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.
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.