{"id":86470,"date":"2020-02-18T22:40:04","date_gmt":"2020-02-18T17:10:04","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=13825"},"modified":"2020-02-18T22:40:04","modified_gmt":"2020-02-18T17:10:04","slug":"rbi-syncs-financial-year-with-the-fiscal-year","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/rbi-syncs-financial-year-with-the-fiscal-year\/","title":{"rendered":"RBI Syncs Financial Year with the Fiscal Year"},"content":{"rendered":"\n<p><strong>News: <\/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\n\n\n<p><strong>Facts:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Fiscal year<\/strong>: It is used in government accounting, which varies between countries, and for budget purposes. In India, the government&#8217;s financial year runs from 1 April to 31 March.<\/li><li><strong>The financial year of RBI<\/strong>: Since 1940, RBI\u2019s accounting year\/financial year is July-June<\/li><li>The <strong>Bimal Jalan Committee on Economic Capital Framework (ECF) <\/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><\/ul>\n\n\n\n<ol class=\"wp-block-list\"><li>RBI would be able to provide better estimates of projected surplus transfers to the government for the financial year for budgeting purposes<\/li><li>It is also expected to result in better management of the transfer of dividend or surplus to the government<\/li><li>As governments, companies, and other institutions follow the April-March year, it will help with effective management of accounting.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"<p>News: 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 Facts: Fiscal year: It is used in government accounting, which varies between countries, and for budget purposes. In India, the government&#8217;s financial year runs from 1 April to&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/rbi-syncs-financial-year-with-the-fiscal-year\/\">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":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3127],"tags":[4032],"class_list":["post-86470","post","type-post","status-publish","format-standard","hentry","category-economy","tag-rbi-financial-year","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700788349,"cached_date":1704251384},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86470","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=86470"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86470\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=86470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=86470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=86470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}