Financial Year Annual Closing: The financial year 2022-23 has come to its final stage and after only 9 days this financial year will say goodbye to us. Preparations for annual closing are being finalized in most of the country’s offices, institutions, etc., including government departments, ministries. The end of the financial year is one of the biggest events of the year for banks. This year also, banking institutions like government, non-government, private and co-operative banks of the country are working vigorously. Now in this episode, big news has come from the country’s central bank RBI.
RBI gave instructions to banks
With the annual closing of accounts scheduled for March 31 for the financial year 2022-23, the Reserve Bank of India (RBI) has given a major directive to all banks. RBI has asked them to keep their branches open during working hours till the date mentioned above. In a letter written to all agency banks on Tuesday, the RBI said that all government transactions done by agency banks for 2022-23 should be accounted for within the same financial year.
What is written in the letter from RBI
“All agency banks should keep their designated branches open for over the counter transactions relating to government transactions during normal working hours on March 31, 2023,” the central bank’s letter said. It further said that transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems will continue till 12 midnight of March 31, 2023. Also, special clearing will be conducted for collection of government checks on March 31, for which the Department of Payment and Settlement Systems (DPSS) of RBI will issue necessary instructions.
Reporting window of March 31 open till 12 noon on April 1 – RBI
The RBI has said in its directive, the reporting window of March 31 will be kept open till 12 noon on April 1 in connection with the reporting of Central and State Government transactions to RBI including uploading of GST or TIN 2.0 e-receipts luggage file.
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