**Summary:**
This Reserve Bank of India (RBI) circular (DGBA.GBD.No.179942.01.029201920) dated March 27, 2020, outlines special measures for agency banks to account for Central and State Government transactions for the financial year 2019-20, specifically concerning March 31, 2020. Due to the unprecedented COVID-19 situation, the RBI has implemented the following arrangements:
1. Agency banks are instructed to keep designated branches open for over-the-counter government transactions during normal working hours on March 31, 2020.
2. Real Time Gross Settlement (RTGS) System operations for government transactions will be extended on March 31, 2020, with separate instructions to be issued by the Department of Payment and Settlement Systems (DPSS), RBI.
3. National Electronic Funds Transfer (NEFT) transactions will continue until 2400 hours on March 31, 2020, as usual.
4. A special clearing will be conducted for the collection of government cheques on March 31, 2020, with separate instructions to be issued by DPSS, RBI.
5. The reporting window for Central and State Government transactions to RBI, including uploading GST e-receipts luggage files, will be extended until 1200 hours on April 1, 2020.
Agency banks are directed to take note of these special arrangements and provide adequate publicity.
For further information, contact Charulatha S Kar, Chief General Manager, Department of Government and Bank Accounts, Central Office, 4th Floor, Byculla, Mumbai - 400 008. Telephone: 022-2308 4121. Fax: 022-2300 0370 / 2301 6072 / 2301 0095. Email: cgmicdgbacorbi.org.in
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for regulating the banking system and managing the country's currency.
Agency Banks: Banks authorized to handle government transactions on behalf of the Reserve Bank of India.
Central Government: The federal government of India.
State Governments: The governments of the individual states within India.
Financial Year 2019-20: The fiscal year in India, running from April 1, 2019, to March 31, 2020.
COVID-19: The infectious disease caused by the SARS-CoV-2 virus, which caused a global pandemic.
Real Time Gross Settlement (RTGS): A system for real-time transfer of money or securities from one bank to another.
National Electronic Funds Transfer (NEFT): A system for transferring funds electronically from one bank account to another.
भारतीय �रज़व र् बक�
RESERVE BANK OF INDIA
________________ ________________
www.rbi.org.in
RBI/2019-20/194
DGBA.GBD.No.1799/42.01.029/2019-20 March 27, 2020
All Agency Banks
Dear Sir / Madam
Annual Closing of Government Accounts – Transactions of Central / State
Governments – Special Measures for the Current Financial Year (2019-20)
All government transactions done by agency banks for Financial Year 2019-20 must be
accounted for within the same financial year. Taking into account the current
unprecedented situation across the country to tackle the Covid-19 situation, the following
arrangements are put in place to report and account for Government transactions for
March 31, 2020.
2. All agency banks should keep their designated branches open for over the counter
transactions related to government transactions upto the normal working hours on March
31, 2020.
3. Government transactions through Real Time Gross Settlement (RTGS) System will
operate for extended time on March 31, 2020 for which Department of Payment and
Settlement Systems (DPSS), Reserve Bank of India will issue necessary instructions.
Transactions through National Electronic Funds Transfer (NEFT) will continue upto 2400
hours as hitherto on March 31, 2020.
4. Special clearing will be conducted for collection of government cheques on March 31,
2020 for which DPSS, RBI will issue necessary instructions.
5. Regarding reporting of Central and State Government transactions to RBI, including
uploading of GST / e-receipts luggage files, the reporting window on March 31, 2020 will
be extended and kept open till 1200 hours on April 1, 2020.
6. Agency banks may take note and give adequate publicity to the special arrangements
made as above.
Yours faithfully
(Charulatha S Kar)
Chief General Manager
सरकार� एवं बक� लेखा �वभाग, केन्द्र�य कायार्लय, मुंबई स�ट्रल रेल्व ेस्टेशन के सामने, भायखला, मुंबई 400 008
Department of Government & Bank Accounts, Central Office, Opp. Mumbai Central Railway Station, 4th Floor, Byculla, Mumbai 400 008
Telephone: (022) 2308 4121, Fax No. (022) 2300 0370/2301 6072/2301 0095, e-mail: cgmicdgbaco@rbi.org.in
�हन्द� आसान है, इसका प्रयोग बढ़ाइए ।