What changed
The Government of India fixed April 11, 2022 as the closure date for residual March 2022 transactions, replacing earlier procedures for FY 2020-21. Nodal/Focal Point branches must now prepare separate main scrolls for March residual and April transactions from April 1 to April 11, 2022, with sequential numbering for March residual scrolls.
What it means for you
Banks must ensure all March 2022 government collections and payments are accounted in FY 2021-22, even if processed in early April. This requires strict segregation of scrolls and daily reporting to Link Cell for CAS settlement, preventing mixing of fiscal years. Non-compliance could lead to reconciliation issues with government accounts.
What you must do
- Instruct all receiving branches to use courier or special messenger for March 2022 challans/scrolls to Nodal/Focal Point branches by March 31.
- Direct Nodal/Focal Point branches to prepare separate main scrolls for March residual (numbered March Residual-1, etc.) and April transactions from April 1 to April 11.
- Ensure Link Cell segregates March residual advices and forwards them separately to RBI CAS Nagpur daily until April 11.
- Communicate these instructions immediately to all concerned branches and ensure compliance with segregation and reporting timelines.
Who it affects
All agency banks handling central government transactions, Receiving branches (including non-local) of agency banks, Nodal/Focal Point branches, Link Cells at Nagpur
What is the deadline for reporting March 2022 residual transactions?
The closure date is April 11, 2022. All March residual transactions must be reported to RBI CAS Nagpur via Link Cell by this date, with separate scrolls and daily memos.
How should branches handle challans received after March 31 but dated March 2022?
Receiving branches must pass these to Nodal/Focal Point branches using special courier. Nodal branches then prepare separate March residual scrolls (numbered sequentially) and report them via separate Daily Memos to Link Cell until April 11.
What happens if April transactions are mixed with March residual scrolls?
RBI explicitly prohibits mixing. Nodal branches must maintain strict segregation: one set of scrolls for March residual and another for April transactions. Mixing could cause accounting errors and delay government account closure.