The Reserve Bank of India (RBI) on March 14, 2024, issued a notification regarding the Reporting and Accounting of Central Government transactions for March 2024
This has a reference 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.
The following has been stated namely: -
• It has been decided that the date of closure of residual transactions for the month of March 2024 be fixed as April 10, 2024. Given 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.
• 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 sets 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.
• It also states that 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.
[Notification No. RBI/2023-24/135 DGBA.GBD.No.S1217/42-01-029/2023-2024]
