What changed
The Government of India fixed April 10, 2021 as the closure date for residual March 2021 transactions. Agency banks are now required to prepare separate main scrolls for March residual transactions (marked 'March Residual – 1, 2...') and April transactions during the first 10 days of April. Special messenger arrangements must be made for receiving branches to ensure all March payments and collections are accounted in FY 2020-21.
What it means for you
Banks must implement strict segregation of March residual and April transaction scrolls at nodal/focal point branches to avoid mixing up government accounts. This ensures accurate closure of FY 2020-21 government accounts. The separate reporting to Link Cell and CAS Nagpur will require additional operational coordination and daily memo preparation.
What you must do
- Instruct all receiving branches to use courier or special messenger for forwarding March 2021 challans/scrolls to nodal/focal point branches by April 10, 2021.
- Direct nodal/focal point branches to prepare separate main scrolls for March residual transactions (marked sequentially as March Residual-1, etc.) and April transactions from April 1 to April 10.
- Ensure nodal/focal point branches send separate Daily Memos for March residual transactions to the Link Cell for daily settlement with RBI CAS Nagpur.
- Verify that all March 2021 transactions up to March 31 are booked in FY 2020-21 accounts and not mixed with April 2021 transactions.
- Issue immediate circular to all concerned branches with the prescribed procedure and timeline.
Who it affects
All agency banks handling Central Government transactions, Nodal/Focal Point branches of agency banks, Receiving branches (including non-local branches), Link Cells of banks at Nagpur, Departmental officials (Zonal Accounts Officers, Pay and Accounts Officers)
What is the deadline for reporting March 2021 residual transactions?
The closure date for residual March 2021 transactions is April 10, 2021. All such transactions must be reported by nodal/focal point branches to the Link Cell and RBI CAS Nagpur by this date.
How should March residual scrolls be labeled?
Main scrolls for March 2021 transactions prepared from April 1 to April 10 must be distinctly marked as 'March Residual – 1', 'March Residual – 2', and so on, in consecutive order.
What happens if a receiving branch sends a March transaction after April 10?
Transactions reported after April 10, 2021 will be accounted for in the usual manner in the accounts of the month of reporting, i.e., April 2021 or later, and not in FY 2020-21.