Agency banks to record all Govt. transactions done by them for F.Y. 2021-22 within the same F.Y.
- News|Blog|FEMA & Banking|
- < 1 minute
- By Taxmann
- |
- Last Updated on 28 March, 2022
Latest from Taxmann
CIRCULAR NO. RBI/2021-2022/186 CO.DGBA.GBD.NO.S1595/42-01-029/2021-2022, Dated: 24.03.2022
The RBI has issued specific measures to all agency banks with regard to the annual closing of the Govt. accounts. The RBI has directed that all Government transactions done by agency banks for Financial Year 2021-22 must be accounted for within the same financial year. RBI has prescribed the following arrangements to report and account for Government transactions for March 31, 2022:
(a) 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, 2022
(b) Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue upto 2400 hours as hitherto on March 31, 2022.
(c) Special clearing will be conducted for collection of government cheques on March 31, 2022 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instruction
(d) The reporting window of March 31, 2022 will be extended and kept open till 1200 hours on April 1, 2022 with regard to reporting of Central and State Government transactions to RBI, including uploading of GST / e-receipts luggage files.
Click Here to Read the Full Notification
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
