RBI vide its Notification dated 16th March, 2023 to All Agency Banks
The Notification States:
Circular dated February 24, 2022 is about the procedure to be followed for reporting and accounting of central government transaction (including CBDT, CBIC, Departmentalized Ministries and Non-Civil Ministries) Nodal/Focal Point branches of Our bank For the financial year 2021-2023.
The Government of India has decided that the date of closure of residual transactions for the month of March 2023 to be fixed as April 10, 2023 as result of closing government accounts for the FY 2022-23.Receiving branches including not situated locally should choose to take up courier services etc. for passing on challan/scrolls to the Nodal/Focal Point branches so that all payments and collection made on behalf of Government towards the end of March are accounted for in the same financial year.
As respect to this reporting of March 2023 transactions by Nodal/Focal Point branches in April 2023, the branches will advised to follow the procedure as .To Add up the Nodal/Focal Point branches will be required to prepare separate set of scrolls, i.e
(1) Referring to March 2023 residual transactions and
(2) for April transactions during the first 10 days of April 2023. i.e Transactions prepared from April 1 to April 10, 2023.
Nodal/Focal Branches should see to it that the accounts for all transactions (revenues/tax collections/payments) are effected at the receiving branches up to March 31, 2023 in the accounts for the current financial year itself and not mixed up with the transactions of April 2023 while reporting transactions relating to March 2023 up to April 10, 2023, i.e April 1st to April 10th 2023 should not be mixed up with the residual transactions relating to March 2023.
This Notification is applicable to all Agency Banks.
Link: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12460&Mode=0
About the Author
