What changed
RBI issued special measures for annual closing of Central and State government accounts for FY 2020-21. Agency banks must ensure all government transactions are accounted for within the financial year ending March 31, 2021. The reporting window for uploading GST/e-receipts files to RBI is extended to 12 noon on April 1, 2021.
What it means for you
Agency banks must keep designated branches open for over-the-counter government transactions during normal hours on March 31, 2021. NEFT and RTGS will continue until midnight as usual. Special clearing for government cheques will be arranged by RBI's DPSS. Banks need to publicize these arrangements to ensure smooth year-end closure.
What you must do
- Keep designated branches open for over-the-counter government transactions on March 31, 2021 during normal working hours.
- Ensure NEFT and RTGS systems operate until 2400 hours on March 31, 2021 for government transactions.
- Extend the reporting window for Central/State government transactions, including GST/e-receipts luggage files, to 1200 hours on April 1, 2021.
- Give adequate publicity to these special arrangements among customers and staff.
Who it affects
All agency banks handling Central and State government transactions, Designated branch staff managing government accounts, Treasury and operations teams at agency banks
What is the deadline for reporting government transactions to RBI?
The reporting window for uploading GST/e-receipts luggage files and other government transactions is extended to 12 noon on April 1, 2021.
Will NEFT and RTGS be available on March 31, 2021?
Yes, NEFT and RTGS will continue to operate until 2400 hours on March 31, 2021 as usual.
Do we need to keep branches open on March 31, 2021?
Yes, designated branches must remain open for over-the-counter government transactions during normal working hours on March 31, 2021.