RBI direct tax receipts on March 30
Mumbai: RBI will receive direct tax payments in cash up to 2.30 p.m. and, by cheques and other instruments, up to 3.30 p.m., on March 30, 2004, according to a news release issued by the apex bank. It has also requested the bank branches authorised by the income-tax department to make the necessary arrangements to accept payment of income-tax dues in those States where March 30 has been declared a holiday.
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RTGS to handle BSE and NSE settlements by July
Mumbai: THE RBI expects that 75-80 per cent of the entire cash transactions across the country, in terms of value, will be routed through the newly set up online fund clearing and settlement system, the RTGS.The Real Time Gross Settlement (RTGS) system has a capacity to handle up to one-lakh transactions per day. The new paper-less payment system puts the country on par with the best in the world. The RBI will charge a bank Rs 25 for every transaction they put through it.

In the first phase, four banks (State Bank of India, HDFC Bank, Standard Chartered Bank and Saraswat Bank) have joined RTGS last week, while 15-20 banks are expected to join by the second week of April. All prospective banks and bond houses are expected to join by June.The central bank hopes to put customer transactions through the new system by April, and by July, it expects to handle the net settlement of the BSE and NSE transactions. This will enable SEBI to introduce the T+1 settlement in the equity market.
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