Clarifications regarding Turnover Commission payable by RBI to Agency Banks – exemption from TDS
Circular : No. 6/2003, dated 3-9-2003.
The work of receipt of tax payments and issue of refunds is conducted by the Banks authorized for such purposes by the Reserve Bank of India (RBI). As a compensation for the work so conducted, the Central Government pays to the Banks, through RBI, commission termed as “Turnover Commission”.