In a move aimed at easing the burden on taxpayers, the Reserve Bank of India (RBI) has announced that its offices dealing with government transactions and designated branches of agency banks will remain open during normal working hours on March 30 and March 31, 2024. This decision comes in light of the annual closing of government accounts and aims to facilitate smoother electronic transactions during this period.
According to a statement issued by the RBI, electronic transactions will be permitted until the specified time on both days. This includes transactions through National Electronic Funds Transfer (NEFT) and the Real Time Gross Settlement (RTGS) System, which will be operational until midnight on March 31, 2024. The extension of counter hours and the continuation of electronic transactions are intended to provide greater convenience to taxpayers.
To further streamline government receipts and payments, special clearing operations will be conducted across the country. The RBI emphasized that special clearings for government cheques will take place on both March 30 and March 31, 2024. Agency banks have been instructed to present all government-related cheques during these special clearing sessions.
The RBI also announced that the timing for the presentation and return clearing of instruments for these special sessions will be communicated in due course. Additionally, regarding the reporting of central and state government transactions to the RBI, the reporting window for March 31 will remain open until 12:00 PM on April 1, 2024.
This proactive measure by the RBI is expected to alleviate the challenges faced by taxpayers during the financial year’s closing period. By extending counter hours, facilitating electronic transactions, and organizing special clearing operations, the RBI aims to ensure smoother financial transactions for both taxpayers and government entities.
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