Permissible period for remittance of e-payments into Government account by Public Sector Banks

 Permissible period for remittance of e-payments into Government account by Public Sector Banks

RBI/2010-11/229

DGBA.GAD.No.H. 2444 /42.01.011/2010-11

October 8, 2010

The Chairman & Managing Director / Managing Director

State Bank of India and its Associates/

All Nationalised Banks and

Jammu & Kashmir Bank Ltd.

Dear Sir/Madam,

Permissible period for remittance of e-payments into Government account by Public Sector Banks

Please refer to our circular letter No.RBI./2008/09/97 (Ref. DGBA. GAD. No.H-549/42.01.011/2008-09 dated July 18, 2008) on the above subject.

2. In this context, we advise that a Committee was constituted by the Controller General of Accounts, Ministry of Finance, Government of India, to review the permissible period for transfer of funds to Government account in case of e-payment and other related issues. The Committee recommended that the remittance norm of T+1 working day (including put through date) for e-payment as applicable for Private Sector Banks may also be made applicable for the Public Sector Banks.

3. Based on the recommendations of the Committee, it has now been decided that the remittance period in respect of all Government transactions made through e-payments in respect of Public Sector Banks will be T+1 working day (including put through date) w.e.f. November 1, 2010.

4. You may, therefore, arrange to remit the Government revenue accordingly.

Yours faithfully

Note : circular letter No.RBI./2008/09/97 (Ref. DGBA. GAD. No.H-549/42.01.011/2008-09 dated July 18, 2008 is mentioned below

Permissible Period of Remittance of E-payment of Government Transactions

RBI/2008-09/97

DGBA.GAD.No.H 549 / 42.01.011 /2008-09

July 18, 2008

The Chairman & Managing Director/Managing Director

State Bank of India and its Associates/ 

All Nationalised Banks

Jammu &Kashmir Bank Ltd.

Dear Sir,

Permissible Period of Remittance of  E-payment of Government Transactions

Please refer to our circular No.RBI/2007/235 (DGBA.GAD.No.H.11763/42.01.011/2006-07) January 24, 2007 relating to delay in remittance of Government Receipts. 

2. In this connection, we advise that on the basis of the recommendations made by the Standing Committee in its meeting held on April 15, 2008, it has been decided in consultation with the Controller General of Accounts that the remittance period of all Government transactions including EASIEST and OLTAS received through e-payments by Public Sector Banks will be T+2 working days (excluding put through date) w.e.f. August 1, 2008 and T+1 working day (excluding put through date) w.e.f. January 1, 2009. You may, therefore, arrange to remit the Government revenue accordingly.

Yours faithfully,

(P.M.Rajagopal)

Assistant General Manager