Payments into Government Account through Debit / Credit cards and Net banking: permissible period for remittance - RBI Norms
AS per the instructions of the Controller General of Accounts, Ministry of Finance, Government of India, agency banks are required to adhere to the following norms for payment of government revenue through Debit / Credit cards and Net banking:
1. Remittance norms of T + 1 working day, including the Put Through date should be strictly followed, where "T" is the day when money is available with the receiving bank branch.
2. Penal interest will be levied on delayed remittances of e-receipt into government account, i.e., on delay beyond T+1 working day, if any, and
3. The settlement should conform to the provisions contained in the Payment and Settlement Systems Act 2007 and the rules and regulations framed thereunder.