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Reporting and Accounting of Central Government Transactions of March, 2020- (Reserve Bank of India) (17 Mar 2020)

MANU/RMIC/0039/2020

Banking

1. Please refer to Circular DGBA.GBD.No.2394/42.01.029/2018-19 dated March 20, 2019 advising the procedure to be followed for reporting and accounting of Central Government transactions (including CBDT, CBIC, Departmentalised Ministries and non-Civil Ministries) at the Receiving/Nodal/Focal Point branches of your bank for the Financial Year 2018-19.

2. The Government of India has decided that the date of closure of residual transactions for the month of March 2020 be fixed as April 10, 2020 for the Financial Year 2019-20. In view of the ensuing closing of government accounts for the financial year 2019-20, 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 2020 transactions by Nodal/Focal Point branches in April, 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 residual transactions and another for April transactions during the first 10 days of April 2020. 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, 2020 in the accounts for the current financial year itself and are not mixed up with the transactions of April 2020. Also, while reporting transactions pertaining to March 2020 up to April 10, 2020, the transactions of April 2020 should not be mixed up with the residual transactions relating to March 2020.

Tags : TRANSACTIONS   REPORTING   PROCEDURE  

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