The Reserve Bank of India ( RBI ) has issued directions for reporting the transactions of the Central Government including transactions including CBDT, CBIC, Departmentalized Ministries and Non-Civil Ministries for March 2024.
The Government of India has determined that residual transactions for March 2024 will conclude on April 10, 2024. Considering the impending closure of Government accounts for the fiscal year 2023-24, receiving branches, regardless of their geographical location, are advised to implement special arrangements, such as courier services, to transmit challans/scrolls to Nodal/Focal Point branches.
This measure ensures that all payments and collections made on behalf of the Government at the end of March are recorded within the same fiscal year.
Regarding the reporting of March 2024 transactions by Nodal/Focal Point branches in April 2024, it is advised that branches adhere to the procedure outlined in the Annex ( disclosed with the notification ) .
In summary, Nodal/Focal Point branches must prepare separate sets of scrolls—one for March 2024 residual transactions and another for April transactions—within the initial 10 days of April 2024.
Additionally, these branches must ensure that all transactions ( revenues, tax collections, payments ) up to March 31, 2024, are recorded in the accounts for the current financial year at the receiving branches, without any commingling with April 2024 transactions.
Furthermore, while reporting transactions related to March 2024 up to April 10, 2024, April 2024 transactions should remain distinct from the residual transactions of March 2024.
Brief of Details Mentioned in Annex
Beginning April 1, 2024, Nodal/Focal Point branches will segregate scrolls/challans received from receiving branches daily, distinguishing between March 2024 transactions and those from April 1, 2024 onwards. Main scrolls for March 2024 transactions from April 1 to April 10, 2024, will be labeled sequentially as “March Residual – 1,” “March Residual – 2,” and so forth. These, along with daily summaries, will be sent to Departmental Officials as usual.
Additionally, Nodal/Focal Point branches must report these transactions to the Link Cell via separate Daily Memos for daily settlements with RBI, CAS Nagpur. After receipt, the Link Cell will forward advice for March Residual transactions to RBI, CAS Nagpur. This process is to continue until April 10, 2024.
Following these procedures, Nodal/Focal Point branches must submit two sets of DMS to Zonal Accounts Officers/Pay and Accounts Officers for March 2024 transactions: one for transactions up to March 31, 2024, and another for March Residual transactions adjusted with RBI, CAS Nagpur, from April 1 to April 10, 2024.
Since Nodal/Focal Point branches will report both April 2024 and March 2024 residual transactions, monthly statements for April 2024 transactions should be provided to Zonal Accounts Officers/Pay and Accounts Officers. To differentiate between April 2024 ( financial year 2024-25 ) and March Residual Transactions, the latter should be clearly marked as “March Residual Account” and submitted by April 18, 2024.
As a note, it was provided that the transactions realized on or before March 31, 2024, are considered March 2024 or March Residual Transactions and should be reported in April ( up to April 10, 2024 ). Transactions tendered before March 31, 2024, but realized after April 1, 2024, are treated as April Transactions for the next financial year. Separate scrolls should be prepared accordingly for March 2024 and April 2024 ( Financial year 2024-25 ) transactions.
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