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Reporting And Accounting Of Central Government Transactions For March 2023 

By - Sheetal Agarwal on April 11, 2023

The date of final settlement of any outstanding transactions for the month of March 2023 has been set by the Government of India as April 10, 2023.  

Receiving branches, including those that are not local, should make special arrangements, like using a courier service, to send challans, scrolls, and other documents to the Nodal/Focal Point branches in order to ensure that all payments and collections made on behalf of the government by the end of March are recorded in the same fiscal year. 

As on April 1, 2023, all scrolls and challans pertaining to March 2023 received from the relevant receiving branches will be separated daily by the Nodal/Focal Point branches, who will also prepare distinct main scrolls for: 

  • Scrolls for transactions done in March 2023 or earlier (i.e., in the fiscal year before to that, 2022-23) and; 
  • Scrolls with detail regarding recent transactions (i.e., those affected from April 1, 2023, onwards). 

The primary scrolls for March 2023 transactions prepared between April 1 and April 10, 2023, must be clearly marked with the terms "March Residual—1," "March Residual—2," and so on until April 10, 2023. In other words, each main scroll of March 2023 transactions sent between April 1 and April 10, 2023, shall be assigned a serial number in sequential order.  

The applicable Departmental Authorities (i.e., Zonal Accounts Officers/Pay and Accounts Officers and Designated Officers) would get these scrolls, along with copies of the daily summary of receipts and payments generated separately for the transactions in March 2023. The aforementioned transactions must also be reported by the Nodal/Focal Point branches to the Link Cell in separate Daily Memos. To enable the Link Cell of each bank in Nagpur to settle daily with the Reserve Bank of India's Central Accounts Section (CAS) Nagpur, these recommendations must be sent. The Link Cell should separate the advice for the March Residual transactions upon receiving them from the Nodal/Focal Point branches and send them separately to the Reserve Bank of India, CAS, Nagpur.

This method should be followed only through April 10, 2023, inclusive. Regardless of the date of the transaction, all subsequent transactions reported by the receiving branches will be recorded and accounted for in the accounts of the month of the report. The Nodal/Focal Point branches must prepare two sets of DMS in accordance with the special arrangements for March 2023 transactions, one for transactions up to March 31, 2023, and the other for March residual transactions adjusted by Nodal/Focal Point branches with Reserve Bank of India, Central Accounts Section, Nagpur, during April 1 to April 10, 2023. 

The monthly statement for the April 2023 transactions should be compiled and provided to Zonal Accounts Officers/Pay and Accounts Officers in the usual manner because the Nodal/Focal Point branch will also be reporting the April 2023 transactions related to the year 2023–24 in addition to the March 2023 residual transactions. The statement referring to the March Residual Transactions should be clearly labeled as "March Residual Account" in order to distinguish between the April 2023 (the financial year 2023–2024) and March Residual Transactions. By no later than April 18, 2023, all focal point branches must send the statement of March (residual) transactions to the zonal accounts officers and pay and accounts officers. 

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