RBI makes special arrangement for fiscal-end tax collection
March, 27th 2014
The Reserve Bank of India (RBI) on Wednesday directed banks to make special arrangements for meeting a rush of tax-payers towards the end of March 2014.
"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 pm on Saturday, March 29 and Monday, March 31 at locations where March 31, has not been declared as a public holiday," the RBI said in a notification.
"On Sunday, March 30 and on Monday, March 31 (at places where holiday has been declared), banks may keep select branches open as a regular working day for transacting government business at key locations identified by them," it said.
The decision has been taken following requested by the government and some state governments to facilitate collection and accounting of government transactions (such as receipts of taxes and revenue) for the current financial year up to March 31.
With a view to facilitate accounting of all government transactions for the current financial year (2013-2014) by March 31, it has been decided to conduct special clearing at all clearing houses across the country on March 29, 30 and 31, 2014, it said.