RBI: Fiscal year 2019-20 ends on June 30 instead of March 31

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NEW DELHI: Amidst the havoc created by the COVID-19, the Reserve Bank of India has reportedly declared that the current fiscal year, i.e. 2019-20 will end on June 30, 2020, instead of March 31, 2020. Generally, in India, a fiscal year starts on April 1 and ends on March 31.

This time the COVID-19 pandemic has disrupted almost all financial transactions. As such, various sections have raised the demand for extension of the fiscal year.

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At last, the central bank has decided to extend the duration of the current fiscal year for two months. On the other hand, the upcoming fiscal year, i.e 2020-21 will starts on July 1, 2020.

However, it ends on March 31, 2021. As per reports, the RBI has taken the decision in a meeting held last month.