According to the 'Use' section, point 4 states: 'We use it to give time, day, month, date, etc. e.g. It's 11 o'clock now.'
Class 6 › English Grammar and Composition › Chapter 7: Introductory 'There' & 'It' › Topic: Reading text with introductory 'There' and 'It'
Aligned to the NCTB national curriculum.