Govt. fixes the date for closure of residual transactions of banks for Mar 2023: RBI
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- Last Updated on 18 March, 2023
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Circular no. RBI/2022-23/184 DGBA.GBD.No.S1469/42-01-029/2022-2023, Dated 16.03.2023
Earlier, RBI vide circular no. dated February 24, 2022 advised 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 bank for the financial year 2021-22.
Now, the Central Government has decided that the closure date of residual transactions for the month of March 2023 be fixed as April 10, 2023.
In view of the ensuing closing of Government accounts for the financial year 2022-23, 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 & collections made towards March end are accounted for in the same financial year. These instructions regarding special messenger arrangements may please be informed to all branches concerned.
Further, the RBI stated that as regards reporting of March 2023 transactions by Nodal/Focal Point branches in April 2023, the branches may be advised to follow the procedure as outlined in an annexure to the circular.
Further, the RBI clarified that 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 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.
Also, 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.
Click Here To Read The Full Circular
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