BANKER TO GOVERNMENTS AND BANKS

Like individuals, businesses and banks, the Governments also need a banker to carry out their financial transactions in an efficient and effective manner. Managing Government banking transactions is a key function assigned to the Reserve Bank. On the other hand, banks need their own mechanism to transfer funds and settle inter-bank transactions such as borrowing from and lending to other banks and customer transactions. As the Banker to banks, the Reserve Bank fulfills this role.

(419 kb)

Date : Aug 25, 2016

Master Circular – Collection of Direct Taxes - OLTAS

RBI/2016-17/47
DGBA.GAD.No.458/42.01.034/2016-17

August 25, 2016

To
All agency Banks

Dear Sir / Madam

Master Circular – Collection of Direct Taxes - OLTAS

Please refer to our Master Circular DGBA.GAD.No.3/42.01.034/2015-16 dated July 1, 2015 on the above subject.

2. Instructions regarding Online Tax Accounting System (OLTAS) and operational aspects of the Direct Tax collection are currently being issued to agency banks directly by various agencies. In view of this, it has been decided to withdraw from the date of this circular the Reserve Bank’s existing instructions on operational aspects of OLTAS and the Master Circular on the subject.

Yours faithfully

(Partha Choudhuri)
General Manager

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