All of the measures put in place aim to ensure that all government transactions for the financial year 2022-23 are accounted for within the same financial year.
The Reserve Bank of India (RBI) on Tuesday, March 21, has asked agency banks dealing with transactions of central and state governments to ensure special measures for the annual closing of their respective accounts for the current financial year of 2022-23.
The central bank has instructed agency banks to keep their designated branches open for over-the-counter transactions related to government transactions up to the normal working hours till March 31, 2023.
In addition, transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue until 24:00 hours of the same day.
The RBI's Department of Payment and Settlement Systems (DPSS) will issue necessary instructions for a special clearing to be conducted for the collection of government cheques till March 31, 2023.
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Regarding reporting of Central and State Government transactions to RBI, including uploading of GST/ TIN2.0/ e-receipts luggage files, the reporting window of March 31, 2023, will be kept open until 12:00 hours noon on April 1, 2023.
The agency banks are expected to give adequate publicity to the special arrangements made by the RBI. All of the measures put in place aim to ensure that all government transactions for the financial year 2022-23 are accounted for within the same financial year.
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(Edited by : Pradeep John)
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