Authorizing Collection Agents to Deposit their Revenue Collections with Certain Banks for Safekeeping

June 23, 1962 REVENUE MEMORANDUM ORDER NO. 39-62 SUBJECT : Authorizing Collection Agents to Deposit their Revenue Collections with Certain Banks for Safekeeping Under Memorandum Circular No. 14-62 dated April 16, 1962 of the Honorable, the Secretary of Finance, collection agents of the Bureau of Internal Revenue are authorized to avail of the services of the Prudential Bank and Trust Company for the safekeeping of the collections that need to be transferred to the National Treasury provided that there is no branch or agency of the PNB operating in any particular locality to which such collections would be deposited as a matter of priority. All collection agents are hereby enjoined to comply with the Memorandum Circular of the Honorable, the Secretary of Finance, in accordance with the terms thereof. However, it should be understood that the deposits allowed under the Circular are merely for safekeeping preparatory to the remittance thereof to the Treasurer of the Philippines. In no case, thereof, should such deposit be made in the savings account either of the collection agent as such or of the Treasurer of the Philippines. The depository bank should as soon as possible be requested to issue a cashier's check in the name of the Treasurer of the Philippines which should be transmitted to the Treasurer of the Philippines with proper remittance advice as required under Memorandum Circular Nos. 3 and 5, both of the Secretary of Finance. cdt Strict adherence to this Revenue Memorandum Order is hereby enjoined. (SGD.) JOSE B. LINGAD Acting Commissioner of Internal Revenue