Special clearing for Govt transactions on March 30 & 31

The Reserve Bank on Monday said special clearing for government transactions will be conducted at all clearing houses across the country on March 30 and 31. "With a view to facilitate accounting of all the Government transactions for the current financial year (2015-16) by March 31, 2016, it has been decided to conduct special clearing at all clearing houses across the country on March 30 and 31, 2016", Reserve Bank said in a notification.

RBI said normal clearing will be followed on both days and a special clearing exclusively for government transactions (receipts and payments), with return clearing on the same day will be conducted both on March 30 and 31. "It is mandatory for all banks to participate in the special clearing operations on these two days", RBI said.