What changed
RBI issued special arrangements for annual closing of government accounts for FY 2021-22. Agency banks must keep branches open on March 31, 2022, for government transactions. NEFT/RTGS will continue till 2400 hours, and special clearing for government cheques will be conducted. The reporting window for central/state government transactions, including GST/e-receipts, is extended to 12:00 PM on April 1, 2022.
What it means for you
Agency banks must ensure all government transactions for FY22 are accounted within the same financial year. This requires branches to remain open on March 31, 2022, and process transactions via NEFT/RTGS till midnight. Banks need to coordinate with RBI for special clearing and extend reporting deadlines to April 1, 2022, to avoid discrepancies in government accounts.
What you must do
- Keep designated branches open on March 31, 2022, for over-the-counter government transactions during normal working hours.
- Ensure NEFT and RTGS systems operate till 2400 hours on March 31, 2022, for government transactions.
- Participate in special clearing for government cheques as per DPSS instructions.
- Extend the reporting window for central/state government transactions, including GST/e-receipts, till 12:00 PM on April 1, 2022.
- Give adequate publicity to these special arrangements to all stakeholders.
Who it affects
All agency banks handling government transactions, Designated branches of agency banks, Government departments (central and state), Customers transacting with government accounts
What is the deadline for reporting government transactions to RBI?
The reporting window for central and state government transactions, including GST/e-receipts, is extended to 12:00 PM on April 1, 2022.
Will NEFT and RTGS be available on March 31, 2022, for government transactions?
Yes, NEFT and RTGS systems will continue to operate till 2400 hours on March 31, 2022, for government transactions.
Do agency banks need to keep branches open on March 31, 2022?
Yes, designated branches must remain open for over-the-counter government transactions during normal working hours on March 31, 2022.