Annual Closing of Government Accounts
The Reserve Bank of India (RBI) has announced special measures for the annual closing of government accounts for the current financial year (2013-14).
These measures are aimed at facilitating the smooth conduct of government transactions and ensuring that all financial transactions are accounted for accurately.
The RBI has instructed all banks to maintain a high level of preparedness to handle the increased volume of government transactions during the closing period.
Banks are advised to identify and prioritize government transactions, and to ensure that all such transactions are processed promptly and accurately.
The RBI has also instructed banks to maintain adequate liquidity to meet the cash requirements of government departments and to ensure that all government accounts are adequately funded.
In addition, banks are advised to coordinate with government departments to ensure a smooth and efficient closing of government accounts.
The RBI has also emphasized the importance of adhering to the prescribed timelines and procedures for the closing of government accounts.
Banks are advised to ensure that all government transactions are accounted for accurately and that all necessary reconciliations are completed promptly.
The RBI will monitor the progress of government transactions and will provide necessary guidance and support to banks as required.
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