Special Measures to Facilitate Collection of Tax Receipts by Banks in End March

Keeping in view that 29th and 31st March, 2013 are notified Gazetted holidays and 30th March, 2013 is falling on a Saturday and the likely rush of tax payers towards the end of march, 2013, which could have inconvenienced the tax payers in depositing the tax on these days, the Reserve Bank of India (RBI) has issued instructions that all Agency banks shall keep the counters of their designated branches conducting Government business open (full day with extended hours) on 29th, 30th and 31st March, 2013. Further, for the convenience of the tax payers, RBI has also advised the banks to facilitate receipt of Government taxes from the members of public even at late hours. The RBI notification dated 21.03.2013 in this regard, is available on the website of RBI at web-link http://www.rbi.org.in/scrips/NotificationUser.aspx?Id=7904&Mode=0.

RBI has also issued instructions for conduct of Special Clearing on these three days (including same-day return clearing on 31.03.2013) whereby the Agency banks conducting Government business may present instruments in the special clearing on other participating banks. Other member banks of the Clearing House (including the presenting banks) are required to keep their inward clearing processing infrastructure open during the Special Clearing hours. Further, member banks have also been instructed to be in a state of readiness to participate in the Central Payment Systems (RTGS and NEFT) on 29th, 30th and 31st March, 2013.

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Shantanu

eMinds Legal Consulting Pvt. Ltd. is a Consulting Firm in India specialzing in Corporate Laws, Compliances, Secretarial, FEMA, Indirect Taxation, Cyber Laws & Contracts. The Firm comprises of a team of professionals of Company Secretaries, Lawyers and Chartered Accountants with an in-depth subject matter knowledge and participative industry experience of over 15 years.

One response to “Special Measures to Facilitate Collection of Tax Receipts by Banks in End March”

  1. Tahesha says:

    Everything is very open with a very clear clarification of the challenges.
    It was really informative. Your site is very useful. Many thanks for
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