The Auditing and Assurance Standards Board of the ICAI has on 28.02.2014 released a Guidance Note on Audit of Banks, 2014 Edition. The revised Guidance Note deals with all the recent important developments that have taken place in the banking sector. It incorporates the guidance for the statutory auditors at branch as well as central level w.r.t. the various circulars of the Reserve Bank of India as well as important pronouncements of the Institute. The Guidance Note has been totally revamped to make it more reader-friendly.
May 31, 2013
All Scheduled Commercial Banks
Acknowledgement by banks at the time of submission of Form 15-G / 15-HAs you are aware banks are not required to deduct TDS from depositors who submit declaration in Form 15-G/15-H under Income Tax Rules, 1962.
RBI has directed all agency banks to open his designated bank branches on 29.03.2013,30.03.2013 and 31.03.2013 for full day and extended hours due to expected rush in view of financial year 2012-13 closing. At present all the public sector banks and three private sector banks viz. ICICI Bank Ltd., HDFC Bank Ltd. and Axis Bank Ltd. act as RBI's agents. Only authorised branches of Agency banks can conduct Govt. business.
The Chairman & Managing Director/The Chief Executive Officer All Agency Banks
Annual Closing of Government Accounts - Transactions of Central / State Governments - Special Measures for the Current Financial Year (2012-13)
We have been requested by the Government of India and some State Governments to facilitate collection and accounting of all Government tax receipts for the current financial year (2012-13) up to March 31, 2013 keeping in view the likely rush of tax-payers towards the end of March 2013. Accordingly, it has been decided that all Agency banks shall keep the counters of their designated branches conducting Government business open (full day with extended hours) on March 29, 30 and 31, 2013 to facilitate receipt of Government taxes from members of public even at late hours.
2. As regards conduct of special clearing on these dates (including same-day return clearing on March 31, 2013), separate guidelines are being issued by our Department of Payment and Settlement Systems ( DPSS), Central Office, Mumbai.
3. You are requested to advise all concerned to strictly implement the above instructions.
(G. C. Biswal) Deputy General Manager
tax 'N' accounts people
Tarun Kumar Gupta
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