Executive Summary:
This circular from the Reserve Bank of India outlines the reporting and accounting procedures for Central Government transactions for March 2023. It specifies that residual transactions for March 2023 must be closed by April 10, 2023. The circular details how agency banks should handle and report these transactions to ensure they are correctly accounted for in the financial year 2022-23, separate from April 2023 transactions.
Key Points / Main Content:
* **Closure Date:** The closure date for residual transactions for March 2023 is April 10, 2023.
* **Special Arrangements for Receiving Branches:**
* Receiving branches must use special arrangements (e.g., courier service) to ensure challans/scrolls reach Nodal/Focal Point branches promptly.
* All transactions up to March 31, 2023, should be accounted for in the current financial year.
* **Reporting by Nodal/Focal Point Branches:**
* Prepare separate scrolls for March 2023 residual transactions and April 2023 transactions during the first 10 days of April 2023.
* Mark March 2023 scrolls distinctly (e.g., "March Residual 1," "March Residual 2").
* Forward scrolls and daily summaries to Departmental Officials (Zonal Accounts Officers/Pay and Accounts Officers/Designated Officers).
* Report transactions to the Link Cell through separate Daily Memos.
* **Link Cell Responsibilities:**
* Segregate advices for March Residual transactions and forward them to Reserve Bank of India, CAS, Nagpur.
* Continue this procedure up to and including April 10, 2023.
* **Daily Memo Statement (DMS):**
* Prepare two sets of DMS for March 2023 transactions: one for transactions up to March 31, 2023, and another for March Residual transactions adjusted during April 1-10, 2023.
* **Monthly Statement for April 2023 Transactions**
* Compile and furnish monthly statements for April 2023 transactions to Zonal Accounts Officers/Pay and Accounts Officers in the usual way.
* Mark the statement pertaining to March Residual Transactions clearly as "March Residual Account".
* Send the statement of March Residual Transactions to Zonal Accounts Officers/Pay and Accounts Officers latest by April 18, 2023.
* **Cheque Realization:**
* Cheques realized on or before March 31, 2023, are treated as "March 2023 or March Residual Transactions."
* Cheques tendered on or before March 31, 2023, but realized on or after April 1, 2023, are treated as "April Transactions."
Impact Analysis:
Agency Banks:
* Impact: Must implement the specified procedures for reporting and accounting of Central Government transactions to ensure accurate financial year-end processing.
* Action Required: Issue instructions to all concerned branches to follow the guidelines for segregating, reporting, and accounting for March 2023 and April 2023 transactions, paying particular attention to the deadlines and labeling requirements.
Nodal/Focal Point Branches:
* Impact: Responsible for preparing separate sets of scrolls and daily summaries for March residual transactions and April transactions. They must also ensure accurate reporting to the Link Cell and Departmental Officials.
* Action Required: Implement the outlined procedures for scroll preparation, reporting, and reconciliation. Ensure all transactions are correctly classified and reported within the stipulated timelines.
Link Cells:
* Impact: Responsible for segregating advices for March Residual transactions and forwarding them to the RBI, CAS, Nagpur, ensuring daily settlement with the Reserve Bank of India.
* Action Required: Establish a process for segregating and forwarding March Residual transaction advices to RBI, CAS, Nagpur, within the specified timeframe.
Zonal Accounts Officers/Pay and Accounts Officers/Designated Officers:
* Impact: Responsible for processing the scrolls, daily summaries, and monthly statements received from the Nodal/Focal Point branches, ensuring accurate accounting of government transactions.
* Action Required: Review and process the scrolls and statements, including the "March Residual Account" statements, within the deadlines.
Key Entities Referenced
Reserve Bank of India: The central bank of India, the issuing authority of the circular.
Central Government: The government of India, whose financial transactions are the subject of the reporting and accounting procedures outlined in the circular.
Agency Banks: Banks authorized to handle Central Government transactions.
CBDT: Central Board of Direct Taxes, a part of the Central Government whose transactions are covered.
CBIC: Central Board of Indirect Taxes and Customs, a part of the Central Government whose transactions are covered.
Nodal/Focal Point branches: Designated branches of agency banks responsible for consolidating and reporting government transactions.
Central Accounts Section, Nagpur, Maharashtra: A branch of Reserve Bank of India where settlement of government transactions takes place.
Financial Year 2022-23: The financial year to which the residual transactions discussed in the circular pertain.
भारतीय �रज़व� ब�क
RESERVE BANK OF INDIA
__________________________ __________________________
www.rbi.org.in
RBI/2022-23/184
DGBA.GBD.No.S1469/42-01-029/2022-2023 March 16, 2023
All Agency Banks
Madam/Dear Sir,
Reporting and Accounting of Central Government transactions for March 2023
Please refer to Circular DGBA.GBD.No.S1422/42-01-029/2021-2022 dated February
24, 2022 advising the procedure to be followed for reporting and accounting of Central
Government transactions (including CBDT, CBIC, Departmentalized Ministries and
Non-Civil Ministries) at the Receiving/Nodal/Focal Point branches of your bank for the
Financial Year 2021-22.
