RBI clarifies Period for Submission of Agency Commission Claims

Jul 13, 2018 | by Avantis RegTech Legal Research Team

The Reserve Bank of India (RBI) vide notification dated July 12, 2018 has clarified the period for submission of Agency Commission Claims by Agency Banks with reference to the Circular no. DGBA.GBD.N0.3262/31.02.007/2016-17 dated June 15, 2017 as follows:

·         The time period allowed to agency banks to furnish their claim on agency commission to Reserve Bank from 90 days to 60 calendar days from the end of the quarter in which the transactions have been conducted.

·         If the banks fail to lodge claims within the stipulated period mentioned above, Reserve Bank will have the discretion to reject the claims. This will be applicable for the agency commission claims for the quarter ended June 30, 2018 onwards.

Agency banks are advised to scrupulously follow the instructions issued by RBI while submitting the claims for agency commission in the prescribed format.

[RBI/2018-19/16 DGBA.GBD.No.87/31.02.007/2018-19]

URL: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT16B1F39D9169CD4976B446B1A36A8BC7E2.PDF


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