|
DBOD.No.BC.3/12.03.001/97-98 January 10, 1998 All Commercial Banks Dear Sir, Section 26 of Banking
Regulation Act. 1949 - submission of Return in Form IX-Unclaimed Deposits As you are aware that in terms
of Section 26 of Banking Regulation Act, 1949 every banking company is
required to submit within thirty days after the close of each calendar year a
return in prescribed form (form IX) and manner to the Reserve Bank of India
as at the end of such calendar year of all accounts in India, which have not
been operated upon for ten years. 2. In this connection, it is
observed that many banks are not adhering to the prescribed time schedule
which results in late submission of consolidated statement of unclaimed
deposits to Government of India. You are, therefore advised to submit the
return within the stipulated period, to the concerned regional office of this
department and to us. 3. Non-compliance of our above
instructions in the matter will be viewed seriously. Yours faithfully (D.V. Jhaveri) General Manager |
|