CBDT notifies Specified Bank to mean a Banking Company appointed as Agents of RBI [Read Notification]

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The Central Board of Direct Taxes (CBDT)  notified the specified Bank to mean a banking company appointed as agents of Reserve Bank of India (RBI).

“In exercise of the powers conferred by clause (a) of Explanation to section 194P of the Income-tax Act, 1961, the Central Government hereby notifies specified Bank to mean a banking company which is a scheduled bank and has been appointed as agents of Reserve Bank of India under section 45 of the Reserve Bank of India Act, 1934,” the CBDT said.

As per section 45 of RBI when any bank is appointed by the Bank as its agent to receive on behalf of the Bank any payment required to be made into the Bank, or any bill, hundies or other securities required to be delivered into the Bank, under any law or rule, regulations or other instructions having the force of law, the same may be paid or delivered into the bank so appointed as the agent of the Bank.

The “Banking company” shall have the meaning assigned to it in clause (a) of section 45A of the Reserve Bank of India Act, 1934.

“Scheduled bank” shall have the meaning assigned to it in clause (e) of section 2 of the Reserve Bank of India Act, 1934

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