MASTER CIRCULAR ON APPOINTMENT & DELISTING OF BROKERS AND PAYMENT OF BROKERAGE ON RELIEF/SAVINGS BONDS

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....ty of all the current operative instructions on the above subject at one place, instructions issued up to June 30, 2013 by us are enclosed (Annexure). This circular has also been placed on RBI website http://www.rbi.org.in. Annexure Master Circular on Appointment & Delisting of Brokers and Payment of Brokerage on Relief/Savings Bonds (A) APPOINTMENT/DELISTING OF BROKERS 1. Procedure for enrol....

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....aterial and billboards stating that RBI has appointed them as brokers for Relief/Savings bonds business. We advise that in cases where authorised banks engage the services of other banks/institutions as a broker or agent, the agency banks who have appointed them are solely responsible for their activities as an agent/broker. RBI's name should not be used by such banks. (Ref. CO.DT./13.01.251/ 534....

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....erage is payable in case the broker is one of the investors/applicants. (Ref. CO.DT./13.01.298/H-2411/2003-04 dated October 29, 2003) 2. No TDS on payment of brokerage No tax is required to be deducted at source by the agency banks while making payment of brokerage in respect of the Relief/Savings bonds business canvassed by brokers in terms of Section 194 (H) of the Income Tax Act, 1961. (R....