What changed
RBI issued special measures for the 2012-13 financial year closing, requiring agency banks to keep counters open full day with extended hours on March 29, 30, and 31, 2013. This is to accommodate the expected surge in tax payments. Separate instructions for special clearing on these dates will be issued by the Department of Payment and Settlement Systems.
What it means for you
Banks acting as government agents must ensure their designated branches are staffed and operational beyond normal hours on the last three days of March 2013. This will help the government collect all tax receipts before the financial year closes. Banks should prepare for higher transaction volumes and coordinate with DPSS for clearing arrangements.
What you must do
- Keep designated government business branches open full day with extended hours on March 29, 30, and 31, 2013.
- Advise all concerned branches to strictly implement the extended hours for tax receipt counters.
- Watch for separate DPSS guidelines on special clearing and same-day return clearing for March 31, 2013.
- Ensure adequate staffing and systems readiness to handle the year-end rush of tax payments.
Who it affects
All agency banks handling government business, Designated branches conducting government tax receipt operations, Bank operations and branch management teams
Why are extended hours needed on March 29-31, 2013?
The Government of India and some state governments requested RBI to facilitate collection of all tax receipts for the 2012-13 financial year, anticipating a rush of taxpayers at year-end.
Will there be special clearing arrangements on these dates?
Yes, separate guidelines for special clearing, including same-day return clearing on March 31, 2013, will be issued by RBI's Department of Payment and Settlement Systems.
Which branches are required to follow this directive?
All designated branches of agency banks that conduct government business must keep counters open with extended hours on the specified dates.