Safe Deposit Lockers/Safe Custody Article Facility provided by the banks – RBI Revised Instructions
RBI has issued revised instruction on Safe Deposit Lockers / Safe Custody Article Facility provided by the banks. Recently the Supreme Court had fixed liability of the banks on lockers operation. The Apex Court had held that Banks cannot wash off hands and claim no liability.
The revised Instructions take care of principles enumerated by the Hon’ble Supreme Court on the subject.
The revised instructions are issued in supersession of the earlier instructions issued by the Reserve Bank on the subject. The banks have been advised to frame their own Board approved policy/ operational guidelines in this regard taking into account the revised instructions.
The revised instructions shall come into force with effect from January 1, 2022 and be applicable to both new and existing safe deposit lockers and the safe custody of articles facility with the banks.
Safe Deposit Locker / Safe Custody Article Facility- Revised RBI Instructions
(Circular No. DOR.LEG.REC/40/09.07.005/2021-22 dated August 18, 2021)
- Investments from group companies having low income/assets not enough for addition u/s 68
- Issues already considered by CIT(A) cannot be again a subject matter of revision u/s 263
- Whether AO applied his mind or not is question of fact not law – SC dismisses SLP of Department
- No Prohibition on travelling abroad if proceedings u/s 10 of Black Money Act initiated
- Partnership firms/companies not eligible to be a registered valuer if not member of RVO