Banks to remain open in the last weekend of March 2014

Banks to remain open on last three days of March

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 offinancial 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 SecretaryFinancial 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.
View the Press Notification of Finmin dated 27.03.2014

 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.