What changed
The closure date for residual March 2007 government transactions is fixed as April 16, 2007. Banks are instructed to implement special messenger arrangements at receiving branches from the second fortnight of March 2007, and to clear any arrears before March 15, 2007. Nodal/Focal Point branches must prepare separate scrolls for March residual and April transactions during the first 16 days of April.
What it means for you
Agency banks must ensure that all government tax collections and payments made up to March 31, 2007 are recorded in the current financial year, not mixed with April transactions. This requires operational discipline at receiving and nodal branches to avoid accounting errors that could delay government revenue reconciliation. The same procedure applies to Non-Civil Ministries (Defence, Posts, Railways, Telecommunications).
What you must do
- Reiterate instructions to all receiving branches to implement special messenger/courier arrangements from the second fortnight of March 2007 for timely transmission of challans/scrolls to Nodal/Focal Point branches.
- Direct branches to clear any outstanding arrears before March 15, 2007.
- Instruct Nodal/Focal Point branches to prepare separate scrolls for March residual transactions and April transactions during April 1-16, 2007, ensuring no mixing of periods.
- Ensure branches handling Non-Civil Ministries transactions follow the same procedure for March 2007 reporting.
Who it affects
All agency banks handling government tax collections (CBDT, CBEC, Departmentalised Ministries), Receiving branches of agency banks, Nodal/Focal Point branches of agency banks, Branches handling Non-Civil Ministries (Defence, Posts, Railways, Telecommunications)
What is the deadline for clearing arrears before the March closing?
Branches must clear any arrears before March 15, 2007, as per the circular.
How should Nodal/Focal Point branches handle transactions in early April?
From April 1 to April 16, 2007, they must segregate scrolls daily into two sets: one for March 2007 residual transactions and another for current April transactions, ensuring no mixing.
Does this procedure apply to Non-Civil Ministries like Defence and Railways?
Yes, the same special arrangements and reporting procedure apply to transactions of Non-Civil Ministries (Defence, Posts, Railways, Telecommunications) as for Departmentalised Ministries.