Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2020-21)

Last updated: 30 March 2021

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The Reserve Bank of India has announced special arrangements for the annual closing of government accounts for the financial year 2020-21. All agency banks must ensure that government transactions are accounted for within the same financial year. Designated branches will remain open for over-the-counter transactions on March 31, 2021, and NEFT/RTGS will operate until midnight. Special clearing for government cheques will also occur on March 31st.

Reserve Bank of India RBI/2020-21/112 DGBA.GBD.No.S212/42.01.029/2020-21 March 25, 2021 All Agency Banks Dear Sir / Madam Annual Closing of Government Accounts Transactions of Central / State Governments Special Measures for the Current Financial Year (2020-21) All government transactions done by agency banks for Financial Year 2020-21 must be accounted for within the same financial year. Accordingly, the following arrangements are put in place to report and account for Gove

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FAQ :

The notification outlines special measures for the annual closing of government accounts and the accounting of central and state government transactions for the financial year 2020-21.

Yes, all agency banks should keep their designated branches open for over-the-counter transactions related to government business up to normal working hours on March 31, 2021.

Transactions through NEFT and RTGS will continue to operate up to 2400 hours (midnight) on March 31, 2021.

Yes, a special clearing will be conducted for the collection of government cheques on March 31, 2021.

The reporting window for Central and State Government transactions, including uploading GST/e-receipts luggage files, will be extended and remain open until 1200 hours on April 1, 2021.

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Notification No : RBI/2020-21/112 DGBA.GBD.No.S212/42.01.029/2020-21
Published in Community & General
Source : https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=12045&Mode=0

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