RBI To Switch To April-March Accounting Year From Current July-June To Align With Central Govt
 RBI To Switch To April-March Accounting Year From Current July-June To Align With Central GovtRBI Governor, Shaktikanta Das.

Over eighty years after it was set up, the Reserve Bank of India on Saturday (15 February) decided to follow April-March fiscal year, and not the current July-June, as its accounting year to align with that of the Central government.

The RBI Central Board on Saturday recommended aligning the financial year of RBI, currently July-June, with the government''s fiscal year (April-March) from the year 2020-21 and approved forwarding a proposal to the government for its consideration.

Once effected, the interim dividends and dividends will be aligned with government''s fiscal year of April-March. RBI gives interim dividends in February and final pay-outs in August currently.

The internal decision was taken last year in RBI. The Jalan panel while coming out with Economic Framework Capital had recommended change of accounting year. RBI''s current fiscal ends on June 30, 2020. Its FY 2020-21 will start on July 1, 2020 and be for nine months up to March 31, 2021. Thereafter, all FY will start on April 1 every year, aligned with the government, RBI said.

Finance Minister Nirmala Sitharaman addressed the Directors of the Central Board and outlined the thinking behind the Union Budget 2020-21 and the focus areas of the government.

The Finance Minister indicated increased complementarity in policy between the RBI and the government to address growth concerns.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber