What changed
The Government of India fixed April 10, 2025 as the closure date for residual March 2025 transactions, replacing the previous year's procedure. Agency banks must now prepare separate scrolls for March residual and April transactions during the first 10 days of April, with distinct serial numbering for March residual scrolls.
What it means for you
Banks must ensure receiving branches use special courier arrangements to forward March challans/scrolls to nodal branches before April 10, preventing FY 2024-25 transactions from spilling into FY 2025-26. Nodal branches must segregate daily scrolls and send separate March residual advices to Link Cells, which then settle with RBI CAS Nagpur. Mixing March and April transactions will cause accounting errors.
What you must do
- Instruct all receiving branches to use courier or special messenger for March 2025 challans/scrolls to reach nodal branches by April 10.
- Direct nodal/focal point branches to prepare separate main scrolls for March residual (marked 'March Residual – 1, 2...') and April transactions from April 1 to 10.
- Ensure nodal branches send separate Daily Memos for March residual transactions to Link Cells for daily settlement with RBI CAS Nagpur.
- Verify that all March 31, 2025 collections/payments are booked in FY 2024-25 accounts and not mixed with April 2025 transactions.
Who it affects
All agency banks handling Central Government transactions, Receiving branches of agency banks, Nodal/Focal Point branches, Link Cells of agency banks
What is the deadline for reporting March 2025 residual transactions?
April 10, 2025. After this date, transactions will be reported in the usual manner for the month of report, regardless of the transaction date.
How should nodal branches label March residual scrolls?
They must be distinctly marked as 'March Residual – 1', 'March Residual – 2', and so on, in consecutive order for each main scroll sent from April 1 to April 10, 2025.
What happens if March and April transactions are mixed?
Mixing will cause incorrect accounting for FY 2024-25. The circular explicitly requires segregation to ensure all March transactions are accounted in the current financial year.