What changed
The Government of India fixed April 15, 2010 as the closure date for residual March 2010 transactions. Agency banks must implement special messenger/courier services from the second fortnight of March 2010 to expedite challan/scroll transmission to nodal branches. Nodal branches must prepare separate scroll sets for March residual and April transactions during the first 15 days of April 2010.
What it means for you
Banks must ensure all government tax collections and payments made up to March 31, 2010 are booked in FY 2009-10 accounts without mixing with April transactions. This requires operational discipline at receiving and nodal branches to avoid accounting errors and potential reconciliation issues. Non-civil ministries (Defence, Posts, Railways, Telecom) follow the same procedure.
What you must do
- Reiterate instructions to all receiving branches to implement special messenger/courier arrangements from the second fortnight of March 2010.
- Ensure all arrears are cleared before March 15, 2010.
- Direct nodal/focal point branches to prepare separate scrolls for March residual and April transactions during April 1-15, 2010.
- Verify that March transactions are not mixed with April transactions in reporting.
- Extend the same procedure to branches handling non-civil ministries transactions.
Who it affects
All agency banks handling government tax collections, Receiving branches (local and non-local), Nodal/focal point branches, Branches handling non-civil ministries (Defence, Posts, Railways, Telecom)
What is the deadline for clearing arrears before March 2010 closure?
All arrears must be cleared before March 15, 2010, as per the circular.
How should nodal branches handle scrolls during April 1-15, 2010?
Nodal branches must segregate March residual transactions from April transactions daily and prepare separate scroll sets for each.
Does this circular apply to non-civil ministries like Defence and Railways?
Yes, the same special arrangements and reporting procedures apply to transactions of Defence, Posts, Railways, and Telecommunications.