to know or discovers any inaccuracy in the information provided in the statement or the defects have been communicated to the reporting person/entity, it is required to remove the defects by submitting a correction/deletion statement. 9. The reporting person/entity is required to document and implement appropriate information security policies and procedures with clearly defined roles and responsibilities to ensure security of submitted information and related information/documents. The reporting person/entity is also required to document and implement appropriate archival and retrieval policies and procedures with clearly defined roles and responsibilities to ensure that submitted information and related information/documents are available promptly to the competent authorities. 10. This issues with the approval of CBDT. This Notification shall come into effect from the date of issue.
Copy to: 1. PPS to the Chairman and Members, CBDT, North Block, New Delhi. 2. All Pr. Chief Commissioners/ Pr. Director Generals of Income Tax and all Chief
Commissioners/ Director Generals of Income Tax — with a request to circulate amongst all officers in their regions/ charges. 3. JS (TPL)-I &2/ Media coordination and Official spokesperson of CBDT 4. DIT (IT)/ DIT (Audit)/ DIT (Vig.)/ ADG (System) 1, 2, 3, 4, / CIT (CPC) Bangalore, CIT (CPC- TDS) Ghaziabad. 5. ADG (PR, PP&OL) with a request for advertisement campaign for the Notification. 6. TPL and ITA Divisions of CBDT. 7. The Institute of Chartered Accountants of India, IP Estate, New Delhi. 8. Web Manager, "incometaxindia.gov.in" for hosting on the website. 9. Database cell for uploading on www.irsofficersonline.gov.in and in DGIT (S) Corner. 10. ITBA publisher for uploading on [TBA portal.
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2 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
Annexure A
Guidelines for Preparation of Statement of Financial Transactions (SFT)
The guidelines for preparation of Statement of Financial Transactions (SFT) for Depository transactions are as under:
1. The Depository transaction summary file will be used for pre-filling the gain/income/loss from securities transactions. The Depository Transaction Summary is required to be prepared for user-initiated debit transactions in the demat account. For Off Market debits, information need not be provided if transferor and transferee are same person.
2. In case of a minor, details of legal or natural guardian (PAN, Name etc.) may be provided.
3. The Estimated Sale Consideration for the debit transaction should be determined on the best possible available price of the asset with the depository (e.g. end of day price). The taxpayer will be able to modify the sales consideration before filing the return.
4. The securities should be classified into specified security class for determining the type of asset (short term/long term) and applicable rate.
5. The period of holding (difference between date of sale and date of acquisition of any share/security in the demat account) should be used to classify the asset as short term or long-term asset. First in First out (FIFO) method should be used for identification of corresponding credit in demat account and computation of period of holding. Any capital asset held by the taxpayer for a period of more than minimum period of holding will be treated as long-term capital asset and remaining assets will be classified as short-term asset. The specified minimum period of holding for different asset class is as under:
Security Security Class Description Minimum Class Code Period of Holding LES Listed Equity Share 12 months 12 months LPS Listed Preference Share 12 months 12 months LDB Listed Debenture 12 months 12 months ZCB Zero Coupon Bond 12 months 36 months CIB Listed Capital Indexed Bond 36 months 12 months EMF Unit of Equity Oriented Mutual Fund
UTI Unit of UTI
UBT Unit of Business Trust
OTU Other Units
OTH Other Listed Securities (Other than a unit)
3 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
6. For every debit transaction, the corresponding credit transaction should be identified using First in First Out (FIFO) method. The estimated cost of acquisition for the credit should be determined on the best possible available price with the depository. The cost of acquisition can be estimated as per the closing rate on the date (T-2) of transaction for market purchase. The estimated cost of acquisition is to be taken as NIL for OFF Market purchase, IPO or Corporate Action or for any transaction through other than Exchange. The taxpayer will be able to modify the cost of acquisition before filing the return.
7. In relation to a long-term capital asset, being an equity share in a company or a unit of an equity-oriented fund acquired before the 1st day of February, 2018, adjusted cost of acquisition shall be higher of (i) the cost of acquisition of such asset; and (ii) lower of (A) the fair market value of such asset as on 31st January, 2018; and (B) the full value of consideration received or accruing as a result of the transfer of the capital asset. In a case where the capital asset is listed on any recognized stock exchange as on the 31st day of January, 2018, "fair market value" means the highest price of the capital asset quoted on such exchange on the said date. If there is no trading in such asset on such exchange on the 31st day of January, 2018, the highest price of such asset on such exchange on a date immediately preceding the 31st day of January, 2018 when such asset was traded on such exchange shall be the fair market value. In case the cost of acquisition of asset acquired before the 1st day of February, 2018 is not easily available, the adjusted cost of acquisition may be taken as lower of (A) the fair market value of such asset; and (B) the full value of consideration.
