Customs Duty Collection Arrangement Launched by South Indian Bank

Mr Murali Ramakrishnan, MD & CEO, South Indian Bank, officially launched the Customs Duty Collection Arrangement facility in the presence of Smt. Dr. Shankari Murali (ICAS), the Principal CCA (Chief Controller of Accounts) of CBIC (Central Board of Indirect Taxes & Customs), on July 8, 2022. The day also witnessed the inauguration of the Bank's e-FPB (Electronic Focal Point Branch) at Delhi by Mr. Ramakrishnan. The launch of the facility enables South Indian Bank's digital channels to collect direct and indirect taxes from taxpayers.

South Indian Bank's corporate and retail customers will now be able to pay customs duty through the bank's internet banking platform 'SIBerNet'. The facility allows customers to make online payment by selecting South Indian Bank from the list of banks on CBIC's portal.

The facility was kicked-off with the inauguration of the Bank's e-FPB. The e-FPB will be attached to the Bank's Corporate branch in Delhi. Consequently, the bank will collect customs duty on behalf of the CBIC, under authorization from the RBI.

Mr. Murali Ramakrishnan, MD and CEO of South Indian Bank applauded the achievement by saying, "This milestone achievement opens up a wide spectrum of opportunities for us. The accreditation allows us to enhance customer convenience for retail customers, small and medium enterprises and large corporates for their government-related banking transactions, taxes and other revenue payment facilities."

Shares of The South Indian Bank Limited was last trading in BSE at Rs. 7.83 as compared to the previous close of Rs. 7.76. The total number of shares traded during the day was 1908653 in over 2619 trades.

The stock hit an intraday high of Rs. 7.86 and intraday low of 7.76. The net turnover during the day was Rs. 14927320.00.

Source : Equity Bulls

Keywords

TheSouthIndianBank INE683A01023 CustomDuty CollectionArrangement CBIC SIBerNet