Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Direct Payment System for Rebates and Refunds via NEFT/RTGS Starts June 1, 2012; Cheques Phased Out.</h1> The circular introduces a new facility for direct payment of rebate or refund claims to the bank accounts of assessees or exporters, replacing the previous method of issuing cheques. This change aims to reduce paperwork, manpower, and delays caused by clerical errors or address issues. Effective from June 1, 2012, claimants must provide a one-time authorization and a canceled cheque with an IFS code. The rebate/refund sanctioning authorities will coordinate with the State Bank of Hyderabad to transfer funds via NEFT/RTGS. Stakeholders are encouraged to contact their jurisdictional authorities for assistance.
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