Master Circular on Agency Commission
The Reserve Bank of India has issued a master circular on the conduct of government business by agency banks, specifically regarding the payment of agency commission.
The circular outlines the revised rates of agency commission payable to banks on various government transactions, effective from July 1, 2012.
The transactions eligible for agency commission include:
- Public Provident Fund Scheme, 1968 (PPF)
- Senior Citizen Savings Scheme 2004 (SCSS)
- Government transactions as specified in the circular
The circular also covers the scheme for acceptance of income and other direct taxes, profession tax, and other taxes of state governments through agency banks.
Additionally, the circular mentions the deduction of Tax Deducted at Source (TDS) on agency commission.
The circular consolidates and updates the existing guidelines and instructions on agency commission, providing a comprehensive framework for agency banks to follow.
Chat with the Master Circular:
Download: Master Circular on Conduct of Government Business by Agency Banks – Payment of Agency Commission