RBI to Align its Accounting Year with Fiscal Year
- On 15th February, 2020, the Reserve Bank of India (RBI) decided to align its July-June accounting year with the government’s April-March fiscal year in order to ensure more effective management of the country’s finances.
- The Bimal Jalan Committee on Economic Capital Framework (ECF) of the RBI had proposed a more transparent presentation of the RBI’s annual accounts, and a change in its accounting year to April-March from the financial year 2020-21, as it could reduce the need for interim dividend being paid by the RBI.
- With this, the interim dividends and dividends will be aligned with the government’s fiscal year April-March. At ....
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