Business news: Life Insurance Corporation will keep its offices open on March 30 (Saturday) and March 31 (Sunday) to facilitate taxpayers to complete tax saving exercise before the closing of the fiscal year. LIC’s measure follows the announcement by banks that their branches will remain open on Saturday and Sunday.
The RBI had earlier this month directed banks to keep their designated branches open for government transactions up to the normal working hours on March 30 and March 31, 2024.
In a statement, the public sector insurer said as per the advisory by the insurance regulator IRDAI, LIC has decided to extend this special measure to the policyholders.
“It has been decided that the Offices under the jurisdiction of zones and divisions will be kept open for normal operations as per official working hours on 30.3.2024 and 31.3.2024, in order to avoid any hardship to the policyholders,” LIC said in a statement.
Banks also open on March 31
The Reserve Bank of India (RBI) has advised banks to keep its branches dealing with government business to remain open on March 31, the last day of the current financial year is a Sunday.
“The Government of India has requested to keep all branches of the banks dealing with Government receipts and payments open for transactions on March 31, 2024 (Sunday) to account for all the Government transactions relating to receipts and payments in the FY2023-24 itself,” the RBI said in a notification.
Accordingly, agency banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday), it said. The RBI has said that all branches of the banks dealing with Government receipts and payments will remain open for transactions on March 30 and March 31 to account for all the Government transactions relating to receipts and payments in the FY 2023-24 itself.
“In order to facilitate Government receipts and payments, necessary arrangements have also been made to conduct special clearing operations across the country. Special clearing will be conducted for Government cheques both on March 30 & 31, 2024. Agency Banks are hereby advised that all cheques related to Government accounts may be presented on such clearing. The timing for presentation and return clearing of instruments for these special clearing sessions for government cheques will be intimated in due course,” it said in a statement.
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