RBI allows Cost accountants certificate for claiming agency commission by banks. Read Notification

RBI allows cost accountant’s certificate for claiming agency commission by banks. Earlier only CAs were authorised. Download Revised Formats. Read Notification 

RBI allows cost accountant’s certificate for claiming agency commission by banks

RBI has allowed that agency banks while claiming agency commission may submit the required reconciliation certificate by either Chartered Accountants or by Cost Accountants.

A Revised format has been accordingly prescribed.  There is no change in other usual Certificate from ED / CGM (in charge of government business) to the effect that there are no pension arrears to be credited / delays in crediting regular pension / arrears thereof.

Revised Certificate Format for claiming Agency Commission

Certificate by the Chartered Accountant or Cost Accountant 

Certified that we have examined the records relating to the Government transactions carried out by the branch and that the amount of Rs…………………….. (Rupees……………………) claimed as agency commission has been audited and found correct taking into account the number of transactions in respect of ‘receipts’ and ‘pension payments’ and the value of transactions in respect of ‘payments other than pension’ as recorded in the books of the bank and in the daily scrolls of Government transactions furnished to the accounting authorities of the Central/ State Governments/RBI and other records available at the branch. It is further certified that agency commission claims for transactions included in the current claim has been made only once.

2. It has also been verified that the collections of Government receipts (both tax and non-tax) on behalf of Centre/State Governments have been duly scrolled and funds remitted to RBI and no transaction is pending for scroll with the bank pertaining to the period for which agency commission is being claimed.

3. It is also certified that the month wise breakup of eligible pensioner’s account available with us is as per the table below, and the agency commission as aforesaid has been arrived at on the basis of only eligible transactions as per the extant instructions of RBI and that the receipt transactions are exclusive of the transactions pertaining to all tax liabilities of the bank.

Sr. No. Month No. of Pensioners
1    
2    
3    

Signature, Name, Registration No. and address
of the Chartered Accountant or Cost Accountant

Download Notification Click Here >>

Earlier RBI had revised the format of CA certificate for claiming agency commission by banks from 1st July 2019

RBI pays agency commission to the agency banks for the government business handled by them.

The Master Circular on ‘Conduct of Government Business by Agency Banks – Payment of Agency Commission’ dated July 02, 2018 specifies the government business undertaken by agency banks are eligible for agency commission.

All agency banks while claiming agency commission should certify that no claim of agency commission is made on ineligible transactions.

As per the said Master Circular, Agency banks are required to submit their claims for agency commission in the prescribed format to CAS Nagpur in respect of Central government transactions and the respective Regional Office of Reserve Bank of India for State government transactions.

However, agency commission claims with respect to GST receipt transactions is settled at Mumbai Regional Office only and therefore all agency banks, authorized to collect GST, are required to submit their agency commission claims pertaining to GST receipt transactions at Mumbai Regional Office only.

For claiming agency commission, the agency banks are required to submit two separate and distinctive set of certificates to be signed by the branch officials and Chartered Accountants. These certificates are be in addition to the usual Certificate from ED / CGM (in charge of government business) to the effect abcaus.in that there are no pension arrears to be credited / delays in crediting regular pension / arrears thereof.

It has been provided that where the External Auditor is also the Concurrent Auditor / Statutory Auditor, claims can be certified by such Concurrent Auditor / Statutory Auditor. 

However, the RBI, has decided that agency banks while claiming agency commission from RBI Central Accounts Section, Nagpur and at Regional offices of RBI (including Mumbai Regional Office for GST collections) shall submit certificates by the bank official and by Chartered Accountant in the revised format.

Certificates in the new format are to be submitted along with the agency commission claims submitted by agency banks from July 1, 2019 onwards.

These certificates would be in addition to the usual Certificate from ED / CGM (in charge of government business) to the effect that there are no pension arrears to be credited / delays in crediting regular pension / arrears thereof.

RBI revises format of CA certificate for claiming agency commission by banks

Certificate by the Agency Bank 

Certified that the amount of Rs…………………….. (Rupees……………………) claimed as agency commission has been arrived at correctly taking into account the number of transactions in respect of’ receipts’ and ‘pension payments’ and the amount of transaction in respect of ‘payments other than pension’ as recorded in the daily scrolls of Government transactions furnished to the accounting authorities of the Central/ State Governments/RBI and other records available in the bank and that only eligible items as specified in RBI Master Circular on “Conduct of Government Business by Agency Banks – Payment of Agency Commission” have been considered while arriving at the said amount. It is further certified that agency commission claims for transactions included in the current claim has been made only once.

2. We also certify that the collections of Government receipts (both tax and non-tax) on behalf of Centre/State Governments have been duly scrolled and funds remitted to RBI and no transaction is pending for scroll with the bank pertaining to the period for which agency commission is being claimed.

3. Further, we certify that the month-wise breakup of eligible pensioner’s account available with us is as per the table below, and the number of receipt transactions for which agency commission is claimed is exclusive of the transactions pertaining to own tax liabilities of the bank and the taxes deducted at source under various items of the Income Tax Act.

Sr. No. Month No. of Pensioners
1    
2    
3    

Signature, name and designation of the authorized signatory and seal of the bank


Certificate by the Chartered Accountant

Certified that we have examined the records relating to the Govt. transactions carried out by the branch and that the amount of Rs…………………….. (Rupees……………………) claimed as agency commission has been audited and found correct taking into account the number of transactions in respect of ‘receipts’ and ‘pension payments’ and the value of transactions in respect of ‘payments other than pension’ as recorded in the books of the bank and in the daily scrolls of Government transactions furnished to the accounting authorities of the Central/ State Governments/RBI and other records available at the branch. It is further certified that agency commission claims for transactions included in the current claim has been made only once.

2. It has also been verified that the collections of Government receipts (both tax and non-tax) on behalf of Centre/State Governments have been duly scrolled and funds remitted to RBI and no transaction is pending for scroll with the bank pertaining to the period for which agency commission is being claimed.

3. It is also certified that the month wise breakup of eligible pensioner’s account available with us is as per the table below, and the agency commission as aforesaid has been arrived at on the basis of only eligible transactions as per the extant instructions of RBI and that the receipt transactions are exclusive of the transactions pertaining to all tax liabilities of the bank.

Sr. No. Month No. of Pensioners
1    
2    
3    

Signature, Name, Registration No. and address of the Chartered Accountant

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