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Annual Closing – Transactions Of Central/State Governments Special Measures For The Current Financial Year (2022-23) 

By - Pooja Sirnapelly on April 7, 2023

On March 21, 2023, The Reserve Bank of India published special closure procedures for government accounts, including those involving the Central and State Governments for the current fiscal year (2022-23). 

All government transactions done by agency banks for the Financial Year 2022-23 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, 2023. 

It is stated that 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. 

Further, the 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. 

The 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. 

Further, 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. 

Agency banks may take note and give adequate publicity to the special arrangements made as above. 

Due to this, the Reserve Bank of India has ordered all agency banks to maintain their designated branches open till the regular business hours of March 31, 2023 for over-the-counter transactions connected to government processes.  

As a result, during the fiscal year 2022–2023, all government transactions carried out by agency banks must be reported during the same fiscal year. Additionally, on March 31, 2023, transactions will still be accepted through the Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems until 2400 hours. 

Additionally, on March 31, 2023, a special clearance will be conducted for the collection of government checks, for which the Department of Payment and Settlement Systems (DPSS) of the RBI will provide the necessary instructions. 

To ensure timely reporting for the transactions up to March 31, 2023, the reporting window for Central and State Government transactions to the Reserve Bank of India will be kept open until 12:00 noon on April 1, 2023. This includes uploading GST/TIN2.0/e-receipts luggage files.

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