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Book closure date for financial year 2013-14 is April 15 2014

Government of India decided that the book closure date for financial year 2013-14 is April 15 2014. Reserve bank of India issued a note dated 27 March 2014 regarding this issue. Full note is as under.

Please refer to Circular DGBA.GAD.No.H - 5353/42.01.029/2012-13 dated March 14, 2013 advising the procedure to be followed for reporting and accounting of collection of Direct Taxes (CBDT) and Indirect Taxes (CBEC) and transactions of Departmentalized Ministries at the Receiving/Nodal/Focal Point branches of your bank for the Financial Year 2012-13.

2. The Government of India has decided that the date of closure of Residual Transactions for the month of March 2014 be fixed as April 15, 2014 for the Financial Year 2013-14. Accordingly, you may close the relative books of account on April 15, 2014.

3. In view of the ensuing closing of Government Accounts for the financial year 2013-14, you may please reiterate the instructions to your branches regarding introduction of special messenger arrangements at your receiving branches. Receiving branches not situated locally should also adopt special 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.

4. As regards reporting of March 2014 transactions by Nodal/Focal Point branches in April, the branches may be advised to follow the procedure as outlined in the Annex. To sum up, 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 15 days of April 2014. The Nodal/Focal Point branches should also ensure that the accounts for all transactions (revenues/tax collections/payments) are effected at the receiving branches upto March 31, 2014 in the accounts for the current financial year itself and are not mixed up with the transactions of April 2014. Also, while reporting transactions pertaining to March 2014 up to April 15, 2014, the transactions of April 2014 should not be mixed up with “March Residual Transactions."

5. The procedure now followed for reporting and accounting of transactions of Non-Civil Ministries viz. Defence, Posts, Railways and Telecommunications (which was revised with effect from October 1, 1993), is similar to the procedure for reporting and accounting of transactions of Departmentalised Ministries. The special arrangements for reporting March transactions by receiving branches to Nodal/Focal Point branches and the procedure for reporting March 2014 transactions in April 2014 by Nodal/Focal Point branches as indicated in paragraphs 3 and 4 above are also applicable to the reporting of transactions of Non-Civil Ministries. The branches of your bank handling the Non-Civil Ministries transactions, if any, may, therefore, be advised to follow the above procedure.

6. We shall be glad if you will please issue necessary instructions in the matter to your branches concerned immediately.

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