Special Clearing on September 14 and 15, 2013 - advance taxes under income tax and corporate tax

Last updated: 14 September 2013

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RBI/2013-2014/252

DPSS.CO.CHD.No. 630/03.01.03/2013-2014

September 13, 2013

The Chairman and Managing Director / Chief Executive Officer

All Scheduled Commercial Banks including RRBs / UCBs /

State Co-operative Banks / District Central Co-operative Banks/Local Area Banks

Madam / Dear Sir,

Special Clearing on September 14 and 15, 2013

With a view to facilitate accounting of Government receipts (advance taxes under income tax and corporate tax) for the financial year 2013-14 by due date (September 15, 2013), it has been decided to conduct special clearing at all clearing houses across the country on September 14 and 15, 2013 as detailed below:

Presentation clearing	Return clearing
One hour after the extended business hours keeping in view the operational convenience at the local center	Half an hour/One hour after the presentation clearing keeping in view the operational convenience at the local center.

2. These special clearings are exclusively for Government receipts and is in addition to the normal clearing operations conducted on September 14, 2013 (Saturday). Agency banks doing Government business will alone be permitted to present instruments in the special clearing on other participating banks on these two days. Other member banks (including the presenting banks) are required to keep their inward clearing processing infrastructure open during the special clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the special clearing.

3. In this regard, a reference is invited to the circular issued by our Department of Government and Bank Accounts (DGBA.GAD.No.H.1739/42.01.029/2013-14 dated September 13, 2013) on ‘Opening of the Bank branches for accepting the advance tax challans for Income Tax and Corporate Tax on September 14 & 15, 2013’.

4. Member banks of Clearing Houses are advised to adhere to the instructions contained in this circular as well as the instructions received from the Regional offices of Reserve Bank of India and Presidents of respective Clearing Houses.

5. Member banks are also advised to be in readiness to participate in the Centralised Payment Systems (RTGS and NEFT) on these two days. A separate broadcast message in this regard will be issued through the respective system.

Yours faithfully

(Nilima Ramteke)

General Manager