"The purpose of the informal meetings would be to maintain a line of communication with the agency bank and to have first-hand information and feedback on government business being conducted by it.
The scope of the review/inspection will now also cover government business at the Head Offices of agency banks. Various branches and Centralised Pension Processing Centres (CPPCs) will continue to be visited as hitherto.
That's why politics is still a driving force in corporate finance, says Patricio Baus, general manager for Ecuador at the risk-ratings
agency Bank Watch, a unit of the Fitch ratings agency.
GSTN has tied up with 25
agency banks authorised by the RBI to collect taxes, he said.
Most of the
agency banks designated to collect the dues also have online payment facilities to pay taxes.
The
agency banks are compensated at Rs 65 per transaction for handling pension computation, payment and related services on behalf of central and state governments.
It has also stated that assessees can use alternate channels like select branches of
agency banks or the facility of online payment of taxes offered by these banks.
With a view to providing greater convenience to tax payers, it has been decided that all designated branches of
agency banks and RBI Offices conducting government business will keep their counters open for full day on March 30, 2016 and till 8.00 p.m.
The
Agency Banks are given agency commissions or turnover commissions by the country s apex lender for management business on behalf of the Government.
In order to facilitate the payment of taxes by the tax-payers before the close of the Financial Year 2013-14, the Reserve Bank of India (RBI) has decided on request of Central Board of Direct Taxes (CBDT) that all
agency banks shall keep open the counters of their designated branches conducting Government Business on Saturday, March 29, 2014.
Also, the RBI states that assessees will be able to use alternate channels like select branches of
agency banks or the facility of online payment of taxes offered by these banks.
The banking regulator has designated 29 public and private sector banks as
agency banks to accept payments of income-tax dues.
