Executive Summary:
This circular from the Reserve Bank of India outlines the reporting and accounting procedures for Central Government transactions for March 2024. It fixes April 10, 2024, as the closure date for residual transactions of March 2024. The circular details how agency banks should handle and report these transactions separately from April 2024 transactions, ensuring proper accounting for the financial year 2023-24.
Key Points / Main Content:
* **Closure Date:**
* The closure date for residual transactions for March 2024 is fixed as April 10, 2024.
* **Special Arrangements for Receiving Branches:**
* Receiving branches must use special arrangements (e.g., courier service) to forward challans/scrolls to Nodal/Focal Point branches.
* This ensures all payments and collections made on behalf of the Government towards the end of March are accounted for in the same financial year.
* **Reporting of March 2024 Transactions by Nodal/Focal Point Branches:**
* Nodal/Focal Point branches must prepare separate sets of scrolls for March 2024 residual transactions and April 2024 transactions during the first 10 days of April 2024.
* Accounts for all transactions (revenues/tax collections/payments) up to March 31, 2024, must be effected in the accounts for the current financial year.
* Transactions of April 2024 should not be mixed with residual transactions related to March 2024.
* **Scroll Preparation:**
* Segregate all scrolls/challans pertaining to March 2024 from receiving branches daily, from April 1, 2024.
* Prepare separate main scrolls for March 2024 transactions and current transactions (from April 1, 2024).
* Mark scrolls for March 2024 transactions as "March Residual 1," "March Residual 2," and so on, up to April 10, 2024, allotting serial numbers consecutively.
* Forward these scrolls with copies of the daily summary of Receipts and Payments (prepared separately for March 2024 transactions) to Departmental Officials (Zonal Accounts Officers/Pay and Accounts Officers/Designated Officers).
* **Reporting to Link Cell:**
* Nodal/Focal Point branches must report transactions to the Link Cell through separate Daily Memos.
* The Link Cell should segregate advices for March Residual transactions and forward them separately to Reserve Bank of India, CAS, Nagpur, up to April 10, 2024.
* **DMS Submission:**
* Prepare two sets of DMS for March 2024 transactions: one for transactions up to March 31, 2024, and another for March Residual transactions adjusted by Nodal/Focal Point branches with Reserve Bank of India, CAS, Nagpur, during April 1 to April 10, 2024.
* **Monthly Statement for April 2024:**
* Compile and furnish monthly statement for April 2024 transactions to Zonal Accounts Officers/Pay and Accounts Officers.
* Clearly mark the statement pertaining to March Residual Transactions as "March Residual Account".
* Send the statement of March Residual Transactions to Zonal Accounts Officers/Pay and Accounts Officers latest by April 18, 2024.
* **Cheque Realization:**
* Cheques/amounts realized on or before March 31, 2024, should be treated as transactions relating to the current financial year ("March 2024 or March Residual Transactions").
* If any cheque is tendered on or before March 31, 2024, and realised on or after April 1, 2024, it will be treated as a transaction for the next financial year ("April Transactions").
Impact Analysis:
* **Agency Banks:**
* *Impact:* Need to implement specific procedures for reporting and accounting of Central Government transactions for March 2024, ensuring segregation of March and April transactions.
* *Action Required:* Issue necessary instructions to all concerned branches immediately regarding the special messenger arrangements and reporting procedures.
* **Receiving Branches:**
* *Impact:* Required to adopt special arrangements for timely transfer of challans/scrolls to Nodal/Focal Point branches.
* *Action Required:* Implement courier services or other means to ensure all March transactions are reported to the Nodal/Focal Point branch before the closure date.
* **Nodal/Focal Point Branches:**
* *Impact:* Must prepare separate sets of scrolls and DMS for March and April transactions.
* *Action Required:* Segregate transactions, prepare distinct scrolls, report to the Link Cell separately, and submit two sets of DMS, ensuring clear marking of "March Residual Account."
* **Link Cell:**
* *Impact:* Responsible for segregating advices for March Residual transactions and forwarding them to Reserve Bank of India, CAS, Nagpur.
