The Income Tax Office and CGST offices across the country will be open from March 29 to March 31.
The Reserve Bank of India (RBI) on Friday asked all banks to participate in special clearing operations (special clearing) works on 31 March to facilitate all government transactions for 2024-25. India follows the financial year from 1 April to 31 March. According to PTI news, the Income Tax Office and CGST offices across the country will be open from March 29 to March 31, despite the weekend and Eid-ul-Fitr, which may occur on Monday.
Accounts should be within the same financial year
According to the news, earlier, RBI had said that all government transactions made by agency banks for 2024-25 should be recorded within the same financial year. It had asked all agency banks to keep all the branches related to government receipts and payments open for over-the-counter transactions related to government transactions on 31 March 2025 for hours. In a circular on Friday, the Reserve Bank of India also said that the general clearing time under the Czech tranquil system ie CTS, as any working day applies to Monday, will also be applied on 31 March 2025.
Presentation and return session time
The circular states that for the convenience of keeping accounts of all government transactions by 31 March 2025 for the current financial year (2024-25), it has been decided to make special clearing on 31 March under CTS on 31 March. In addition, it is necessary for all banks to participate in special clearing operations on 31 March 2025. Under the special clearing operations under CTS, the presentation time will be from 17:00 am to 17:30 pm and the return session from 19:00 to 19:30 pm.
All members of CTS have been asked to maintain adequate balance in their clearing settlement account to keep their inward clearing processing infrastructure open during special clearing hours and fulfill the disposal responsibilities generated from special clearing.
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