Government Business Scheme Our Bank has been entrusted with the following schemes of the government for receiving / paying money due to / by the government : o Collection of Income and other Direct Taxes. o Collection of Sales Tax and Professional Tax. o Payment of Pension to Central / Civil / Railway / Defence / Railway / Freedom fighter pensioners and the State Government Pensioners in selected States. o Public Provident Fund Scheme, 1968. o Collection of Indirect Taxes such as Excise & Customs and Service Tax. o Employees Pension Scheme – 95 o Treasury Business and o Receipt on behalf of Railways. o Special Deposit Scheme – 1975. (No fresh deposit to be accepted) 8% Saving Bonds, 2003 (Taxable). o Collectins of Deptt of Company Affairs under Ministry of Law, Justice & Company Affairs and Acceptance of Deposits under the Scheme investor Education and Protection Fund (Awareness and Protection of Investor) Rules, 2001 (in terms of our Circular Letter No. GBD / 2/ 2001 dated 7.11.2001). o Deposit Scheme of Retiring Government Employees – 1989 (seized w.e.f. July 9, 2004). o Deposit Scheme for Retiring Employees for Public sector companies – 1991 (seized w.e.f. July 9, 2004). o 6.5% Saving Bonds Scheme – 2003 (Non-Taxable) (seized w.e.f. July 9, 2004). o Senior Citizen Scheme, 2004 imlemented w.e.f. 1.11.2004. o Postal Receipt TURNOVER COMMISSION (TOC) ON GOVT. BUSINESS : The rates of agency commission payable to banks based on number of transactions instead of value of transactions, at present, are : a) Receipts ........... Rs. 45/- per transaction b) Payments other than Pension .... Rs.50/- per transaction c) Pension Payments..... Rs.60/- per transaction The above rates will be effective in respect of transactions from July 1, 2005 onwards. The date of realization of cheque/draft etc. as also deposit of cash will be treated as the date of transaction. Theclaims should be submitted on quarterly basis.
doc_301546613.doc
doc_301546613.doc