What changed
The Government of India fixed April 10, 2023 as the closure date for residual March 2023 transactions. RBI now mandates that receiving branches use special messenger or courier services to forward challans/scrolls to nodal branches, ensuring all March-end transactions are captured in the same financial year. Nodal branches must prepare separate, distinctly marked scrolls for March residual transactions (e.g., 'March Residual – 1') and April transactions, with daily segregation starting April 1.
What it means for you
Banks must urgently implement special logistical arrangements to avoid mixing March and April transactions, as any delay could misstate government accounts for FY 2022-23. Nodal branches face increased operational burden to segregate and mark scrolls daily, and link cells must separately forward March residual advices to RBI CAS Nagpur. Failure to comply may lead to reconciliation issues and regulatory scrutiny, especially for tax collections and payments.
What you must do
- Immediately instruct all receiving branches to use courier or special messenger services for March-end challans/scrolls to nodal branches.
- Ensure nodal branches segregate March residual transactions from April transactions daily from April 1 to April 10, 2023.
- Prepare and mark main scrolls for March residual transactions as 'March Residual – 1', 'March Residual – 2', etc., up to April 10.
- Forward separate daily summaries of receipts/payments for March transactions to departmental officials and link cells.
- Train link cell staff to segregate and forward March residual advices separately to RBI CAS Nagpur through April 10.
Who it affects
All agency banks handling Central Government transactions, Receiving branches (including non-local branches), Nodal/Focal Point branches, Link cells at Nagpur, Departmental officials (Zonal Accounts Officers, Pay and Accounts Officers)
What is the deadline for reporting March 2023 residual transactions?
The closure date for residual March 2023 transactions is April 10, 2023. All transactions reported after this date will be accounted in the month of report, regardless of the transaction date.
How should nodal branches label March residual scrolls?
Nodal branches must mark main scrolls for March residual transactions as 'March Residual – 1', 'March Residual – 2', and so on, in consecutive order, for each scroll sent from April 1 to April 10, 2023.
What happens if March and April transactions are mixed?
Mixing transactions could lead to incorrect accounting for FY 2022-23, causing reconciliation issues with government accounts and potential regulatory action. Strict segregation is mandatory.