Reporting and Accounting of Central Government Transactions for March 2025
As per Circular DGBA.GBD.No.S1217/42-01-029/2023-2024 dated March 13, 2024, the procedure for reporting and accounting of Central Government transactions—including transactions related to the Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC), Departmentalized Ministries, and Non-Civil Ministries—has been outlined for the financial year 2024-25.
The Government of India has set April 10, 2025, as the closure date for residual transactions of March 2025. Receiving branches, including those outside major centers, should arrange for expedited transfer of challans, scrolls, and other documents to their respective Nodal/Focal Point branches to ensure that all payments and collections made at the end of March 2025 are accounted for within the same financial year. Special messenger arrangements should be implemented to facilitate this process.
Segregation and Reporting of March 2025 Transactions
From April 1 to April 10, 2025, Nodal/Focal Point branches must prepare and maintain two separate sets of scrolls:
- March 2025 residual transactions (transactions that occurred during the financial year 2024-25 but are reported in April 2025).
- April 2025 transactions (transactions pertaining to the financial year 2025-26).
The March residual transactions should be distinctly marked as “March Residual – 1,” “March Residual – 2,” and so on, up to April 10, 2025. These scrolls must be submitted separately to the respective Zonal Accounts Officers (ZAOs), Pay and Accounts Officers (PAOs), and other designated officials.
Reporting to the Reserve Bank of India (RBI)
Nodal/Focal Point branches must send separate daily memos for March residual transactions to the Link Cell, which will forward them separately to RBI’s Central Accounts Section (CAS), Nagpur. This process should continue until April 10, 2025. Any transactions reported after this period will be recorded in the accounts of the reporting month, regardless of when they occurred.
Distinction Between March and April Transactions
- Transactions where the cheque or payment is realized by March 31, 2025, will be classified as “March Residual Transactions.”
- If a cheque is submitted before March 31, 2025, but realized on or after April 1, 2025, it will be treated as an “April Transaction” under the financial year 2025-26.
All focal point branches must submit the final March Residual Account statement to ZAOs/PAOs by April 18, 2025.
