RBI has published the Reporting and Accounting of Central Government transactions for March 2024. The Government of India’s decision to set April 10, 2024, as the closure date for residual transactions in March 2024 underscores the significance of timely reporting. It necessitates special arrangements by receiving branches to ensure that all payments and collections made on behalf of the government towards the end of March are duly recorded within the same financial year. These arrangements, including courier services, facilitate the swift transfer of challans and scrolls to Nodal/Focal Point branches, thereby streamlining the accounting process.
Upon receiving these transactions, Nodal/Focal Point branches are tasked with meticulous segregation and reporting. The Annex accompanying the circular delineates the procedure succinctly. From April 1, 2024, these branches must segregate daily scrolls/challans related to March 2024 transactions. These transactions are further categorized into residual transactions from the previous financial year and current transactions.
To ensure clarity and accuracy, Nodal/Focal Point branches mark each main scroll for March 2024 transactions from April 1 to April 10 with distinct labels such as “March Residual – 1,” “March Residual – 2,” and so forth. This meticulous labeling aids in tracking and organizing the transactions, enabling efficient reporting to departmental officials and designated officers.
Furthermore, the importance of clear communication and coordination is highlighted in the procedure. Nodal/Focal Point branches are required to report these transactions to the Link Cell through separate Daily Memos. These memos facilitate daily settlements with the Reserve Bank of India, Central Accounts Section (CAS) in Nagpur. This meticulous reporting ensures that transactions are accurately reflected in the government’s accounts, contributing to financial transparency and accountability.
Additionally, the circular emphasizes the distinction between March 2024 residual transactions and April 2024 transactions for the next financial year (2024-25). Separate sets of Daily Memos (DMS) are prepared by Nodal/Focal Point branches, one for transactions up to March 31, 2024, and another for March Residual transactions adjusted with the Reserve Bank of India during April 1 to April 10, 2024.
As prescribed in Circular GA.NB.No.376/42.01.001/1995-96 dated May 22, 1996, the handling of cheques and amounts is governed by specific guidelines. Cheques and amounts realized on or before March 31, 2024, are treated as transactions relating to the current financial year, while those realized on or after April 1, 2024, are classified as transactions for the next financial year.
