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Banks to remain open till 8 pm on March 31

All banks receiving government payments including taxes have been asked by RBI to keep the counters conducting government banking open up to 8pm on March 31, 2018 in a directive issued today. Further, all electronic transactions including RTGS and NEFT, for government payments will continue till midnight on March 31, 2018.

According to the RBI circular issued today, all government transactions with banks for financial year 2017-18 must be accounted for within the same financial year. Accordingly, RBI has instructed agency banks to make special arrangements for this purpose. All agency banks have been asked to keep the counters of their designated branches conducting government banking open for government transactions up to 8.00 pm on March 31, 2018.

This will be relevant for all those wanting to file revised and belated income tax returns by March 31. Income Tax offices and Ayakar Seva Kendras (ASKs) have been asked to remain open during holidays from March 29- 31 to facilitate taxpayers in filing returns before the end of the current fiscal.

This is because the last date for filing belated returns for Assessment Years 2016-17 and 2017-18 and revised returns for Assessment Year 2016-17 is March 31, 2018.

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