Special clearing will be conducted for the collection of government cheques on March 31, 2021: RBI

Reserve Bank of India today directed all the agency banks that the Government transactions done by them for the financial year 2020-21 must be accounted for within the same period. Special clearing for that purpose will be conducted for collection of government cheques on March 31, 2021 the notification said. The details of special clearing timings will be advised by the Department of Payment and Settlement Systems (DPSS) of RBI with necessary instructions.

For that reason, RBI notified all the agency banks that they should keep their designated branches open for over-the-counter transactions related to government transactions up to the normal working hours on March 31, 2021, to report and account for Government transactions of that day. The transactions through National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) System will be allowed up to 2400 hours as hitherto on March 31, 2021, RBI said.

In respect of 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, it said.