Govt. fixed the date for closure of residual transactions of banks for March 2022: RBI
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- Last Updated on 26 February, 2022
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Circular No. RBI/2021-22/176 CO.DGBA.GBD.No.S1422/42-01-029/2021-2022, Dated: 24.02.2022
RBI has informed all agency banks that the Government of India has decided that the date of closure of residual transactions for the month of March 2022 be fixed as April 11, 2022. In view of the ensuing closing of government accounts for the financial year 2021-22, 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.
RBI further stated that as regards reporting of March 2022 transactions by Nodal/Focal Point branches in April 2022, the branches may be advised to follow the procedure as outlined in an annexure to the circular.
RBI further clarified that the nodal/Focal Point branches will be required to prepare a separate set of scrolls, one pertaining to March 2022 residual transactions and another for April transactions during the first 11 days of April 2022. 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, 2022, in the accounts for the current financial year itself and are not mixed up with the transactions of April 2022. Also, while reporting transactions pertaining to March 2022 up to April 11, 2022, the transactions of April 2022 should not be mixed up with the residual transactions relating to March 2022.
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