Reporting and Accounting of Central Government transactions for March 2023

Last updated: 20 March 2023

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This notification provides updated procedures for agency banks regarding the reporting and accounting of Central Government transactions for March 2023. The deadline for closing residual transactions is April 10, 2023. Banks must implement special arrangements, such as courier services, to ensure all March payments and collections are accounted for within the current financial year. Nodal/Focal Point branches need to prepare separate reports for March residual transactions and April transactions, clearly distinguishing between the two.

RBI/2022-23/184 DGBA.GBD.No.S1469/42-01-029/2022-2023 March 16, 2023 All Agency Banks Madam/Dear Sir, Reporting and Accounting of Central Government transactions for March 2023 Please refer toCircular DGBA.GBD.No.S1422/42-01-029/2021-2022 dated February 24, 2022advising the procedure

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FAQ :

The date of closure for residual transactions for March 2023 has been fixed as April 10, 2023.

Receiving branches, including those not locally situated, should use special arrangements like courier services to send challans/scrolls to Nodal/Focal Point branches to ensure timely accounting.

Nodal/Focal Point branches must prepare separate sets of scrolls: one for March 2023 residual transactions and another for April 2023 transactions, to be submitted between April 1st and April 10th, 2023.

The main scrolls for March 2023 transactions prepared from April 1 to April 10, 2023, should be distinctly marked as 'March Residual – 1', 'March Residual – 2', and so on.

Cheques or amounts realised on or before March 31, 2023, are treated as March 2023 transactions. If a cheque is tendered before March 31st but realised on or after April 1st, it's treated as an April transaction for the next financial year.

The statement pertaining to March Residual Transactions should be sent by all Focal Point Branches to Zonal Accounts Officers/Pay and Accounts Officers latest by April 18, 2023.

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Notification No : RBI/2022-23/184 DGBA.GBD.No.S1469/42-01-029/2022-2023
Published in Community & General
Source : https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12460&Mode=0

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