Annual closing of govt accounts on March 31, 2021: From Cheque clearance to RTGS and NEFT, RBI highlights 4 big points

All government transactions done by agency banks for Financial Year 2020-21 must be accounted for within the 3same financial year.

New Delhi: The Reserve Bank of India on Thursday came out with major guidelines for the 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, RBI has guided the following arrangements to report and account for Government transactions for March 31, 2021.

1. 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.

2. 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.

4. 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.

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RBI has asked agency banks to give adequate publicity to the special arrangements made as above.