Friday, March 18, 2016

Scheme for Collection of Dues- Special Arrangements - Financial Year 2015-16



(i) Central Board of Direct Taxes 
(ii) Central Board of Excise and Customs 
(iii) Departmentalised Ministries Account

The Government of India has decided that the date of closure of Residual Transactions for the month of March 2016 be fixed as April 10, 2016 for the Financial Year 2015-16.

Branches should introduce special messenger arrangements at receiving branches. Receiving branches not situated locally should also adopt arrangements such as courier service etc. for passing on challans/scrolls etc. to the Nodal/Focal Point branches so that all payments and collections made on behalf of government towards the end of March are accounted for in the same financial year.

The Nodal/Focal Point branches will be required to prepare separate sets of scrolls, one pertaining to March Residual Transactions and another for April Transactions during the first 10 days of April 2016. These branches should also ensure that the accounts for all transactions are effected upto March 31, 2016 in the accounts for the current financial year itself. While reporting transactions pertaining to March 2016 upto April 10, 2016, the transactions of April 2016 should not be mixed up with “March Residual Transactions."

The special arrangements for reporting to Nodal/Focal Point branches are also applicable to the reporting of transactions of Non-Civil Ministries.

Based on RBI Circular dt 17/03/16. Please visit www.rbi.org.in for any further clarification if required….. Poppy