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The Reserve Bank of India (RBI) recently issued a directive regarding the uploading of Goods and Service Tax (GST), ICEGATE, and TIN 2.0 luggage files by agency banks. This directive aims to streamline the submission process and maintain efficiency in financial transactions. Let’s delve into the details of this directive and its implications.

Detailed Analysis

1. Background: The directive stems from para 10 of the ‘Master Circular on Conduct of Government Business by Agency Banks – Payment of Agency Commission’ dated April 1, 2023. This circular outlines the reporting obligations of agency banks to RBI regarding various transactions.

2. Cut-off Time Enforcement: RBI has observed that several agency banks have been seeking extensions beyond the prescribed cut-off time of 1800 hours for uploading luggage files related to GST, ICEGATE, and TIN 2.0 receipts. In response, RBI has decided not to grant any extensions beyond this stipulated time.

3. Operational Framework: With the operationalization of NEFT 24X7 and RTGS 24X7, agency banks authorized to collect GST, ICEGATE, and Direct Taxes under TIN 2.0 channel must upload their luggage files in RBI’s QPX/e-Kuber. This process must be completed on all days except for specified global holidays and non-working Saturdays, Sundays, and other holidays declared by RBI for Government Transactions.

4. No Extension Policy: The modified paragraph 10 of the circular emphasizes that no extension will be allowed to agency banks by RBI beyond the 1800 hours deadline for uploading luggage files in QPX/e-Kuber.

5. Adherence to Guidelines: It is crucial for agency banks to adhere to these guidelines strictly to ensure timely and accurate reporting of transactions to RBI. Failure to comply may result in penalties or other regulatory actions.

Conclusion: The RBI’s directive regarding the cut-off time for uploading GST, ICEGATE, and TIN 2.0 luggage files underscores the importance of adherence to regulatory guidelines in financial transactions. Agency banks must ensure compliance with these directives to maintain transparency and efficiency in their operations. By enforcing strict deadlines, RBI aims to streamline reporting processes and enhance the overall integrity of financial transactions in the country.

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RESERVE BANK OF INDIA

RBI/2023-24/136
CO.DGBA.GBD.No.S1234/31-12-010/2023-2024

March 13, 2024

All Agency banks

Madam / Dear Sir,

Cut-off time for uploading of GST, ICEGATE and TIN 2.0 luggage files

Please refer to para 10 on ‘Reporting of transactions by agency banks to RBI’ of ‘Master Circular on Conduct of Government Business by Agency Banks – Payment of Agency Commission’ dated April 1, 2023.

2. It has been noticed that several agency banks have been requesting RBI for extension of time for uploading of luggage files pertaining to GST, ICEGATE and TIN 2.0 receipts beyond the cut-off time of 1800 hours prescribed by O/o Principal Chief Controller of Accounts, Central Board of Indirect Taxes & Customs and O/o Principal Chief Controller of Account, Central Board of Direct Taxes. In this regard, it is advised that no extension will be granted by RBI beyond the cut-off time for submission of luggage files as per extant guidelines issued in this regard. Accordingly, the modified paragraph 10 will read as follows:

“10. Reporting of transactions by agency banks to RBI: After the Operationalisation of NEFT 24X7 and RTGS 24X7, agency banks authorised to collect Goods and Service Tax (GST), Custom and Central Excise Duties (ICEGATE) and Direct Taxes under TIN 2.0 channel shall upload their luggage files in RBI’s QPX/e-Kuber on all days except the Global holidays, which are January 26, August 15, October 2, all non-working Saturdays, all Sundays and any other day declared holiday by RBI for Government Transactions due to exigencies. It is to be ensured that these luggage files are uploaded in RBI’s QPX/e-Kuber on or before 1800 hours prescribed by O/o Principal Chief Controller of Accounts, Central Board of Indirect Taxes & Customs and O/o Principal Chief Controller of Accounts, Central Board of Direct Taxes. No extension in cut-off time will be allowed to agency banks by RBI beyond 1800 hours for uploading of these luggage files in QPX/e-Kuber”.

3. All other instructions of the said Master Circular remain unchanged.

Yours faithfully

(Indranil Chakraborty)
Chief General Manager

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