New Delhi: The Reserve Bank of India on Thursday got here out with main tips for the Annual Closing of Government Accounts – Transactions of Central/State Governments – Special Measures for the Current Financial Year (2020-21).
All authorities transactions performed by company banks for Financial Year 2020-21 have to be accounted for throughout the similar monetary yr. Accordingly, RBI has guided the next preparations to report and account for Government transactions for March 31, 2021.
1. All company banks ought to maintain their designated branches open for over-the-counter transactions associated to authorities transactions upto the conventional working hours on March 31, 2021.
2. Transactions via National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will proceed upto 2400 hours as hitherto on March 31, 2021.
4. Special clearing shall be carried out for assortment of authorities cheques on March 31, 2021 for which the Department of Payment and Settlement Systems (DPSS), RBI will challenge crucial directions.
4. Regarding reporting of Central and State Government transactions to RBI, together with importing of GST / e-receipts baggage information, the reporting window of March 31, 2021 shall be prolonged and saved open until 1200 hours on April 1, 2021.
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RBI has requested company banks to give enough publicity to the particular preparations made as above.
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