What changed
The Government of India fixed April 10, 2024 as the closure date for residual March 2024 transactions, replacing the previous year's procedure. Agency banks must now prepare separate scrolls for March residual transactions (marked 'March Residual – 1' etc.) and April transactions during the first 10 days of April 2024, ensuring no mixing of financial year transactions.
What it means for you
Banks acting as agency banks must urgently implement special courier arrangements for receiving branches to forward challans/scrolls to nodal/focal point branches before March end. Nodal branches must segregate and report March residual transactions separately to Link Cells, which then forward them to RBI CAS Nagpur, ensuring accurate government account closure for FY2023-24.
What you must do
- Inform all receiving branches about special messenger/courier arrangements for March-end challans/scrolls.
- Direct nodal/focal point branches to prepare separate scrolls for March residual transactions (marked sequentially) and April transactions from April 1-10, 2024.
- Ensure Link Cells segregate March residual advices and forward them separately to RBI CAS Nagpur by April 10, 2024.
- Verify that all March 31, 2024 transactions are accounted in FY2023-24 accounts and not mixed with April 2024 transactions.
Who it affects
All agency banks handling Central Government transactions, Receiving branches (including non-local branches), Nodal/Focal Point branches, Link Cells of banks
What is the deadline for reporting March 2024 residual transactions?
The closure date for residual March 2024 transactions is April 10, 2024. All such transactions must be reported by nodal/focal point branches to Link Cells and then to RBI CAS Nagpur by this date.
How should March residual scrolls be labeled?
Main scrolls for March 2024 transactions prepared from April 1 to April 10, 2024 must be distinctly marked as 'March Residual – 1', 'March Residual – 2', and so on, in consecutive order.
What happens to transactions reported after April 10, 2024?
Transactions reported after April 10, 2024 will be accounted in the usual manner in the accounts of the month of report, irrespective of the original transaction date.