Revised Reporting and Accounting Procedure for Relief and Savings Bonds
The Reserve Bank of India (RBI) has revised the reporting and accounting procedure for Relief and Savings Bonds, specifically the 8% Savings (Taxable) Bonds, 2003.
The revised procedure aims to improve the efficiency and accuracy of reporting and accounting for these bonds.
Key Changes:
The revised application format for the 8% Savings (Taxable) Bonds, 2003, has been introduced. This format will be used for reporting and accounting purposes.
The new format includes additional fields to capture more detailed information about the bonds, such as the date of issue, face value, and interest payment details.
Implementation:
The revised procedure will be effective from the date of issuance of this circular. All banks and other authorized dealers are required to comply with the new procedure.
Existing bonds will be grandfathered, and the revised procedure will apply only to new bonds issued after the effective date.
Compliance:
Banks and authorized dealers must ensure that they comply with the revised procedure and submit the required reports and returns in the prescribed format.
Non-compliance may attract penalties and other consequences as per the RBI’s regulations.
Chat with the Master Circular: