With a view to providing greater convenience to tax payers, it has been decided that all designated branches of agency banks and RBI Offices conducting government business will keep their counters open for extended hours on Saturday, March 29, and Monday, March 31, 2014 till 8.00 p.m. This arrangement will apply where March 31, 2014, has not been declared as a public holiday. On Sunday, March 30, 2014, and on Monday, March 31, 2014 (at places where holiday under the Negotiable Instruments Act has been declared), agency banks would keep select branches open for transacting government business at locations identified by them based on volume of transactions.

Facility of electronic transactions would, however, continue till midnight on March 31, 2014.

In order to facilitate government receipts, necessary arrangements have also been made to conduct special clearing operations across the country. Centralised payment systems, such as, Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) will also be operational on these three days (from March 29, 2014, to March 31, 2014).

Source- RBI Press Release dated 26.03.2014

In addition to above RBI has issued two notifications yesterday asking Banks to Conduct special clearing at all clearing houses across the country on March 29, 30 and 31, 2014 and further instructed to agency banks to keep the counters of their designated branches conducting government business open for extended hours till 8.00 P.M. on Saturday, March 29 and Monday, March 31, 2014 at locations where March 31, 2014 has not been declared as a public holiday.

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RBI/2013-14/535
DGBA.GAD.No.H – 5430/42.01.029/2013-14

March 26, 2014

The Chairman & Managing Director / Chief Executive Officer
All Agency Banks

Dear Sir / Madam,

Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2013-14)

We have been requested by the Government of India and some State Governments to facilitate collection and accounting of government transactions (such as receipts of taxes and revenue) for the current financial year (2013-14) up to March 31, 2014 keeping in view the likely rush of tax-payers towards the end of March 2014. Accordingly, it has been decided that all agency banks shall keep the counters of their designated branches conducting government business open for extended hours till 8.00 P.M. on Saturday, March 29 and Monday, March 31, 2014 at locations where March 31, 2014 has not been declared as a public holiday.

2. Further, on Sunday, March 30, 2014 and on Monday, March 31, 2014 (at places where holiday has been declared), agency banks may keep select branches open as a regular working day for transacting government business at key locations identified by them, based on volume of transactions. All electronic transactions would however continue till midnight on March 31, 2014. Banks may give due publicity about availability of banking facility for government business on these days.

3. As regards conduct of extended clearing sessions / operations on these dates, separate guidelines are being issued by our Department of Payment and Settlement Systems, Central Office, Mumbai.

Yours faithfully

(K. Ganesha)
Deputy General Manager

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RBI/2013-14/536
DPSS.CO.CHD.No./2021/03.01.02/2013-2014

March 26, 2014

The Chairman and Managing Director / Chief Executive Officer
All Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks/Local Area Banks

Madam / Dear Sir,

Clearing operations on March 29, 30 and 31, 2014

A reference is invited to the circular issued by our Department of Government and Bank Accounts (DGBA.GAD.No.H.5430/ 42.01.029/2013-14 dated March 26, 2014) on ‘Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2013-14)’.

2. With a view to facilitate accounting of all the Government transactions for the current financial year (2013-2014) by March 31, 2014, it has been decided to conduct special clearing at all clearing houses across the country on March 29, 30 and 31, 2014 as detailed below:

Date

Type of clearing

Presentation clearing

Return clearing

March 29, 2014
(Saturday)

(i) Normal Clearing as followed on any working Saturday

(ii) In addition, a Special Clearing exclusively for credit to Government accounts on the same day. (iii) Half an hour/One hour after the extended business hours keeping in view the operational convenience at the local center. (iv) Half an hour/One hour after the presentation clearing or as per the operational convenience at the local center.
March 30, 2014
(Sunday)
(v) A Special Clearing exclusively for credit to Government accounts on the same day. (vi) Half an hour/One hour after the business hours (as applicable for Mon-Fri day) keeping in view the operational convenience at the local center. (vii) Half an hour/One hour after the presentation clearing or as per the operational convenience at the local center.
March 31, 2014
(Monday)
(viii) Locations where the day is a holiday under Negotiable Instruments Act 1881-A Special Clearing with same day return clearing. (ix) Half an hour/One hour after the business hours keeping in view the operational convenience at the local center. (x) Half an hour/One hour after the presentation clearing or as per the operational convenience at the local center.
(xi) Locations where the day is a working day-(xiii) In addition, a Special Clearing exclusively for credit to Government accounts on the same day as per the times schedule indicated in table (xiv and (xv)→ (xii) Normal clearing as is followed on any working Monday.
(xiv) Half an hour/One hour after the extended business hours keeping in view the operational convenience at the local center. (xv) Half an hour/One hour after the presentation clearing or as per the operational convenience at the local center.

3. Agency banks doing Government business alone will be permitted to present instruments in the Special Clearing on other participating banks. Other member banks of the Clearing House (including the presenting banks) are required to keep their inward clearing processing infrastructure open during the Special Clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the Special Clearing.

4.  Operating Procedure for tendering instruments through the three CTS grid Centers will be issued separately by the Presidents of the concerned Grid center.

5. Member banks of Clearing Houses are advised to adhere to the instructions contained in this circular as well as the instructions received from the Regional offices of Reserve Bank of India and Presidents of respective Clearing Houses.

6. Member banks are also advised to be in readiness to participate in the Centralised Payment Systems (RTGS and NEFT) on these days (March 29-31, 2014). A separate broadcast message in this regard will be issued through the respective system indicating the extended time window.

Yours faithfully

(Vijay Chugh)
Chief General Manager

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Posted Under

Category : Fema / RBI (3549)
Type : Notifications (16083) Notifications/Circulars (32645)
Tags : RBI Notifications (2013) tax payments (37)

0 responses to “Banks and RBI to facilitate Tax Payments on March 29, 30 and 31, 2014”

  1. Taxxguru says:

    good initiatives..

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