CBEC prescribes procedure for e-payment of refund/rebate

CBEC noticed that most of the field formations follow manual handing over/dispatch of cheques for payment of refund/rebate. The procedure entails paper work, manual deployment by the claimants and delay in payment of refund. In order to speed up the transfer of refund/rebate claim directly to beneficiary's account, CBEC prescribes procedure for e-payment of refund/rebate claims through authorized banks.   Now Commissioners will provide refund/rebate to assessees through RTGS/NEFT facility after obtaining concurrence from authorized banks. The claimants have to provide one time authorization (duly certified by beneficiary bank in a prescribed format) while filing refund/rebate claim for the first time. In such authorization, all details related to assessee and its bank account required to be furnished.   The refund sanctioning authority will forward details of sanctioned orders and list of beneficiaries along with bank details to authorized bank at periodic intervals and the bank would credit refund amounts in respective accounts. A Unique Transaction Reference (UTR) will be generated for each transfer of fund and it will be bank's acknowledgment evidencing transfer of fund.