Submission of SFT-AIR for issue of Bonds for 5 lakh or more under Section 285BA-RBI Clarification

Submission of SFT-AIR for issue of Bonds for 5 lakh or more under Section 285BA of Income Tax Act, 1961. RBI Clarification

Reserve Bank of India

Submission of Annual Information Return relating to issue of Bonds for 5 lakh or more under Section 285BA of Income Tax Act, 1961 – Change thereof

RBI/2016-17/313
IDMD.CDD.No.3058/13.01.299/2016-17

May 30, 2017

The Chairman/ Managing Director
State Bank of India/Associate Banks/
17 Nationalised Banks/
Axis Bank Ltd., ICICI Bank Ltd.,
HDFC Bank Ltd., IDBI Bank Ltd./
Stock Holding Corporation of India Ltd.

Dear Sir/Madam

Submission of Annual Information Return relating to issue of Bonds for ₹ 5 lakh or more under Section 285 BA of Income Tax Act, 1961-Change thereof

A reference is invited to our circular IDMD.CDD.No. 3031/13.01.299/2016-17 dated May 25, 2017 on the captioned subject.

2. It is observed that a few Agency banks were submitting Annual Information Returns (AIR, now changed to SFT) in respect of Savings Bonds to Income Tax Authorities as well as to RBI. As RBI too, consolidates and submits this information to IT Department, and in order to avoid the duplication of data relating to Savings Bonds, Agency banks/SHCIL may henceforth ensure that the required information is furnished only to Public Debt Offices of the respective jurisdiction. They need not submit this information to Income Tax Authorities separately.

3. Instructions issued vide the circular ibid, stands modified to this effect.

Yours faithfully,

(Shyni Sunila)
Deputy General Manager