RBI offices open for year-end transactions on March 30, 31
The Reserve Bank of India (RBI) has announced that its offices managing government business, along with all specified branches of agency banks, will maintain regular operating hours on March 30 and March 31, 2024. This move is designed to provide taxpayers with added convenience during the annual closure of government accounts for the fiscal year 2023-24. The central bank also confirmed that electronic transactions can be carried out until the designated time on both days.
Extended hours for electronic transactions
The RBI has clarified that "Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours as hitherto on March 31, 2024." This measure ensures that taxpayers can complete their transactions without any time restrictions. Furthermore, the bank has organized special clearing operations nationwide to ensure seamless year-end transactions.
Special clearing operations for government cheques
The RBI has revealed that "Special clearing will be conducted for government cheques both on March 30 and 31, 2024." The bank has recommended that all cheques pertaining to government accounts should be submitted during these special clearing sessions.
Extended reporting window for government transactions
The RBI has prolonged the reporting window for central and state government transactions until 12:00pm on April 1, 2024. This includes the submission of GST/ TIN2.0/ ICEGATE/ e-receipts luggage files. The extension is part of the bank's commitment to include all government transactions related to receipts and payments within the fiscal year itself, ensuring a thorough account closure for the financial year 2023-24.
