{"id":75217,"date":"2021-01-04T12:51:21","date_gmt":"2021-01-04T07:21:21","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=75217"},"modified":"2021-02-25T14:40:50","modified_gmt":"2021-02-25T09:10:50","slug":"financial-year-india-rbi","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/financial-year-india-rbi\/","title":{"rendered":"RBI Syncs Financial Year with the Fiscal Year"},"content":{"rendered":"<p><strong>News:\u00a0<\/strong>The Reserve Bank of India (RBI) decided to will align its financial accounting year with that of the central government\u2019s fiscal year with effect from 2020-21<\/p>\n<p><strong>Facts:<\/strong><\/p>\n<ul>\n<li><strong>Fiscal year<\/strong>: It is used in government accounting, which varies between countries, and for budget purposes. In India, the government\u2019s financial year runs from 1 April to 31 March.<\/li>\n<li><strong>The financial year of RBI<\/strong>: Since 1940, RBI\u2019s accounting year\/financial year is July-June<\/li>\n<li>The\u00a0<strong>Bimal Jalan Committee on Economic Capital Framework (ECF)\u00a0<\/strong>of the RBI had proposed a change in its accounting year to April-March from the financial year 2020-21 on the grounds that:<\/li>\n<\/ul>\n<ol>\n<li>RBI would be able to provide better estimates of projected surplus transfers to the government for the financial year for budgeting purposes<\/li>\n<li>It is also expected to result in better management of the transfer of dividend or surplus to the government<\/li>\n<li>As governments, companies, and other institutions follow the April-March year, it will help with effective management of accounting.<\/li>\n<\/ol>\n<blockquote class=\"wp-embedded-content\" data-secret=\"Sm72ZPDOe8\"><p><a href=\"https:\/\/forumias.com\/blog\/economy-news\/monetary-policy-news\/\">Monetary Policy news<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Monetary Policy news&#8221; &#8212; Free UPSC IAS Preparation For Aspirants\" src=\"https:\/\/forumias.com\/blog\/economy-news\/monetary-policy-news\/embed\/#?secret=oPo5HfqjdJ#?secret=Sm72ZPDOe8\" data-secret=\"Sm72ZPDOe8\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>News:\u00a0The Reserve Bank of India (RBI) decided to will align its financial accounting year with that of the central government\u2019s fiscal year with effect from 2020-21 Facts: Fiscal year: It is used in government accounting, which varies between countries, and for budget purposes. In India, the government\u2019s financial year runs from 1 April to 31&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/financial-year-india-rbi\/\">Continue reading <span class=\"screen-reader-text\">RBI Syncs Financial Year with the Fiscal Year<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1351,1310],"tags":[],"class_list":["post-75217","post","type-post","status-publish","format-standard","hentry","category-daily-news","category-daily-news-updates","entry"],"jetpack_featured_media_url":"","views":{"total":10,"cached_at":""},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/75217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=75217"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/75217\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=75217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=75217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=75217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}