March 8, 2002
‘7’
SHAREHOLDERS TO GET DIVIDENDS THROUGH ELECTRONIC CLEARING SERVICES
The Department of Company Affairs (DCA) has advised all the chambers of commerce and industry in the country to inform their constituent members to resort to Electronic Clearing Service (Credit Clearing) at 15 offices of Reserve Bank of India (RBI) and 30 offices of State Bank of India spread all over the country where such facilities exist, for sending these centres authorization to remit dividend to shareholders at their designated bank accounts. In a circular later, the DCA has told the corporate sectors that use of electronic transfer of dividends was intended to avoid delay in remittance of dividends on the one hand and instill confidence in shareholders or investors on the other. The corporate sector has been directed to adhere to the electronic transfer of dividends to shareholders scrupulously and without fail. The chambers of commerce and their constituents have been asked to initiate immediate action in this regard in the interest of investors.
The 15 centres of RBI where Electronic Clearing Service (Credit Clearing) is available are : Ahmedabad, Bangalore Bhubaneswar, Kolkata, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Mumbai, Nagpur, New Delhi, Patna, and Thiruvanathapuram.
The 30 centres of State Bank of India (SBI) where Electronic Clearing Service (Credit Clearing) is available are : Agra, Allahabad, Amritsar, Vadodara, Bhopal, Cochin, Coimbatore, Dehradun, Durgapur, Faridabad, Ghaziabad, Hubli, Jamshedpur, Kolhapur, Lucknow, Ludhiana, Madurai, Mangalore, Nasik, Panaji, Pune, Rajkot, Shimla, Siliguri, Surat, Trichy, Trichur, Vijaywada, Visakapatnam and Varanasi.