tax-season-assistance-rbi-announces-special-measures-for-march-30-31

In a move aimed at providing greater convenience to taxpayers, the Reserve Bank of India (RBI) has announced that its offices dealing with government business and designated branches of agency banks will remain open during normal working hours on March 30 and 31, 2024. This decision comes as part of special measures for the current financial year, particularly in light of the annual closing of government accounts.

Alongside keeping physical counters open, the RBI has ensured that electronic transactions can be conducted until the stipulated time on both days. This includes transactions through the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) System, which will continue up to 2400 hours on March 31, 2024. The move underscores the RBI's commitment to facilitating seamless financial transactions for taxpayers.

To streamline government receipts and payments, the RBI has arranged for special clearing operations across the country. These special clearings will cater specifically to government cheques and will be conducted on both March 30 and 31, 2024. The directive extends to agency banks, advising them to present all government-related cheques during these special clearing sessions.

In addition to facilitating transactions, the RBI has adjusted reporting windows to accommodate the special circumstances. The reporting window for central and state government transactions on March 31 will remain open until 1200 hours on April 1, 2024. This extension ensures that government transactions are accurately recorded and reported without any undue delays.

The decision to extend operating hours and streamline clearing processes underscores the RBI's commitment to supporting taxpayers and ensuring operational efficiency during critical periods.

By providing extended services and timely reporting mechanisms, the RBI aims to alleviate any potential challenges faced by taxpayers and government agencies alike.

Overall, these measures reflect the RBI's proactive approach to addressing the needs of stakeholders and promoting a smooth transition during crucial financial periods.