Period for Submission of Agency Commission Claims - RBI
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RBI/2016-17/322
DGBA.GBD.No.3262/31.02.007/2016-17
June 15, 2017
All Agency Banks
Dear Sir
Period for Submission of Agency Commission Claims
Please refer to circular No.DGBA.GAD.1031/31.12.010/98-99 dated May 6, 1999 wherein all agency banks were advised to submit their eligible agency commission claims to the Reserve Bank of India within two quarters from the end of the quarter during which the transactions have been conducted.
2. On a review, it has now been decided to reduce the time period allowed to agency banks to furnish their claim on agency commission to Reserve Bank from two quarters to 90 days from the end of the quarter in which the transactions have been conducted. If the banks fail to lodge the claims within the stipulated period mentioned above they may forward the same only after giving reasons for delay.
3. This will be applicable for the agency commission claims for the quarter ended June 30, 2017 onwards.
Yours faithfully
(Partha Choudhuri)
General Manager
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