What changed
RBI has issued specific year-end closing instructions for government accounts for FY 2024-25. Agency banks must ensure all government transactions are accounted within the same financial year, with branches open up to normal working hours on March 31, 2025, for over-the-counter government dealings. Special clearing for government cheques will be conducted on March 31, 2025, as directed by DPSS. The reporting window for uploading GST/TIN 2.0/ICEGATE/state e-receipts luggage files is extended to 1200 hours on April 1, 2025.
What it means for you
Agency banks must prepare for year-end with branches open up to normal working hours and a reporting window extended to noon on April 1, 2025. This ensures no government revenue or payment slips into the next financial year, maintaining fiscal discipline. Banks need to coordinate with branches and IT systems to handle the extended reporting window for e-receipts luggage files. Failure to comply could lead to reconciliation issues with RBI and state governments.
What you must do
- Ensure all branches handling government transactions remain open for over-the-counter operations during normal hours on March 31, 2025.
- Prepare for special clearing of government cheques on March 31, 2025, as per DPSS instructions.
- Extend the reporting window for central/state government transactions (including GST/TIN 2.0/ICEGATE/state e-receipts) until 1200 hours on April 1, 2025.
- Publicize these special arrangements adequately among branch staff and customers.
- Verify that all government transactions for FY 2024-25 are accounted within the same financial year.
Who it affects
All agency banks handling government transactions, Branches dealing with government receipts and payments, IT and operations teams managing government transaction reporting systems, Government departments and taxpayers using agency bank services
What is the deadline for reporting government transactions for March 31, 2025?
The reporting window for uploading central and state government transactions, including GST/TIN 2.0/ICEGATE/state e-receipts luggage files, is open until 1200 hours noon on April 1, 2025.