Agency banks to record all Govt. transactions done by them for F.Y. 2021-22 within the same F.Y.
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CIRCULAR NO. RBI/2021-2022/186 CO.DGBA.GBD.NO.S1595/42-01-029/2021-2022, Dated: 24.03.2022
The RBI has issued specific measures to all agency banks with regard to the annual closing of the Govt. accounts. The RBI has directed that all Government transactions done by agency banks for Financial Year 2021-22 must be accounted for within the same financial year. RBI has prescribed the following arrangements to report and account for Government transactions for March 31, 2022:
(a) 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, 2022
(b) Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue upto 2400 hours as hitherto on March 31, 2022.
(c) Special clearing will be conducted for collection of government cheques on March 31, 2022 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instruction
(d) The reporting window of March 31, 2022 will be extended and kept open till 1200 hours on April 1, 2022 with regard to reporting of Central and State Government transactions to RBI, including uploading of GST / e-receipts luggage files.
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