What changed
RBI has decided that banks must submit their OLTAS software validations and default values to the Directorate of Income Tax (Systems) for scrutiny, to address data errors caused by non-validation per Central Board of Direct Taxes requirements.
What it means for you
Banks must ensure their OLTAS software validations are submitted for scrutiny to improve data quality transmitted to TIN and CAS.
What you must do
- Compile all software validations and default values related to OLTAS in your bank.
- Submit these details urgently to the Directorate of Income Tax (Systems) at ARA Centre, Ground Floor, E-2 Jhandelawalan Extension, New Delhi 110 055.
- Send a copy of the submission to RBI as advised.
Who it affects
All agency banks including Jammu and Kashmir Bank Ltd.
Why is RBI requiring submission of OLTAS software validations?
To enable scrutiny of validations and default values, as non-validation per Central Board of Direct Taxes requirements has been a reason for errors in data reported to TIN and CAS.
What do we need to submit and to whom?
All software validations and default values built into your OLTAS system must be sent to the Directorate of Income Tax (Systems) at ARA Centre, Ground Floor, E-2 Jhandelawalan Extension, New Delhi 110 055, with a copy to RBI.
Is there a deadline for this submission?
The circular says 'urgently,' so banks should act promptly without delay.