March residual transactions: banks must segregate and report year end receipts separately to secure accounting in the prior year. Banks must treat receipts realised on or before the financial year end as March Residual Transactions and ensure these are accounted in the prior year even if reported in April; receiving branches should use special messenger/courier arrangements to forward challans to Nodal/Focal Point branches. From April 1 to April 10 Nodal/Focal Point branches shall segregate and serially label March Residual main scrolls, prepare separate daily summaries and Daily Memos for March Residual and April transactions, forward March Residual advices for settlement with the Reserve Bank, and submit two sets of submissions to departmental accounts officers.
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Provisions expressly mentioned in the judgment/order text.
March residual transactions: banks must segregate and report year end receipts separately to secure accounting in the prior year.
Banks must treat receipts realised on or before the financial year end as March Residual Transactions and ensure these are accounted in the prior year even if reported in April; receiving branches should use special messenger/courier arrangements to forward challans to Nodal/Focal Point branches. From April 1 to April 10 Nodal/Focal Point branches shall segregate and serially label March Residual main scrolls, prepare separate daily summaries and Daily Memos for March Residual and April transactions, forward March Residual advices for settlement with the Reserve Bank, and submit two sets of submissions to departmental accounts officers.
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