Authorization of Multiple Agency Banks for Non-Tax Revenue
The Ministry of Finance has reviewed existing guidelines to enhance the efficiency and transparency of digital payments for Government Non-Tax Revenue Receipts. To provide wider banking access, multiple banks are now authorized to act as Agency Banks for collecting these receipts through electronic modes and authorized online portals.
Key Provisions for Agency Banks
Authorized banks must strictly adhere to the following operational requirements:
- Reporting: All collections must be reported and remitted per prescribed RBI and Government accounting procedures.
- Daily Monitoring: Banks must provide electronic scrolls to the respective Ministry or Department on a day-to-day basis.
- Reconciliation: Regular reconciliation of receipts with concerned accounting authorities is mandatory.
- Technical Setup: Banks must identify a specific branch to serve as an e-Focal Point Branch and notify the RBI and CGA.
- Regulatory Compliance: Strict adherence to the Civil Accounts Manual, Receipt & Payment Rules, and RBI instructions is required.
Bharatkosh Portal & Roles
Further documentation has been released regarding the roles and responsibilities of Agency Banks under the revised process flow. This includes Technical Specification Documents (TSD) related to the Bharatkosh portal for streamlining Non-Tax Revenue collection.
Educational Purpose Only: The information provided in this article is for general informational and educational purposes only.
Accuracy & Mistakes: While every effort has been made to ensure accuracy, human errors or omissions may occur.
No Liability: Under no circumstances shall the author or this website be held liable for any loss arising from the use of this information.
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