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 (2012-13).
These measures aim to facilitate the smooth functioning of government transactions and minimize the difficulties that may arise due to the year-end closure of accounts.
Key Instructions:
1. All government transactions, including those of Central and State Governments, will be accepted by banks up to 8:00 pm on March 29, 2013.
2. Banks will maintain extended working hours on March 29 and 30, 2013, to facilitate government transactions.
3. The RBI will maintain its operations on March 29 and 30, 2013, to ensure uninterrupted settlement of government transactions.
Additional Measures:
1. Banks are advised to keep their designated branches open on March 30, 2013, to facilitate government transactions.
2. The RBI will provide additional infrastructure support to banks to handle the increased volume of government transactions.
3. Banks are requested to ensure that their systems are capable of handling the increased volume of transactions during this period.
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