Income Declaration Scheme 2016 – Grievance regarding non-acceptance by banks of payments under IDS, 2016 through ITNS-286

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....ncome Declaration Scheme 2016 – Grievance regarding non-acceptance by banks of payments under IDS, 2016 through ITNS-286 <br>Income Tax<br>Dated:- 28-11-2016<br><BR>No.RB/CIR/OTC-IDS/1404A November 25, 2016 The Chief Executives of All Member Banks Dear Sir/Madam, Income Declaration Scheme 2016 - Grievance regarding non-acceptance by banks of payments under IDS, 2016 through ITNS-286 We have received a communication dated November 23, 2016 from RBI on the captioned subject along with the Office Memorandum F.No.142/8/2016-TPL (Part) dated November 10, 2016 by the GOI, MOF, Department of Revenue, CBDT [copy enclosed]. It has been alleged that the bank authorities are refusing to accept payment stating that since IDS, 2016 has closed on....

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.... 30.09.2016 the banks cannot accept the challan beyond the date. The Office Memorandum mentions about the revised Schedule for Making Payments of tax, surcharge and penalty: (i) a minimum amount of 25% of the tax, surcharge and penalty to be paid by 30.11.2016; (ii) a further amount of 25% of the tax, surcharge and penalty to be paid by 31.3.2017; and (iii) the balance amount to be paid on or before 30.9.2017. Accordingly, all the member banks are requested to make note of the above time schedule and as directed accept payments under IDS, 2016 upto 30.09.2017 and also for such cases the banks should not seek source of funds. [Kindly refer our appended circular in this regard] We request you to sensitise your branches accordingly. You....

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....rs faithfully, K Unnikrishnan Chief Executive (Offg) ============= Document 1 ● भारती ANK OF IND भारतीय रिजर्व बैंक RESERVE BANK OF INDIA www.rbi.org.in DBR.CO. Leg. No. 5832/09.07.007/2016-17 The Chief Executive Officer Indian Banks' Association Centre 1, 6th Floor World Trade Centre Cuffe Parade Mumbai 400005 Dear Sir November 23, 2016 Income Declaration Scheme, 2016 - Grievance regarding non-acceptance by banks of payments under IDS, 2016 through ITNS-286 Please find enclosed the Office Memorandum F.No.142/8/2016-TPL (Part) dated November 10, 2016 by the Gol, MoF, Department of Revenue, CBDT, the contents....

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.... of which are self-explanatory. 2. You are advised to bring the contents thereof to the notice of banks for compliance. 3. A copy of IBA's advice to banks may be sent to us for information. Yours faithfully, (P. K Mehrotra) Assistant General Manager Encl: One बैंकिंग विनियमन विभाग, केंद्रीय कार्यालय, 12 वी मंजिल, केंद्रीय कार्यालय भवन, शहीद भगतसिंह मà¤....

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....र्ग मुंबई 400001 Department of Banking Regulation, Central Office, 12th Floor, Central Office Building, Shahid Bhagat Singh Marg,, Mumbai,400001 /Tel No:91-22-22661602/Fax No:91-22-22705691 Email ID:[email protected] हिंदी आसान है, इसका प्रयोग बढ़ाइए F.No.142/8/2016-TPL (Part) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** New Delhi, dated 10th November, 2016 OFFICE MEMORANDUM Sub: Grievance regarding non-allowance by banks to make payment under IDS, 2016 through ITNS-286 A r....

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....epresentation has been received from a declarant under IDS, 2016 stating that the State Bank of India at Bengaluru has refused to accept payments through income-tax challan ITNS-286. It has been alleged that the bank authorities refused to accept payment stating that since IDS, 2016 has closed on 30.09.2016 the banks cannot accept the said challan beyond the said date. 2. In this context, your kind attention is invited to notification S.O.2476(E) dated 20.07.2016 wherein the following time schedule has been prescribed for making payments under IDS, 2016: 3. (i) a minimum amount of 25% of the tax, surcharge and penalty to be paid by 30.11.2016; (ii) a further amount of 25% of the tax, surcharge and penalty to be paid by 31.3.201....

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....7; and (iii) the balance amount to be paid on or before 30.9.2017. In view of the above, I am directed to request you to kindly bring the above time schedule for making payments under IDS, 2016 to the notice of all the banks and issue directions to the banks to accept payments under IDS, 2016 upto 30.09.2017. Shri N.S. Vishwanathan Deputy Governor Reserve Bank of India New Delhi (Dr. T.S. Mapwal) Under Secretary (TPL-IV) ba Indian Banks' Association URGENT No.RB/CIR/OTC-IDS/1404 November 11, 2016 The Chief Executives of All Member Banks Dear Sir/Madam, Acceptance of Cash over the Counter – Income Declaration Scheme 2016 of The Reserve Bank India (RBI) has issued a Cir.DBR.No.Leg.BC 8/09.07.005/2016-17 dated 8th ....

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....September 2016 where in RBI has advised that banks must invariably accept cash, irrespective of amount, over the counters from all declarants who desire to deposit cash at the counters including deposits under the Income Declaration Scheme 2016 through ITNS Challan – 286. - In this connection, RBI has brought to the notice of IBA that Government has expressed concern that banks are not following direction issued by RBI in relations to deposit of cash and are insisting that depositors should disclose the source of cash deposit. This is against the decided Policy of the Government to keep the declarations made under IDS 2016 confidential. All the member banks are requested to sensitize their branches to ensure that while ide....

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....ntification of customers and walk-in-customers is necessary as per KYC instructions contained in the Master Direction KYC Circular DBR.AML.BC.No.81/14.01,001/2015-16 dated 25th February 2016, banks should not seek sources of funds for cash deposits under IDS-2016. Yours faithfully, K Unnikrishnan Chief Executive (Offg) World Trade Centre, 6th Floor, Centre 1 Bldg., World Trade Centre Complex, Cuffe Parade, Mumbai - 400 005. Phone: 22174040, Fax: 22184222 E-mail: [email protected] website: www.iba.org.in<BR> News - Press release - PIB....