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SSC GD 2021 PYQ — Question 28

SSC GD Constable (English) - 22nd November 2021 Shift 3 • General Awareness • Q28

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In February 2020, the Board of the Reserve Bank of India recommended that its accounting year be changed from _____ to April - March.

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Correct answer: D

Explanation

The correct answer is option 4 i.e. July - June.

  • The central board of the RBI, in its meeting in New Delhi on Saturday, decided that the fiscal year 2021-22 for the central bank will begin from April 1.

  • Fiscal 2019-20 ended on June 30, 2020 while fiscal year 2020-21 began on July 1, 2020 but ended on March 31, 2021.

  • Thereafter, all fiscal year will start on April 01 every year.

  • As of now, both - the RBI and the Government - follow the 'T plus one' system. This means the financial year spreads over two successive years. But still, there is one fundamental difference. The fiscal year for the Government starts on April 1 in 'T' (first year) and ends on March 31 in 'T+1' (second year). The fiscal year for the RBI, however, begins on July 1 in the first year and ends on June 30 in the next year.