RBI issues norms for reporting and accounting of Central Government Transactions

Mar 20, 2018 | by Avantis RegTech Legal Research Team

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The Reserve Bank of India (RBI) vide notification dated March 19, 2018 has decided that the date of closure of residual transactions for the month of March 2018 be fixed as April 10, 2018 for the Financial Year 2017-18.

In view of the ensuing closing of government accounts for the financial year 2017-18, 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.

·       The reporting of March 2018 transactions by Nodal/Focal Point branches in April; the branches may be advised to follow the procedure.

·       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 2018.

·       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, 2018

·       In the accounts for the current financial year itself and are not mixed up with the transactions of April 2018. Also, while reporting transactions pertaining to March 2018 up to April 10, 2018, the transactions of April 2018 should not be mixed up with the residual transactions relating to March 2018.

[RBI/2017-18/142 DGBA.GBD.No.2324/42.01.029/2017-18]

URL: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI1421E55B5BE1B934377BDBDC892F0531353.PDF


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