Banks told to do daily reporting of 'Sukanya Samriddhi' a/cs

RBI has asked banks to do reporting of the 'Sukanya Samriddhi' scheme transactions directly through the Government account at its central account section (CAS) in Nagpur on a daily basis.
This reporting has to be done by banks on the lines of transactions of PPF in order to have uniformity in reporting, reconciliation and accounting, an RBI notification said today.
Launched in January, 'Sukanya Samriddhi' is a small savings scheme meant for the girl child. Under the plan, investments, accrual and proceeds will be tax free in the hands of an investor under Section 80C of Income Tax Act.
Banks have been asked to approach CAS for necessary arrangements to report Sukanya Samriddhi account transactions with immediate effect.

The agency banks are required to observe the rules and regulations of the scheme and their non-observance would attract penal action, the notification said.