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Untitled Document

RESERVE BANK OF INDIA

IDMD CDD No.2347/14.04.051/2016-17

Dated: March 16, 2017

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 - Clarification.

Please refer to our letter IDMD.No.1451/08.03.016/2016-17 dated December 16, 2016 and Notification No. S.O.4061(E) dated December 16, 2016 issued by the Government of India about announcement of "Pradan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016. It has been brought to our notice that there is lack of clarity amongst investors on the reference number that needs to be quoted on Form V while uploading the same to the Income tax Authorities.

Currently, banks are issuing an acknowledgement for having received the amounts under PMGKDS. The details of the deposit are then entered in the Bank's e-kuber application which generates a "Subscription Receipt". The "Subscription Receipt" which is a system generated receipt, has an "Issue Reference No". This reference number will need to be quoted by the investor in the Form V of Income Tax Authorites, prior to uploading the same.

In order to bring in greater clarity, the nomenclature of "Issue Reference No" generated by e-kuber is being renamed as "Deposit Reference No". Necessary changes have been made in RBI's e-Kuber application to reflect this change. The staff of receiving banks under PMGKDS may be sensitized to take note of above changes and advise the depositors of PMGKDS, 2016 accordingly.

RBI/2016-17/251

(A Mangalagiri)
Chief General Manager

 

RESERVE BANK OF INDIA

DGBA GAD No.2377/42.01.029/2016-17

Dated: March 16, 2017

Annual Closing of Government Accounts - Transactions of Central / State Governments - Special Measures for the Current Financial Year (2016-17)

The Government of India has desired that all government transactions with banks must be accounted for within the same financial year and has requested that certain special arrangements be made for the purpose, as in previous years. Accordingly, all agency banks should keep the counters of their designated branches conducting government business open for government transactions up to 6.00 p.m. on March 30, 2017 and up to 8.00 p.m. on March 31, 2017. All electronic transactions would, however, continue till midnight on March 31, 2017. Banks may give adequate publicity to the special arrangements made.

2. As regards conduct of extended clearing sessions / operations on these two dates, separate guidelines are being issued by our Department of Payment and Settlement Systems, Central Office, Mumbai.

RBI/2016-17/250

(Partha Choudhuri)
General Manager

 

RESERVE BANK OF INDIA

DGBA GAD No. 2376/42.01.029/2016-17

Dated: March 16, 2017

Reporting and Accounting of Central Government Transactions of March 2017.

Please refer to Circular DGBA.GAD.No.2968/42.01.029/2015-16 dated March 17, 2016 advising the procedure to be followed for reporting and accounting of Central Government transactions (including CBDT, CBEC, departmentalised ministries and non-Civil Ministries) at the Receiving/Nodal/Focal Point branches of your bank for the Financial Year 2015-16.

2. The Government of India has decided that the date of closure of residual transactions for the month of March 2017 be fixed as April 10, 2017 for the Financial Year 2016-17. In view of the ensuing closing of government accounts for the financial year 2016-17, receiving branches including those not situated locally, should 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. These instructions regarding special messenger arrangements may please be informed to all branches concerned.

3. As regards reporting of March 2017 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 10 days of April 2017. The Nodal/Focal Point branches should also ensure that the accounts for all transactions (revenues/tax collections/payments) are effected at the receiving branches up to March 31, 2017 in the accounts for the current financial year itself and are not mixed up with the transactions of April 2017. Also, while reporting transactions pertaining to March
2017 up to April 10, 2017, the transactions of April 2017 should not be mixed up with
the residual transactions relating to March 2017.

4. Kindly issue necessary instructions in the matter to your branches concerned
immediately.

RBI/2016-17/249

(Partha Choudhuri)
General Manager

Encl: As above

ANNEX

Reporting of March Transactions

Beginning from April 1, 2017, the Nodal/Focal Point branches will segregate on a daily basis all scrolls/challans pertaining to March 2017 received from the receiving branches concerned and prepare separate main scrolls for:

(a) scrolls for transactions of March 2017 or earlier period (i.e. effected during the previous financial year 2016-17) and

(b) scrolls pertaining to current transactions (i.e. those effected from April 1, 2017 onwards).

2. The main scrolls for March 2017 transactions prepared from April 1 to April 10, 2017 are to be distinctly marked as March Residual - 1, March Residual - 2 and so on upto April 10, 2017. In other words, serial number should be allotted in consecutive order for each main scroll of March 2017 transactions sent from April 1 to April 10, 2017. These scrolls alongwith the copies of daily summary of Receipts and Payments prepared separately for March 2017 transactions will be forwarded to the Departmental Officials concerned (i.e. Zonal Accounts Officers/Pay and Accounts Officers and Designated Officers) in the usual way. The Nodal/Focal Point branches will also be required to report the above transactions to the Link Cell through separate Daily Memos. These advices must be sent to enable the Link Cell of each bank at Nagpur, to make daily settlement with Reserve Bank of India, Central Accounts Section (CAS) Nagpur. On receipt of advices from the Nodal/Focal Point branches, the Link Cell should segregate the advices for the March Residual transactions and forward them separately to Reserve Bank of India, CAS, Nagpur. This procedure should continue upto and inclusive of April 10, 2017 only. All transactions reported thereafter by the receiving branches will be reported and accounted for in the usual manner in the accounts of the month of report irrespective of the date of transaction. Following the special arrangements for March 2017 transactions, it is necessary for the Nodal/Focal Point branches to prepare two sets of DMS to be submitted to Zonal Accounts Officers/Pay and Accounts Officers for March 2017 transactions - one for transactions upto March 31, 2017 and another for March Residual Transactions adjusted by Nodal/Focal Point branches with Reserve Bank of India, Central Accounts Section, Nagpur, during April 1 to April 10, 2017.

Since the Nodal/Focal Point branch will also be reporting the April 2017 transactions pertaining to year 2017-18 in addition to March Residual transactions, monthly statement for April transactions should be compiled and furnished to Zonal Accounts Officers/Pay and Accounts Officers in the usual way. In order to distinguish the April 2017 (year 2017-18) and March Residual Transactions, the statement pertaining to March Residual Transactions should be clearly marked as "March Residual Account".

Note: As advised in our circular GA.NB.No.376/42.01.001/1995-96 dated May 22, 1996 all the cheques/amounts realized on or before March 31, 2017 should be treated as transactions relating to the current financial year as "March 2017 or March Residual Transactions", the reporting of which may take place during the month of April (upto April 10, 2017). But if any cheque is tendered on or before March 31, 2017 and realized on or after April 1, 2017, it will be treated as transaction for the next financial year as "April Transactions". Accordingly, the banks will prepare separate scrolls for March 2017 and April 2017 (year 2017-18) transactions.