What changed
RBI has issued its annual closing circular for government accounts, mandating that all FY 2022-23 government transactions be accounted for within the year. Agency banks must keep designated branches open on March 31, 2023, for over-the-counter government transactions during normal hours. NEFT and RTGS will continue until 2400 hours on March 31, and special clearing for government cheques will be conducted. The reporting window for uploading GST, TIN 2.0, and e-receipts to RBI will remain open until 1200 hours on April 1, 2023.
What it means for you
Agency banks must ensure their branches handling government business are fully staffed and operational on March 31 to process all government receipts and payments. The extended NEFT/RTGS window until midnight allows last-minute government transactions to be settled within the fiscal year. The reporting deadline extension to noon on April 1 gives banks a few extra hours to upload transaction data, reducing the risk of misreporting or year-end reconciliation issues.
What you must do
- Ensure designated branches remain open for over-the-counter government transactions during normal hours on March 31, 2023.
- Keep NEFT and RTGS systems operational until 2400 hours on March 31 for government transactions.
- Participate in the special clearing for government cheques as instructed by DPSS, RBI.
- Upload all Central and State Government transaction reports, including GST/TIN 2.0/e-receipts, by 1200 hours on April 1, 2023.
- Give adequate publicity to these special arrangements among relevant staff and customers.
Who it affects
All agency banks handling government transactions, Designated branches of agency banks, Bank staff managing government accounts and reporting, Treasury and operations teams at agency banks
What is the deadline for reporting government transactions to RBI?
The reporting window for uploading Central and State Government transactions, including GST/TIN 2.0/e-receipts, will remain open until 1200 hours noon on April 1, 2023.
Are NEFT and RTGS available on March 31 for government transactions?
Yes, NEFT and RTGS will continue to operate until 2400 hours on March 31, 2023, for government transactions.
Do branches need to stay open beyond normal hours on March 31?
Branches must be open for over-the-counter government transactions only during normal working hours on March 31. Extended hours are not required for counter services.