8. The Cost Inflation Index should be used to determine estimated indexed cost of acquisition wherever applicable.
9. The details of demat account holders and summary values for the demat account for the reporting period should be reported in Depository Account Summary (DEP_ACC_SUMM.TXT).
10. The details of off-market transactions recorded by the depository during the year should be reported in Depository Off-Market Transactions (DEP_OFF_TRN.TXT).
4 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
Annexure B Guidelines for Submission of Statement of Financial Transactions (SFT)
1. Reporting entities are required to prepare the data file in prescribed format from their internal system. Reporting entities are required to submit the data files using SFTP Server using the login credentials (To be communicated separately). A separate control statement (refer Annexure C) is required to be signed, verified and furnished by the Designated Director.
2. Any file which does not meet the validation requirements will be rejected. 3. In case Reporting Entity needs to modify uploaded data, Correction Statement is
required to be filed. In the Correction Statement, only those records should be uploaded in which correction is required. In case Reporting Entity needs to delete uploaded data, Deletion request is required to be filed.
5 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
Annexure C
Control Statement for Depository Transactions
Number of Records Values A.1 Reporting Entity Name A.2 ITDREIN A.3 Registration Number A.4 Statement Type A.5 Statement Number A.6 Original Statement Id A.7 Reason for Correction A.8 Statement Date A.9 Reporting Period Start Date A.10 Reporting Period End Date Number of Records B.1 Depository Batch File (DEP_BATCH.TXT) B.2 Depository Account Summary (DEP_ACC_SUMM.TXT) B.3 Depository Transaction Summary (DEP_TRN_SUMM.TXT) B.4 Depository Off-Market Transaction (DEP_OFF_TRN.TXT) Sum of Key Values in Rs. (Refer Depository Account Summary) C.1 Opening Value C.2 Market Credits C.3 Market Debits C.4 Off-Market Credits C.5 Off-Market Debits C.6 IPO Credits C.7 Corporate Action Credits C.8 Corporate Action Debits C.9 Dematerialized Credits C.10 Rematerialized Debits C.11 Pledge Invocation Credits C.12 Pledge Invocation Debits C.13 Closing Value
I, declare that to the best of my knowledge and belief, the information given in the data files is correct and complete and is in accordance with the provisions of the Income-tax Act, 1961.
Name
Designation
6 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
Annexure D
Data Structure
The information is required to be uploaded in data file. The data file should be in ASCII format with one report per line. All fields in each file should be delimited with the delimiter “|”. The first record in the file should contain header text.
D.1. Depository Batch File (DEP_BATCH.TXT)
This file contains details of reporting entity, principal officer and files uploaded by the reporting entity
#. Field Name Mandatory Format Remarks
1. Reporting Entity Y VARCHAR (150) Reporting Entity Name
Name
2. ITDREIN Y VARCHAR (20) Registration number
allotted by ITD
3. Registration Number N VARCHAR (150) SEBI Registration
number
4. Statement Type Y VARCHAR (2) NB - New Statement
containing new
information
DB - Deletion Statement
CB - Correction
Statement containing
corrections for
previously submitted
information
5. Statement Number Y VARCHAR (20) Internal reference
number for reporting
entity
6. Original Statement Id Y DECIMAL (18,0) Statement ID of the
original Statement
which is being replaced
deleted or referred in
the current Statement.
In case the Statement is
new and unrelated to
any previous Statement,
mention ‘0’ here.
7. Reason for Correction Y VARCHAR (1) Reason for revision to be
stated when the original
Statement is corrected.
(Refer Permissible
values)
7 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
#. Field Name Mandatory Format Remarks
8. Statement Date Y DATE Statement Date DD-
MM-YYYY
9. Reporting Period Y DATE First day of the reporting
Start Date period DD-MM-YYYY
10. Reporting Period End Y DATE Last day of the reporting
Date period DD-MM-YYYY
11. Principal Officer Y VARCHAR (150)
Name
12. Principal Officer Y VARCHAR (150)
Designation
13. Principal Officer Y VARCHAR (500)
Address
14. Principal Officer Y VARCHAR (15)
Mobile
15. Principal Officer Y VARCHAR (50)
Email
D.2. Depository Account Summary (DEP_ACC_SUMM.TXT) This file contains details of demat account holders and summary values for the demat account for the reporting period.
