The Reserve Bank of India (RBI) on Friday asked all banks to necessarily participate in special clearing operations on March 31 to facilitate accounting of all government transactions for 2024-25.
India follows a financial year from April 1 to March 31. Despite the weekend and Eid-ul-Fitr, which may fall on Monday, income tax offices and CGST offices across the country will remain open from March 29 to March 31, PTI reported.
The accounting should be done within the same financial year
According to the news, earlier, the RBI had said that all government transactions done by agency banks for 2024-25 should be accounted for within the same financial year. It had asked all agency banks to keep all branches dealing with government receipts and payments open for over-the-counter transactions related to government transactions till normal working hours on March 31, 2025. In a circular on Friday, the Reserve Bank of India also said that the normal clearing time under the Check Truncation System i.e. CTS, as applicable on any working day Monday, will also be applicable on March 31, 2025.
Presentation and return session times
The circular said that also in order to facilitate accounting of all government transactions for the current financial year (2024-25) up to March 31, 2025, it has been decided to conduct special clearing under CTS exclusively for government cheques on March 31. Further, it is mandatory for all banks to participate in the special clearing operation on March 31, 2025. Under the special clearing operation under CTS, the presentation time will be from 17:00 hrs to 17:30 hrs and the withdrawal session will be from 19:00 hrs to 19:30 hrs.
All CTS member banks have been asked to keep their inward clearing processing infrastructure open during the special clearing hours and maintain adequate balance in their clearing settlement accounts to meet settlement obligations arising out of the special clearing.
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