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of <h1>RBI Circular: Banks Must Close March 2016 Transactions by April 10, Ensure Accurate Year-End Accounting.</h1> The circular from the Reserve Bank of India outlines the procedure for reporting and accounting of tax collections and departmental transactions for the financial year 2015-16. It mandates that residual transactions for March 2016 be closed by April 10, 2016. Banks are instructed to implement special arrangements, such as courier services, to ensure timely reporting. Nodal/Focal Point branches must prepare separate scrolls for March residual transactions and April transactions. Non-Civil Ministries should follow similar procedures. The circular emphasizes the importance of accurately distinguishing between transactions of the current and next financial year to ensure proper accounting.
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