Banks to remain open on last three days of March
Moneylife Digital Team 19 March 2014

While 29th March is a Saturday, 30th March is Sunday and 31st March is the last year of financial year and is a public holiday (Gudi Padwa) in some parts of the country

Bank branches across the country will remain open for full day between 29th to 31st March to facilitate tax collection.

 

While 29th March is a Saturday, 30th March is Sunday and 31st March is the last year of financial year and is a public holiday (Gudi Padwa) in some parts of the country.

 

“The Chairperson, Central Board of Excise and Customs has requested the Secretary Financial Services to issue instructions to have the banks open for full day on 29th, 30th and 31 March 2014 so that the efforts made for collections of revenue are reflected appropriately,” an office memorandum said.

 

Bulk of the revenue is received at the end of the month, it said, adding banks need to facilitate electronic tax payment by assessees.

 

In the 2014 interim budget, the government has lowered the indirect tax collection target for the current fiscal by Rs45,483 crore to over Rs5.19 lakh crore.

 

Of this, over Rs1.75 lakh crore and Rs1.79 lakh crore is to be mobilised from customs and excise duty collection and about Rs1.65 lakh crore from service tax.

Comments
S BHASKARA NARAYANA
9 years ago
Rs.2 lacs above transactions to be routed through RTGS, for which only upto 16.30 hrs allowed for all these three days by the banks., whereas the NEFT for lower amount transactions are permitted upto 20.00 hrs for all these three days.
TIHARwale
9 years ago
Bank staff should recoup the pay lost for more than 6 days during year as a result of participating in strike called by Bank Unions which neither got them any benefit except the striking staff lost days salary. But seriously if organisations cannot pay taxes in time why Bank counters need to be kept open in any case all banks are proving on line tax remittance facility thro net banking ?
TIHARwale
9 years ago
Bank staff should recoup the pay lost for more than 6 days during year as a result of participating in strike called by Bank Unions which neither got them any benefit except the striking staff lost days salary. But seriously if organisations cannot pay taxes in time why Bank counters need to be kept open in any case all banks are proving on line tax remittance facility thro net banking ?
Suiketu Shah
9 years ago
Timely news.ML is the first to report this.Happy to hear this.
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