RBI Update: Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2022-23)

RBI vide its Notification dated 23^rd  March 2023 to all Bank Agency

Notification States:

All government transactions done by agency banks for the Financial Year 2022-23 must consider with the same financial year.

Following are the provision to report and account for Government transactions for 31^st March 2023:

All bank agency should keep their branches open for over the counter transactions related to government transactions on normal working hours on 31^st March 2023.

Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) system will remain continue for 24 hours

Special clearing will be conducted for collecting government cheques on 31^st March 2023. For this RBI will issue necessary instructions.

Central and State Government transactions should report to RBI, and should upload GST/ TIN2.0/ e-receipts, the reporting window will be kept open till 12PM on 1^st April 2023.

This Notification is applicable to all Bank Agency

Link of the Circular: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12462&Mode=0