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.

4. Kindly issue necessary instructions in the matter to your branches concerned immediately.

Yours faithfully
(Indranil Chakraborty)
Chief General Manager
Encl: As above

ANNEX

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:

1. scrolls for transactions of March 2024 or earlier period (i.e. effected during the previous financial year 2023-24) and
2. 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.

3. 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.