CURRENT AFFAIRS

Detailed explanation-1: -Thrissur: South Indian Bank has been authorised by Reserve Bank of India, for the collection of Direct Taxes and Indirect Taxes, on behalf of CBDT and CBIC.

Detailed explanation-2: -The Reserve Bank of India has authorised South Indian Bankto collect direct and indirect taxes on behalf of the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes & Customs (CBIC). The Kerala based bank signed an MoU with the CBDT and CBIC for collection of various taxes.

Detailed explanation-3: -With this announcement, the Bank can now collect Direct and Indirect taxes. After technical integration, RBL Bank’s corporate and individual customers will be able to pay their Indirect taxes through RBL Bank’s mobile banking or net banking platforms as well as through the branch banking network.

Detailed explanation-4: -As per Section 2(14) of the CGST Act, “authorized bank” shall mean a bank or a branch of a bank authorized by the Government to collect the tax or any other amount payable under the Act. At present 24 Banks (after merger of five Associate Banks with SBI) are authorized for collection of Indirect taxes.

Detailed explanation-5: -Synopsis. The bank had recently been authorised to collect direct taxes on behalf of the Central Board of Direct Taxes (CBDT). The Reserve Bank has granted permission to RBL Bank to collect indirect taxes on behalf of the government, the private sector lender said on Friday.