Page 49 - Banking Finance April 2018

RBI CIRCULAR

from April 1 to April 10, 2018 are to be distinctly marked Point Branches to Zonal Accounts Officers/Pay and Accounts
as March Residual - 1, March Residual - 2 and so on Officers latest by April 18, 2018.
upto April 10, 2018. In other words, serial number
should be allotted in consecutive order for each main Note: As advised in our circular GA.NB.No.376/42.01.001/
scroll of March 2018 transactions sent from April 1 to 1995-96 dated May 22, 1996 all the cheques/amounts realized
April 10, 2018. These scrolls alongwith the copies of on or before March 31, 2018 should be treated as transactions
daily summary of Receipts and Payments prepared relating to the current financial year as "March 2018 or March
separately for March 2018 transactions will be Residual Transactions", the reporting of which may take place
forwarded to the Departmental Officials concerned during the month of April (upto April 10, 2018). But if any
(i.e. Zonal Accounts Officers/Pay and Accounts Officers cheque is tendered on or before March 31, 2018 and realized
and Designated Officers) in the usual way. The Nodal/ on or after April 1, 2018, it will be treated as transaction for
Focal Point branches will also be required to report the the next financial year as "April Transactions". Accordingly, the
above transactions to the Link Cell through separate banks will prepare separate scrolls for March 2018 and April
Daily Memos. These advices must be sent to enable the 2018 (year 2018-19) transactions.
Link Cell of each bank at Nagpur, to make daily
settlement with Reserve Bank of India, Central Submission of returns by the Govern-
Accounts Section (CAS) Nagpur. On receipt of advices
from the Nodal/Focal Point branches, the Link Cell ment-owned Non-Banking Financial
should segregate the advices for the March Residual Companies
transactions and forward them separately to Reserve
RBI/2017-18/141
Bank of India, CAS, Nagpur. This procedure should
continue upto and inclusive of April 10, 2018 only. All DNBS.PD.CC.No.1925/66.08.001/2017-18
transactions reported thereafter by the receiving
1. In exercise of the powers conferred by sections 45JA,
branches will be reported and accounted for in the
45K and 45L of the Reserve Bank of India Act, 1934
usual manner in the accounts of the month of report
(hereinafter referred to as the RBI Act), it has been
irrespective of the date of transaction. Following the
decided to apply the Master Direction - Non-Banking
special arrangements for March 2018 transactions, it
Financial Company Returns (Reserve Bank) Directions,
is necessary for the Nodal/Focal Point branches to
2016 dated September 29, 2016 to all the Non-Banking
prepare two sets of DMS to be submitted to Zonal
Accounts Officers/Pay and Accounts Officers for March Financial Companies, being Government Companies as
defined in Clause 45 of section 2 of the Companies Act,
2018 transactions - one for transactions upto March
2013, and registered with Reserve Bank of India under
31, 2018 and another for March Residual Transactions
section 45IA of the Reserve Bank of India Act, 1934
adjusted by Nodal/Focal Point branches with Reserve
("such NBFCs").
Bank of India, Central Accounts Section, Nagpur, during
April 1 to April 10, 2018. 2. Accordingly, all such NBFCs shall put in place a reporting
system for filing periodic returns with the Bank, as
Since the Nodal/Focal Point branch will also be reporting detailed in the aforesaid Master Directions, to the
the April 2018 transactions pertaining to year 2018-19 in extent applicable to them (as per their size and
addition to March Residual transactions, monthly statement whether they accept public deposits). The returns
for April transactions should be compiled and furnished to should be compiled on the basis of the figures available
Zonal Accounts Officers/Pay and Accounts Officers in the in the books of accounts of such NBFCs and filed with
usual way. In order to distinguish the April 2018 (year 2018- the RBI on-line (using the COSMOS software package)
19) and March Residual Transactions, the statement by an authorised official of the NBFC, who shall be
pertaining to March Residual Transactions should be clearly specifically authorised in this regard by the Board of
marked as "March Residual Account". The statement of Directors of such NBFC concerned. The name of the
March (Residual) Transactions should be sent by all Focal authorised official may be informed to us.

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