New Delhi, Mar 27 (KNN) The Government of India has advised that all Pay and Account Offices will remain open on March 31, 2019 (Sunday) to facilitate government receipt and payment transactions, according to a notification by Reserve Bank of India (RBI).

Accordingly, all Agency Banks are advised to keep all their branches dealing with government business open on March 31, notification said.

Banks shall also give due publicity about availability of above banking services on this day, the notification added.

India follows the accounting period of April to March since the time of British rule. This fiscal year format was adopted in the year 1867 and has continued since.

Each financial year starts from April 1 in India. March marks the end of the previous financial year.

The financial year, denoted by FY in India that runs between April 1-March 31, includes all budget and monetary related steps taken by the central government for the year.

Moreover, most companies and businesses file their year-to-end of the previous year and start afresh for the next financial year. Even Income Tax returns are filed by taxpayers for the period concerned.

RBI has also mentioned that all bank branches will give a prior public notice regarding the availability of the above mentioned banking services on March 31. (KNN/JM)