CBN Issues Further Clarification on the Enforcement of GIFMIS Revenue Reference Number

Regulators
3649 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - WhatsApp
Proshare

Tuesday, October 24, 2017 9:25 AM / CBN 

Further to our circular referenced BSPD/DIRGEN/CIR/04/009, dated 25th September 2017, requesting all Deposit Money Banks (DMBs), to enforce the mandatory use of the GIFMIS Revenue Reference Numbers (RRN), at the point of Revenue collection into the TSA, the following clarification is hereby provided to aid its smooth implementation; 

That not all Payments by revenue payers require the use of GIFMIS Revenue Reference Numbers, revenue collections that require the RRN will have a mandatory field for such on the Remita system. 

That use of GIFMIS Revenue Reference Number applies only to payment going into the Consolidated Revenue Fund (CRF) on behalf of Ministries, Departments and Agencies (MDAs) under the GIFMIS Platform. 

For further enquiries, clarification and support; please contact Funds Department, Office of the Accountant General of the Federation. 

Consequently, Systemspecs Ltd has been directed to ensure that only MDAs whose names appear on the list provided by the OAGF are made mandatory on the Remita system for the use of GIFMIS Revenue Reference Numbers. 

Please, take note of the clarification and ensure compliance, to avoid loss of revenue by the Federal Government. 

Related News
1.       CBN Unveils Framework For BVN, Watch-List Operations
2.      Financial Conduct Authority Outlines Lessons Learned In Year One Of Its Regulatory Sandbox
3.      SEC Approves New NSE Rules and Amendments to Rules on Block Divestment and Large Volume Trades
4.      SEC chief accountant gives remarks on initial coin offerings
5.      Rethinking Financial Stability
6.      Statement on the ISDA Credit Derivatives Determinations Committees
7.      Education and Protection of Investors Brought to the Attention of the Global Public
8.     2017 World Investor Week: SEC Nigeria holds Investors Clinic
9.      SEC Nigeria joins IOSCO, to Celebrate World Investor Week 2017
10.  CBN Faults Report On Deputy Governor
11.   Testimony On Examining US SEC's Agenda, Operation and Budget Before HoR Committee On Financial Servi
12.  FGN Mandated Use of Electronic Means for Revenue Inflow into TSA
13.  House of Reps gives SEC Two weeks to submit Report on Oando PLC
14.  Emerging Market Regulators Committed to Strengthening Sustainable Finance and Cyber Resilience
15.   Securing Success For The FX Global Code

READ MORE:
Related News
Proshare
Proshare
Proshare
Proshare
SCROLL TO TOP