Special Arrangements for Reporting and Accounting of March Transactions
The Reserve Bank of India has announced special arrangements for the collection of dues of the Central Board of Direct Taxes, Central Board of Excise and Customs, and Departmentalised Ministries Account for the financial year 2012-13.
These arrangements are in place to ensure that all transactions for the month of March are accounted for in the same financial year.
For the first 15 days of April, special messenger and courier services will be used to facilitate the reporting of March transactions.
All transactions reported during this period will be distinctly marked as “March Residual – 1” and “March Residual – 2” and will be accounted for in a separate “March Residual Account”.
A detailed note on the reporting of March transactions is provided in the ANNEX.
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