RBI announces special measures for annual closing of government accounts for FY21

Reserve Bank of India has announced special measures for the annual closing of government accounts for the current financial year, i.e. FY21. A special clearing will be conducted for the collection of government cheques on March 31, 2021, for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions.

RBI in its release said, "All government transactions done by agency banks for Financial Year 2020-21 must be accounted for within the same financial year."

RBI has instructed all agency banks to keep their designated branches open for over the counter transactions related to government transactions up to the normal working hours on March 31, 2021.

For reporting government transactions to RBI, the reporting window will be open till midnight of March 31, 2021. Transactions through National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) can also be carried out up to midnight on the day.

Regarding reporting of Central and State Government transactions to RBI, including uploading of GST / e-receipts luggage files, the reporting window of March 31, 2021, will be extended and kept open till 1200 hours on April 1, 2021.