The Reserve Bank of India (RBI) on March 21, 2023, notified that all government transactions done by agency banks for the Financial Year 2022-23 must be accounted for within the same financial year.
The following arrangements have been stated to report and account for Government transactions for March 31, 2023:
• All agency banks should keep their designated branches open for over-the-counter transactions related to government transactions up to the normal working hours on March 31, 2023.
• Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours as hitherto on March 31, 2023.
• Special clearing will be conducted for the collection of government cheques on March 31, 2023, for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions.
• Regarding reporting of Central and State Government transactions to RBI, including uploading of GST/ TIN2.0/ e-receipts luggage files, the reporting window of March 31, 2023, will be kept open till 1200 hours’ noon on April 1, 2023.
[Notification No. RBI/2022-23/186 CO.DGBA.GBD.No.S1490/42-01-029/2022-2023]