#. Field Name Mandatory Format Remarks 1. Sequence Number Y DECIMAL (18,0) Running sequence number 2. Financial Year Y VARCHAR (4) for each line in the file. 3. Reporting Period Y DATE FY in which sale transaction 4. DP ID Y VARCHAR (8) was recorded-YYYY 5. Client ID Y VARCHAR (8) Last day of the reporting 6. DP Name Y VARCHAR (100) period DD-MM-YYYY 7. Client PAN Y VARCHAR (10) First part of Demat Account Number 8. Client Name Y VARCHAR (250) Second part of Demat Account Number Depository Participant's Name First Holder’s PAN. Mention PANNOTAVBL if no PAN is available. First Holder’s name
8 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
#. Field Name Mandatory Format Remarks 9. Client Type Y VARCHAR (1) R - Resident VARCHAR (1) N- Non-resident VARCHAR(250) VARCHAR(10) F - FII
VARCHAR (12) Z – Not Classified DATE 10. Client Status Y VARCHAR (500) M – Minor VARCHAR (40) VARCHAR (2) O - Other DECIMAL (6,0) VARCHAR (15) X- Not Classified
11. Guardian Name N Mandatory if Client Status is
‘Minor’
12. Guardian PAN N Mandatory if Client Status is
‘Minor’. Mention
PANNOTAVBL if no PAN is
available.
13. Client Aadhaar N First Holder’s Aadhaar
14. Client DOB N First Holder’s DOB/DOI in DD-
MM-YYYY
15. Client Address Y First Holder’s Address
16. Client City N First Holder’s Address-city
17. Client State code N First Holder’s Address- State
(Refer Permissible Values)
18. Client Pincode N First Holder’s Address-
Pincode
19. Client Mobile N First Holder’s Mobile Number
Number
20. Client E-mail ID N VARCHAR (100) First Holder’s E-mail ID VARCHAR (1) Whether joint holding exists 21. Joint holding Y VARCHAR (10) (Y/N) Mandatory if Joint holding 22. Second Holder PAN N VARCHAR (250) exists. Mention NOPANAVBL DATE if no PAN is available 23. Second Holder N VARCHAR (10) Mandatory if Joint holding exists Name VARCHAR (250) Second Holder’s DOB/DOI in DATE DD-MM-YYYY 24. Second Holder DOB N Mandatory if Joint holding exists. Mention NOPANAVBL 25. Third Holder PAN N if no PAN is available Mandatory if Joint holding 26. Third Holder Name N exists 27. Third Holder DOB N Third Holder’s DOB/DOI in DD-MM-YYYY
9 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
#. Field Name Mandatory Format Remarks 28. Opening Value Value of Holding as on first Y DECIMAL (18,2) day of reporting period Sum of Market Purchases 29. Market Credits Y DECIMAL (18,2) during reporting period Sum of Market Sales during 30. Market Debits Y DECIMAL (18,2) reporting period Sum of Off-market purchases 31. Off-Market Credits Y DECIMAL (18,2) during reporting period Sum of Off-market Sales 32. Off-Market Debits Y DECIMAL (18,2) during reporting period Sum of value credited on 33. IPO Credits Y DECIMAL (18,2) account of IPO during reporting period 34. Corporate Action Y DECIMAL (18,2) Sum of value credited on Credits DECIMAL (18,2) account of Corporate Actions DECIMAL (18,2) during reporting period 35. Corporate Action Y DECIMAL (18,2) Sum of value debited on Debits DECIMAL (18,2) account of Corporate Actions DECIMAL (18,2) during reporting period 36. Dematerialized Y DECIMAL (18,2) Sum of value dematerialized (Credit) during reporting Credits period Sum of value rematerialized 37. Rematerialized Y (Debit) during reporting period Debits Sum of value credited on account of Pledge Invocation 38. Pledge Invocation Y during reporting period Credits Sum of value debited on account of Pledge Invocation 39. Pledge Invocation Y during reporting period Debits Total Value of Holding as on the last day of reporting 40. Closing Value Y period
Note: Refer Guidelines for preparation of SFT for more details
10 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
D.3. Depository Transaction Summary (DEP_TRN_SUMM.TXT)
This file shall contain details of security level transaction summary in respect of sales/debits during the reporting period.
