The Reserve Bank of India (RBI) on March 16, 2023, issued a notification regarding the Reporting and Accounting of Central Government transactions for March 2023.
The following has been stated namely: -
• The date of closure of residual transactions for the month of March 2023 has been fixed as April 10, 2023.
• 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 the Government towards the end of March are accounted for in the same financial year.
• The instructions regarding special messenger arrangements should be informed to all branches concerned.
• As regards reporting of March 2023 transactions by Nodal/Focal Point branches in April 2023, the branches may be advised to follow the prescribed procedure.
• The nodal/Focal Point branches will be required to prepare a 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 the accounts for the current financial year itself and are not mixed up with the transactions of April 2023.
• 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.
• The procedure for reporting March 2023 transactions by Nodal/Focal Point branches has been attached to Annex.
[Notification No. RBI/2022-23/184]
