Banking hours extended for annual closing of government accounts

With a view to facilitating accounting for all the Government transactions of the current financial year (2006-07) by March 31, 2007 as desired by the Government of India and in order to meet the probable rush of tax-payers towards the end of the year, it has been decided, in consultation with Controller General of Accounts, Government of India, to take the following special measures in regard to conduct of Government transactions:

i) All Regional Offices of Reserve Bank of India (RBI) and branches of Agency banks conducting Government business will suitably extend the banking hours to conduct Government business by keeping their counters open for the purpose from March 26, 2007 to March 31, 2007 to facilitate receipt of taxes etc. from members of public even at late hours.

ii) The Regional Offices of RBI and branches of Agency banks conducting Government business will keep their counters open even in the States where March 31, 2007 is declared a holiday under the Negotiable Instruments Act and conduct Government transactions as indicated in para (i) above.

iii) Special clearing (with return clearing) will be conducted in the evening/night of March 30 and 31, 2007, with the approval of the President of local Clearing Houses run by Reserve Bank of India/Agency bank keeping in view the operational convenience at the local centres so that the clearing instruments received from members of public are realized and credited to Government account by March 31, 2007.

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