# Field Name Mand Format Remarks 1. Sequence Number atory 2. Financial Year Y DECIMAL (18,0) Running sequence number for each 3. Reporting Period VARCHAR (4) line in the file. 4. DP ID Y DATE FY in which sale transaction was 5. Client ID VARCHAR (8) recorded-YYYY 6. Client PAN Y VARCHAR (8) Last day of the reporting period DD- 7. Client Name VARCHAR (10) MM-YYYY 8. Security Class Code Y VARCHAR (250) First part of Demat Account Number 9. Security Code Y VARCHAR (3) Second part of Demat Account 10. Security Name VARCHAR (12) Number 11. Debit Date Y VARCHAR (200) PAN Validation will be done during 12. Debit Type DATE data loading Y VARCHAR (1) First Holder’s name 13. Credit Type Y Refer Permissible values Y VARCHAR (1) Unique security code (e.g. ISIN) 14. Asset Type Y Name of security Y VARCHAR (1) Date of Debit 15. Units Y Refer Guidelines 16. Unit Sale price DECIMAL (18,3) M – Market 17. Sale Consideration Y DECIMAL (18,2) O – Off Market 18. COA DECIMAL (18,2) Refer Guidelines 19. Unit FMV Y DECIMAL (18,2) M – Market 20. Total FMV DECIMAL (18,2) O – Off Market Y DECIMAL (18,2) Refer Guidelines S – Short Term Y L – Long Term Y Units sold or transferred. Refer Guidelines. Y Estimated Sale price per unit. Estimated Sale Consideration. Refer Y Guidelines Estimated Cost of acquisition without Y indexation. Refer Guidelines. FMV per unit as on 31.01.2018. Refer Guidelines Total FMV as on 31.01.2018. Refer Guidelines
11 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
# Field Name Mand Format Remarks
atory
21. Adjusted FMV N DECIMAL (18,2) If the long term capital asset was
acquired before 01.02.2018, Lower of
Sale Consideration and Total FMV.
Refer Guidelines
22. Adjusted COA N DECIMAL (18,2) Cost of acquisition without indexation
(higher of COA and Adjusted FMV)
23. Indexed COA N DECIMAL (18,2) Wherever applicable
Note: Refer Guidelines for preparation of SFT for more details
D.4. Depository Off-Market Transaction (DEP_OFF_TRN.TXT)
This file shall contain details of off-market transactions recorded for a person/client by
the depository during the year.
# Field Name Mandato Format Remarks ry
1. Sequence Number Y DECIMAL (18,0) Running sequence number for each line in the file.
2. Financial Year Y VARCHAR (4)
3. Reporting Period Y DATE Last day of the reporting period
4. Transfer Date Y DATE Date format- DD-MM-YYYY
5. Transferor DP ID Y VARCHAR (8)
6. Transferor Client ID Y VARCHAR (8)
7. Transferor DP Name Y VARCHAR (100) Depository Participant's Name
8. Transferor PAN Y VARCHAR (10) Mention PANNOTAVBL if no PAN is available.
9. Transferor Name Y VARCHAR (250) First Holder’s name
10. Transferee DP ID Y VARCHAR (8)
11. Transferee Client ID Y VARCHAR (8)
12. Transferee DP Name Y VARCHAR (100)
13. Transferee PAN Y VARCHAR (10)
14. Transferee Name Y VARCHAR (250)
15. Security Class Code VARCHAR (3) Refer Permissible values
16. Security Code Y VARCHAR (12) Unique Security Code (e.g. ISIN)
17. Security Name Y VARCHAR (200) Name of Security
18. Quantity transferred Y DECIMAL (18,3)
19. Reported N DECIMAL (18,2) Consideration reported during transfer Consideration DECIMAL (18,2) Per Unit End of day price 20. EOD Price per unit Y
21. EOD Value Y DECIMAL (18,2) Estimated Transaction Value
(End of day price)
22. Reason code Y VARCHAR (3) Reason Code. Refer permissible
values
23. Reason Y VARCHAR (500) Reason
Note: Refer Guidelines for preparation of SFT for more details
12 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
Permissible Values - Statement Type
# Code Description
1. NB New Batch (Statement) containing new information
2. DB Deletion Batch (Statement)
3. CB Correction Batch (Statement) containing corrections for previously submitted information
Permissible Values - Reason for Correction
# Code Description
1. A Acknowledgement of original Statement had many errors which are being resolved
2. B Errors in original Statement are being corrected suo-motu
3. C The correction report is on account of additional information being submitted
4. N Not applicable as this is a new statement/test data/ there is 5. Z no data to report Other reason
