Use of Information Technology in cash transaction of listed companies for payment of dividends

General Circular No. 5 /2002

No.5/9/99-CL.V

Government Of India

Ministry Of Law, Justice & Company Affairs

Department Of Company Affairs

5th Floor, ‘A’ Wing, Shastri Bhawan,

New Delhi – 110 001.

Dated 1st March, 2002

To

All Chambers of Commerce & Industry

(As per standard list)

Subject:- Use of Information Technology in cash transaction of listed companies for payment of dividends.

Sir,

In continuation of this Department’s General Circular No.5/99 dated 13.5.1999 on the above cited subject, I am directed to say that Reserve Bank of India has sent us the following list of Centres where Electronic Clearing Service (Credit Clearing) is available at present with Reserve Bank of India and State Bank of India:-

Reserve Bank of India

1. Ahmedabad 6. Chennai 11. Mumbai
2. Bangalore 7. Guwahati 12. Nagpur
3. Bhubaneswar 8. Hyderabad 13. New Delhi
4. Kolkata 9. Jaipur 14. Patna
5. Chandigarh 10. Kanpur 15. Thiruvanathapuram

State Bank of India

1. Agra 11. Ghaziabad 21. Pune
2. Allahabad 12. Hubli 22. Rajkot
3. Amritsar 13. Jamshedpur 23. Shimla
4. Baroda 14. Kolhapur 24. Siliguri
5. Bhopal 15. Lucknow 25. Surat
6. Cochin 16. Ludhiana 26. Trichy
7. Coimbatore 17. Madurai 27. Trichur
8. Dehradun 18. Mangalore 28. Vijayawada
9. Durgapur 19. Nashik 29. Visakapatnam
10. Faridabad 20. Panaji 30. Varanasi

2. You are, therefore, requested that the above list of Centres where Electronic Clearing Service (Credit Clearing) is available may be brought to the notice of your constituent listed companies to encourage their shareholders to send them authorisation to remit dividend to their designated bank accounts by means of electronic transfer as this will result in avoiding delay in remittance of dividends etc.

3. An immediate action in this regard may please be initiated by you in the interest of investors.

Yours faithfully,

(Thakur Sharan)

Under Secretary to the Govt. of India

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Category : Company Law (3412)
Type : Circulars (7480) Notifications/Circulars (30085)

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