The Reserve Bank of India (RBI) on Friday mandated all banks to participate in the special clearing operations on March 31 to facilitate accounting of all government transactions for 2024-25. This is to facilitate accounting of all government transactions for 2024-25. Just to clarify for our readers, this special clearing session is only with respect to specific Govt requirement. It will be closed for general public.
In regards to this, the Income tax office as well as CGST offices across the country will remain open on March 29 to March 31 despite the weekend and Eid-al-Fitr, which may fall on Monday. The central bank said that it is mandatory for all banks to participate in the special clearing operations on March 31, 2025. “All the member banks of CTS are also 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,” the circular said.
According to the RBI circular, “Normal clearing timings under Cheque Truncation System (CTS) as applicable to any working “Monday” shall be followed on March 31. To facilitate accounting of all the Government transactions for the current financial year (2024-25) by March 31, 2025, it has been decided to conduct Special Clearing under CTS exclusively for Government Cheques on March 31, 2025.”
The RBI has asked all agency banks to keep all branches dealing with government receipts and payments open for over-the-counter transactions only related to government transactions up to the normal working hours on March 31, 2025.