Special Clearing Operations for Closure of Govt Accounts on March 31: RBI

The Reserve Bank of India (RBI) on Friday said special clearing operations will be carried out by banks and other eligible financial entities on March 31 for the annual closing of government accounts.

For the Financial Year 2020-21, all government transactions performed by agency banks must be accounted for within the same fiscal year. As a result, the following provisions for reporting and accounting for Government transactions for March 31, 2021, have been created.

Until the end of regular working hours on March 31, 2021, all agency banks should keep their designated branches open for over-the-counter government transactions.

Transactions through the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems will be available until 2400 hours on March 31, 2021, as they were previously.

On March 31, 2021, special clearing will be held for the processing of government cheques, for which the RBI's Department of Payment and Settlement Systems (DPSS) will issue the appropriate instructions, it said.

The reporting window for Central and State Government transactions to RBI, which includes uploading GST / e-receipts luggage files, will be extended and kept open until 1200 hours on April 1, 2021, the RBI said.