The central bank has said in order to facilitate government receipts and payments, necessary arrangements have also been made to conduct special clearing operations across the country. Special clearing will be conducted for government cheques both on March 30 and 31, 2024.
The Reserve Bank of India (RBI) has said its offices dealing with government business will be open on March 30 and March 31 just as any working week day. The offices will have normal working hours. This has been done for the convenience of taxpayers.
The central bank has said in order to facilitate government receipts and payments, necessary arrangements have also been made to conduct special clearing operations across the country. Special clearing will be conducted for government cheques both on March 30 and 31, 2024.
The transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours as hitherto on March 31, 2024.
The central bank advised agency banks that all cheques related to government accounts may be presented in such clearing.
For reporting of Central and State government transactions to RBI, including uploading of GST (goods & service tax)/ TIN2.0 (taxpayer identification number)/ ICEGATE (Indian Customs EDI Gateway) / e-receipts luggage files, the reporting window of March 31, 2024 will be kept open till 1200 hours noon on April 1, 2024.
The RBI has asked all agency banks to present all cheques related to government accounts during these special clearing sessions.
Besides RBI offices, banks and Income-Tax department's offices will also remain open for the taxpayers.
Earlier this month, the Income-Tax department announced that it will not be observing this long weekend and will remain operational from March 29 to March 31 to facilitate the completion of pending tax-related tasks.
There are three holidays in a row. Good Friday is falling on March 29, followed by Saturday and Sunday on March 30 and March 31, respectively.
The extended deadline until March 31 will allow individuals to fulfill tax obligations like updating income tax returns for 2021-22 and making tax-saving investments efficiently. This extra time helps reduce stress and ensures compliance with tax regulations. Make the most of these additional working days to manage your finances effectively.
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