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 Government transactions for March 31, 2021.

2. All agency banks should keep their designated branches open for over the counter transactions related to government transactions upto the normal working hours on March 31, 2021.

3. Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue upto 2400 hours as hitherto on March 31, 2021.

4. Special clearing will be conducted for collection of government cheques on March 31, 2021 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions.

5. Regarding reporting of Central and State Government transactions to RBI, including uploading of GST / e-receipts luggage files, the reporting window of March 31, 2021 will be extended and kept open till 1200 hours on April 1, 2021.

6. Agency banks may take note and give adequate publicity to the special arrangements made as above.

Yours faithfully

(R. Kamalakannan)
Chief General Manager

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.

Guest

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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