The Hindu Business Line : Special clearing on March 30, 31

Mumbai March 23 In a move to cope with the rush of tax payers as the fiscal year nears its end, special clearing (with return clearing) will be conducted "in the evening or night of March 30 and March 31," according to Reserve Bank of India.

This will be conducted with the approval of the president of local clearing houses run by the RBI or agency banks, keeping in view the operational convenience at the local centres. This is so to ensure that the clearing instruments received from members of public are realised and credited to the government account by March 31, RBI said.

All regional offices of the RBI and branches of agency banks will extend their banking hours and keep their counters open for the purpose from March 26 to March 31 to facilitate receipt of taxes even at late hours.

More Stories on : RBI & Other Central Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Forex reserves up by $1.54 b

Thomas Cook clocks Rs 38 cr net for 14 months

Kotak Old Life mulls raising capital by Rs 150 cr

`Annual Policy Statement' on April 24

Special clearing on March 30, 31

NCR Corp bags contract from HSBC

Infrastructure: Asian region mulls independent financing body

Maharashtra signs MoU with 3 banks

Oriental Bank opens pilot credit processing cells in TN

Securitisation Act bars borrower from asset sale: HC

New deposit schemes from Kerala State Co-operative Bank

HC fiat on FedBank staff strike

Rate hikes may not impact banks' profitability much