**Summary:**
This Reserve Bank of India (RBI) circular, reference number RBI202021112 DGBA.GBD.No.S21242.01.029202021, dated March 25, 2021, outlines special measures for agency banks to ensure all government transactions for the financial year 2020-21 are accounted for within the same financial year. The circular addresses the annual closing of government accounts for both Central and State Governments. Key directives include:
* Agency banks are required to keep designated branches open for over-the-counter government transactions up to normal working hours on March 31, 2021.
* NEFT and RTGS transactions will continue until 2400 hours on March 31, 2021.
* A special clearing will be conducted for government cheques on March 31, 2021, with instructions to be issued separately by the Department of Payment and Settlement Systems (DPSS), RBI.
* The reporting window for Central and State Government transactions, including uploading GST e-receipts, will be extended until 1200 hours on April 1, 2021.
Agency banks are instructed to take note of these special arrangements and provide adequate publicity.
For further information, contact R. Kamalakannan, Chief General Manager, Department of Government and Bank Accounts, Central Office, 4th Floor, Byculla, Mumbai 400 008. Telephone: 022 2308 4121. Fax No. 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 by the Reserve Bank of India to handle government transactions.
Central Government: The union government of India.
State Governments: The governments of the individual states within India.
Financial Year 2020-2021: The financial year in India, spanning from April 1, 2020, to March 31, 2021.
National Electronic Funds Transfer (NEFT): A nationwide electronic funds transfer system in India.
Real Time Gross Settlement (RTGS): A real-time funds transfer system for high-value transactions in India.
Department of Payment and Settlement Systems (DPSS): A department within the Reserve Bank of India responsible for payment and settlement systems.
भारतीय �रज़व र् बक�
________________ RESERVE BANK OF INDIA ________________
www.rbi.org.in
RBI/2020-21/112
DGBA.GBD.No.S212/42.01.029/2020-21 March 25, 2021
All Agency Banks
Dear Sir / Madam
Annual Closing of Government Accounts – Transactions of Central / State
Governments – Special Measures for the Current Financial Year (2020-21)
All government transactions done by agency banks for Financial Year 2020-21 must
be accounted for within the same financial year. Accordingly, the following
arrangements are put in place to report and account for Government transactions for
March 31, 2021.
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, 2021.
3. Transactions through National Electronic Funds Transfer (NEFT) and Real Time
Gross Settlement (RTGS) System will continue upto 2400 hours as hitherto on
March 31, 2021.
4. Special clearing will be conducted for collection of government cheques on March
31, 2021 for which the Department of Payment and Settlement Systems (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 of March
31, 2021 will be extended and kept open till 1200 hours on April 1, 2021.
6. Agency banks may take note and give adequate publicity to the special
arrangements made as above.
Yours faithfully
(R. Kamalakannan)
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 ।