The banking companies providing excisable services will not be required to issue invoices for such services. However, the CBR has prescribed a quarterly reconciliation statement for the banking companies providing these excisable services. The Board has amended Federal Excise Rules, 2005 through SRO 647(I)/2006 issued on Wednesday.

Following is the quarterly reconciliation format of Federal Excise Services provided by the Banking Companies under rule 40A of the Federal Excise Rules, 2005:

Name of the Bank _________________________________________

Federal Excise Registration No __________________________

Quarter ended ____________________________________________

S No Particulars of service Value of Services as

per Return(in Rs)

Month 1 Month 2 Month 3 Total

a) L/C commission;

b) guarantee commission;

c) brokerage commission;

d) issuance of pay order and demand drafts;

e) bill of exchange charge;

f) transfer of money including telegraphic

transfer, mail transfer and electronic transfer;

g) providing bank guarantees;

h) bill discounting commission;

i) safe deposit lockers fee;

j) safe vaults;

k) credit and debit card issuance, processing, operation charges; and

l) commission and brokerage on foreign exchange dealings;

TOTAL RECONCILIATION

Value of services as above Amount FED @ 5%FED paid

Month 1

Month 2

Month 3

Total: Amount of Services as per published accounts: Difference if any:

Copyright Business Recorder, 2006