In view of the end of the financial year 2022-23, the Reserve Bank of India (RBI) has directed all banks to keep their branches open till the working hours of March 31. The central bank has issued a letter to all agency banks saying that all government transactions done by agency banks for 2022-23 should be accounted for within the same financial year. The letter further states that all agency banks will have to keep their designated branches open for over-the-counter transactions relating to government transactions during normal working hours on March 31, 2023.
NEFT and RTGS till 12 midnight
Let us tell you that according to this circular, transactions through National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) system will continue till 12 midnight of March 31, 2023. In addition, special clearing will be conducted for collection of government checks on March 31. For which the Department of Payment and Settlement Systems (DPSS) of RBI will issue necessary instructions.
Reporting window for GST or TIN till 12 noon on 1st April
At the same time, RBI has directed all banks to keep the reporting window open till 12 noon on April 1 for reporting central and state government transactions to RBI, including uploading of GST or TIN 2.0 e-receipt luggage files. With this directive, the central bank aims to ensure that all government transactions for the financial year 2022-23 are accounted for and reported in a timely and accurate manner. This move will also help in avoiding any confusion or discrepancies arising due to year-end closure of accounts.
