RBI Update: Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2023-24)
All Government transactions done by agency banks for the Financial Year 2023-24 must be accounted for within the same financial year. Accordingly, the following arrangements are put in place to report and account for Gov…
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RBI Update: Reassignment of Lead Bank Responsibility
RBI has decided to reassign the lead bank responsibility in the certain districts as mentioned in the circular. The changes will be effective from April 01, 2024. Link of the Circular: https://www.rbi.org.…
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RBI Update: All Agency Banks to remain open for public on March 31, 2024 (Sunday)
1. The Government of India has made a request to keep all branches of the banks dealing with Government receipts and payments open for transactions on March 31, 2024 (Sunday) so as to account for all the Government trans…
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RBI Update: Cut-off time for uploading of GST, ICEGATE and TIN 2.0 luggage files
1. RBI has advised to refer para 10 on ‘Reporting of transactions by agency banks to RBI’ of ‘Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission’ dated April 1, 2023. 2.…
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RBI Update: Reporting and Accounting of Central Government transactions for March 2024
1. RBI has advised to refer to Circular DGBA.GBD.No.S1469/42-01-029/2022-2023 dated March 16, 2023 advising the procedure to be followed for reporting and accounting of Central Government transactions (including CBDT, CB…
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RBI Update: Implementation of Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005: Designated List (Amendments)
1. RBI has advised to refer to Section 52 of Master Direction on Know Your Customer dated February 25, 2016 as amended on January 04, 2024 (MD on KYC), in terms of which, inter alia \"Regulated Entities (REs) shall ensur…
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RBI Update: Amendment to Master Direction on Prepaid Payment Instruments
1. This has reference to the Master Directions CO.DPSS.POLC.No.S-479/02.14.006/2021-22 dated August 27, 2021, on Prepaid Payment Instruments (MD-PPIs) (as amended from time to time), which prescribes, inter alia, the var…
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RBI Update: Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit
Kindly refer to the instructions issued vide DOR.STR.REC.93/04.0 2.001/2021-22 dated March 8, 2022 and DOR.STR.REC.39/04.02.001/2022-23 dated May 31, 2022. 1. The government of India has allowed for the extension of…
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RBI Update: Inclusion of Clearing Corporation of India Limited as a Financial Information Provider under Account Aggregator Framework
1. RBI launched the Retail Direct Scheme (‘Scheme’) on November 12, 2021, to facilitate retail investors to invest in Government Securities. The Scheme enables individuals to open Retail Direct Gilt Accounts with the Ban…
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RBI Update: Formation of a new district in the State of Assam – Assignment of Lead Bank Responsibility
The Government of Assam has notified the formation of a new district, viz., Hojai in the state of Assam vide Gazette Notification ECF.No.367433/28 dated September 07, 2023. Accordingly, it has been decided to designate t…
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