Permissible Values – Security Class Code
# Security Class Code Description
1. LES Listed Equity Share
2. LPS Listed Preference Share
3. LDB Listed Debenture
4. ZCB Zero Coupon Bond
5. CIB Listed Capital Indexed Bond
6. EMF Unit of Equity Oriented Mutual Fund
7. UTI Unit of UTI
8. UBT Unit of Business Trust
9. OTU Other Units
10. OTH Other Listed Securities (Other than a unit)
13 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
Permissible Values – Transaction Reason
# Reason Reason Description
Code
1. ACL Account Closure
2. BEN Trust to Beneficiaries/on HUF dissolution to Karta & Coparceners
3. CDR Certificate of Deposit Redemption
4. DRC Conversion of Depository Receipt (DR) to underlying securities and
vice versa
5. CPI Commercial Paper Issuance
6. DRW Dissolution/Restructuring/Winding up of Partnership Firm/Trust
7. DUE Meeting Legitimate Dues of Stock Broker
8. ERR Erroneous Transfer pertaining to Client Securities
9. ESP ESOP/Transfer to employee
10. FAM Transfer between specified family members
11. FPM Transfers from PMS account
12. GFT Gift/Donation
13. MGR Margin returned by stock broker / PCM
14. MGT Margin to stock broker / PCM
15. MIN Transfer between Minor Account and Guardian Account
16. MRG Merger/ Demerger of corporate entity
17. OFS Off-market Sale
18. ONS On-market Sale (Transfer towards Pay-in)
19. OOA Open Offer for Acquisition
20. OOB Open Offer/Buy-back
21. ORD Implementation of Govt./Regulatory Direction/Orders
22. OWN Transfer to own account
23. PAY Payout - On payments for unpaid securities
24. PRT Transfer between Partner and Firm, Director and Company
25. RED Redemption of Mutual Fund Units
26. REF Refund of securities by IEPF Authority
27. TPM Transfers to PMS account
28. TRP Transposition - Between joint account of same holders
29. OTH Other
30. ZZZ Not Specified
14 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
Permissible Values - State code Code AN # State/Union Territories AP 1. Andaman and Nicobar AR 2. Andhra Pradesh AS 3. Arunachal Pradesh BR 4. Assam CH 5. Bihar DN 6. Chandigarh DD 7. Dadra and Nagar Haveli DL 8. Daman and Diu GA 9. Delhi GJ 10. Goa HR 11. Gujarat HP 12. Haryana JK 13. Himachal Pradesh KA 14. Jammu and Kashmir KL 15. Karnataka LD 16. Kerala MP 17. Lakshadweep MH 18. Madhya Pradesh MN 19. Maharashtra ML 20. Manipur MZ 21. Meghalaya NL 22. Mizoram OR 23. Nagaland PY 24. Orissa PN 25. Pondicherry RJ 26. Punjab SK 27. Rajasthan TN 28. Sikkim TS 29. Tamil Nadu TR 30. Telangana UP 31. Tripura WB 32. Uttar Pradesh LA 33. West Bengal CG 34. Ladakh UK 35. Chhattisgarh JH 36. Uttarakhand 37. Jharkhand
15 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
Table - Capital Gain Index Chart
Financial Year Cost Inflation Index (CII)
2001-02 (Base year) 100
2002-03 105
2003-04 109
2004-05 113
2005-06 117
2006-07 122
2007-08 129
2008-09 137
2009-10 148
2010-11 167
2011-12 184
2012-13 200
2013-14 220
2014-15 240
2015-16 254
2016-17 264
2017-18 272
2018-19 280
2019-20 289
2020-21 301
16 Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions
Annexure E
Validation Rules
The errors have been classified in following categories:
Errors Schema level errors which need to be resolved by user for successful generation of XML report.
Defects The reporting entity needs to correct and submit the reports again in the corrected statement.
Exceptions The exceptions should be reviewed by the reporting person/entities and if any information is available, the reporting entity may provide the information. If any defect is noticed, the reporting entity needs to rectify the defect by submitting a correction statement.
The validation rules are as under: Error Type File S. No. Error Message Rejection Y 1. Control Statement Values Mismatch Error Y
2. Sequence Number in Submitted file is not Error N
running sequence number N N 3. Account Summary Data not provided for Defect N N reported transaction
4. Mandatory Field is blank Defect
5. Invalid PAN reported Exception
6. Excessive Value Reported Exception
7. Mismatch identified after matching data with Exception
other submitted data
17
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