* *Action Required:* Separate March Residual transactions and forward them to RBI, CAS, Nagpur, up to April 10, 2024.
* **Zonal Accounts Officers/Pay and Accounts Officers/Designated Officers:**
* *Impact:* Will receive separate scrolls, daily summaries, and DMS for March and April transactions.
* *Action Required:* Process the scrolls and statements, ensuring correct accounting for March residual transactions.
Key Entities Referenced
Reserve Bank of India: The central bank of India, the issuing authority of the circular.
Central Government: Refers to the government of India, on whose behalf the transactions are being conducted.
CBDT: Central Board of Direct Taxes, part of Central Government.
CBIC: Central Board of Indirect Taxes and Customs, part of Central Government.
Financial Year 2023-24: The financial year for which the government accounts are being closed.
April 10, 2024: The date of closure of residual transactions for March 2024.
Central Accounts Section CAS Nagpur: A section of the Reserve Bank of India responsible for settling accounts.
Mumbai, Maharashtra: Location of the Department of Government and Bank Accounts, Central Office of RBI.
भारतीय �रज़व� ब�क
RESERVE BANK OF INDIA
_______________________________ _____________________________
www.rbi.org.in
RBI/2023-24/135
DGBA.GBD.No.S1217/42-01-029/2023-2024 March 13, 2024
All Agency Banks
Madam/Dear Sir,
Reporting and Accounting of Central Government transactions for March 2024
Please refer to Circular DGBA.GBD.No.S1469/42-01-029/2022-2023 dated March 16, 2023
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 2022-23.
2. The Government of India has decided that the date of closure of residual transactions for
the month of March 2024 be fixed as April 10, 2024. In view of the ensuing closing of
Government accounts for the financial year 2023-24, 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 2024 transactions by Nodal/Focal Point branches in April
2024, 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 2024 residual transactions and another for April transactions during the
first 10 days of April 2024. 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, 2024 in the accounts for the current financial year itself
and are not mixed up with the transactions of April 2024. Also, while reporting transactions
pertaining to March 2024 up to April 10, 2024, the transactions of April 2024 should not be
mixed up with the residual transactions relating to March 2024.
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 ।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 2024 transactions
Beginning from April 1, 2024, the Nodal/Focal Point branches will segregate on a daily
basis all scrolls/challans pertaining to March 2024 received from the receiving branches
concerned and prepare separate main scrolls for:
(a) scrolls for transactions of March 2024 or earlier period (i.e. effected during the
previous financial year 2023-24) and
(b) scrolls pertaining to current transactions (i.e. those effected from April 1, 2024
onwards).
2. The main scrolls for March 2024 transactions prepared from April 1 to April 10, 2024
are to be distinctly marked as March Residual – 1, March Residual – 2 and so on upto
April 10, 2024. In other words, serial number should be allotted in consecutive order for
each main scroll of March 2024 transactions sent from April 1 to April 10, 2024. These
scrolls along with the copies of daily summary of Receipts and Payments prepared
separately for March 2024 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, 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, 2024 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 2024 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 2024 transactions – one
for transactions upto March 31, 2024 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, 2024.
33. Since the Nodal/Focal Point branch will also be reporting the April 2024 transactions
pertaining to year 2024-25 in addition to March 2024 residual transactions, monthly
statement for April 2024 transactions should be compiled and furnished to Zonal Accounts
Officers/Pay and Accounts Officers in the usual way. In order to distinguish the April 2024
(financial year 2024-25) 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, 2024.
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, 2024 should be treated as
transactions relating to the current financial year as "March 2024 or March Residual
Transactions", the reporting of which may take place during the month of April (upto April
10, 2024). But if any cheque is tendered on or before March 31, 2024 and realised on or
after April 1, 2024, it will be treated as transaction for the next financial year as "April
Transactions". Accordingly, the banks will prepare separate scrolls for March 2024 and
April 2024 (Financial year 2024-25) transactions.
****
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