2. The Government of India has decided that the date of closure of residual
transactions for the month of March 2023 be fixed as April 10, 2023. In view of the
ensuing closing of Government accounts for the financial year 2022-23, receiving
branches including those not situated locally, should adopt special arrangements such
as courier service etc., for passing on challans/scrolls etc., to the Nodal/Focal Point
branches so that all payments and collections made on behalf of Government towards
the end of March are accounted for in the same financial year. These instructions
regarding special messenger arrangements may please be informed to all branches
concerned.
3. As regards reporting of March 2023 transactions by Nodal/Focal Point branches in
April 2023, the branches may be advised to follow the procedure as outlined in the
Annex. To sum up, the nodal/Focal Point branches will be required to prepare
separate set of scrolls, one pertaining to March 2023 residual transactions and another
for April transactions during the first 10 days of April 2023. The Nodal/Focal Point
branches should also ensure that the accounts for all transactions (revenues/tax
collections/payments) are effected at the receiving branches up to March 31, 2023 in
सरकारी और बक� लखे ा िवभाग, केन्�ीय कायार्लय, मबुं ई स�� ल रेल्व ेस्टेशन के सामने, भायखला, मबुं ई -400 008
Department of Government and Bank Accounts, Central Office, Opp. Mumbai Central Railway Station, Byculla, Mumbai - 400 008
Telephone: (022) 2308 4121, Fax No. (022) 2300 0370/2301 6072/2301 0095, e-mail: cgmicdgbaco@rbi.org.in
िहन्दी आसान ह,ै इसका �योग बढ़ाइए ।the accounts for the current financial year itself and are not mixed up with the
transactions of April 2023. Also, while reporting transactions pertaining to March 2023
up to April 10, 2023, the transactions of April 2023 should not be mixed up with the
residual transactions relating to March 2023.
4. Kindly issue necessary instructions in the matter to your branches concerned
immediately.
Yours faithfully
(Indranil Chakraborty)
Chief General Manager
Encl: As above
2ANNEX
Reporting of March 2023 transactions
Beginning from April 1, 2023, the Nodal/Focal Point branches will segregate on a
daily basis all scrolls/challans pertaining to March 2023 received from the receiving
branches concerned and prepare separate main scrolls for:
(a) scrolls for transactions of March 2023 or earlier period (i.e. effected during
the previous financial year 2022-23) and
(b) scrolls pertaining to current transactions (i.e. those effected from April 1,
2023 onwards).
2. The main scrolls for March 2023 transactions prepared from April 1 to April 10,
2023 are to be distinctly marked as March Residual – 1, March Residual – 2 and so
on upto April 10, 2023. In other words, serial number should be allotted in
consecutive order for each main scroll of March 2023 transactions sent from April
1 to April 10, 2023. These scrolls along with the copies of daily summary of Receipts
and Payments prepared separately for March 2023 transactions will be forwarded
to the Departmental Officials concerned (i.e. Zonal Accounts Officers/Pay and
Accounts Officers and Designated Officers) in the usual way. The Nodal/Focal Point
branches will also be required to report the above transactions to the Link Cell
through separate Daily Memos. These advices must be sent to enable the Link Cell
of each bank at Nagpur, to make daily settlement with Reserve Bank of India,
Central Accounts Section (CAS) Nagpur. On receipt of advices from the
Nodal/Focal Point branches, the Link Cell should segregate the advices for the
March Residual transactions and forward them separately to Reserve Bank of India,
CAS, Nagpur. This procedure should continue upto and inclusive of April 10, 2023
only. All transactions reported thereafter by the receiving branches will be reported
and accounted for in the usual manner in the accounts of the month of report
irrespective of the date of transaction. Following the special arrangements for March
2023 transactions, it is necessary for the Nodal/Focal Point branches to prepare
two sets of DMS to be submitted to Zonal Accounts Officers/Pay and Accounts
Officers for March 2023 transactions – one for transactions upto March 31, 2023
and another for March Residual transactions adjusted by Nodal/Focal Point
branches with Reserve Bank of India, Central Accounts Section, Nagpur, during
April 1 to April 10, 2023.
33. Since the Nodal/Focal Point branch will also be reporting the April 2023
transactions pertaining to year 2023-24 in addition to March 2023 residual
transactions, monthly statement for April 2023 transactions should be compiled and
furnished to Zonal Accounts Officers/Pay and Accounts Officers in the usual way.
In order to distinguish the April 2023 (financial year 2023-24) and March Residual
Transactions, the statement pertaining to March Residual Transactions should be
clearly marked as "March Residual Account". The statement of March (Residual)
Transactions should be sent by all Focal Point Branches to Zonal Accounts
Officers/Pay and Accounts Officers latest by April 18, 2023.
Note: As advised in our Circular GA.NB.No.376/42.01.001/1995-96 dated May 22,
1996 all the cheques/amounts realized on or before March 31, 2023 should be
treated as transactions relating to the current financial year as "March 2023 or
March Residual Transactions", the reporting of which may take place during the
month of April (upto April 10, 2023). But if any cheque is tendered on or before
March 31, 2023 and realised on or after April 1, 2023, it will be treated as transaction
for the next financial year as "April Transactions". Accordingly, the banks will
prepare separate scrolls for March 2023 and April 2023 (Financial year 2023-24)
transactions.
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