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Role of Reserve Bank of India in Government Accounting Role of RBI RTI Allahabad Role of Reserve Bank of India in Government Accounting Role of RBI RTI Allahabad 1

Session Overview • Reserve Bank of India is the banker of the Government. • Session Overview • Reserve Bank of India is the banker of the Government. • Union Government and all State Governments, except the Government of Sikkim have entered into an agreement with the bank for conducting Government Business; Role of RBI RTI Allahabad 2

Session Overview • The banking business of Government is conducted under the Reserve Bank Session Overview • The banking business of Government is conducted under the Reserve Bank of India, Act 1934 and as per the orders/instructions given to the bank by Union Government; • At places where the Reserve Bank does not have its branch, State Bank of India performs the function on behalf of the former; • Reserve Bank of India holds the cash balances of the Government; Role of RBI RTI Allahabad 3

Session Overview • Central Accounts Section of the Reserve Bank of India at Nagpur Session Overview • Central Accounts Section of the Reserve Bank of India at Nagpur keeps a complete account of Governments transactions; • Inter-Government transactions are also affected by the Reserve Bank of India on the advice of designated authorities. Role of RBI RTI Allahabad 4

Session Overview • In this session we will discuss: • The role of Reserve Session Overview • In this session we will discuss: • The role of Reserve Bank of India in Government Accounting; • Inter Government and inter departmental adjustments; • Checks and balances in the Accountants General Office. Role of RBI RTI Allahabad 5

Learning Objective • At the end of the session, the learner will be able Learning Objective • At the end of the session, the learner will be able to state the role of Reserve Bank of India in Government Accounts, adjustment of Inter Government Transactions, and adjustment of the outstanding suspense balances under final heads. Role of RBI RTI Allahabad 6

Role of Reserve Bank of India • Banking business of Government like: • Receipt Role of Reserve Bank of India • Banking business of Government like: • Receipt of moneys on behalf of the Government; • Holding of cash balances; • Ways and means advances to the Governments to tide over temporary liquidity problems; • Investment of surplus cash as per directions of the Government. Role of RBI RTI Allahabad 7

Role of Reserve Bank of India • The Union Government and all the State Role of Reserve Bank of India • The Union Government and all the State Governments (except the Government of Sikkim) have entered into an agreement with the RBI to conduct their banking business; Role of RBI RTI Allahabad 8

Role of Reserve Bank of India • Ministries and Departments of Central Government shall Role of Reserve Bank of India • Ministries and Departments of Central Government shall operate on such offices/branches of the Reserve Bank or of the bank as have been or may be nominated for handling the receipt and payment transactions of the particular ministry or departments. Role of RBI RTI Allahabad 9

Role of Reserve Bank of India • The Transactions of Railway, Posts, Telecommunications and Role of Reserve Bank of India • The Transactions of Railway, Posts, Telecommunications and Defence Department arising at RBI and SBI, acting as an agent of RBI, shall be distinguished from the Central Transactions in the initial accounts and classified separately. Role of RBI RTI Allahabad 10

Role of Reserve Bank of India • Similarly, each office or branch of the Role of Reserve Bank of India • Similarly, each office or branch of the RBI or the SBI acting as an agent of the RBI, shall keep a separate accounts of cash transactions undertaken by it on behalf of the State Government within whose area it is situated. Role of RBI RTI Allahabad 11

Role of Reserve Bank of India • Statement of these transactions together with all Role of Reserve Bank of India • Statement of these transactions together with all supporting vouchers, challans, paid cheques etc. is forwarded by each office and branch of the RBI daily to concerned PAOs, Railways, Defence, Post, Telecommunication Department, Treasury Officers. These transactions are also reported to the CAS of the RBI, Nagpur daily through designated link offices. Role of RBI RTI Allahabad 12

Account of the Central Government with the Bank • Ministries and Departments of the Account of the Central Government with the Bank • Ministries and Departments of the Central Government shall, as a rule, operate on such offices and branches of the Reserve Bank and or of a designated scheduled bank, as have been, or may be nominated for handling the receipt and payment transactions of the particular Ministry or Department. Role of RBI RTI Allahabad 13

Maintenance and submission of Accounts • Each office or branch of the RBI or Maintenance and submission of Accounts • Each office or branch of the RBI or bank handling transactions of the Ministries/Departments of the Central Government shall maintain separate accounts in respect or each Ministry and Department banking with it and render an account of the transactions to the PAO of the concerned Ministry and, or Department, at such intervals as may be prescribed by the Government, together with all the supporting challans, paid cheques. Role of RBI RTI Allahabad 14

Maintenance and submission of Accounts • These transactions shall also be routed through the Maintenance and submission of Accounts • These transactions shall also be routed through the banking channel prescribed by the RBI, to facilitate their incorporation in the books of the RBI, CAS, at Nagpur, which is responsible for keeping a complete account, of receipt and payments (including inter-Governmental adjustments and adjustments inter-se of Defence, Railways and Posts- other than Telecommunications) on account of the Central Government. Role of RBI RTI Allahabad 15

Statement of Closing Balances • A statement of the closing balance of the Central Statement of Closing Balances • A statement of the closing balance of the Central Government shall be sent each month, by the CAS of the RBI to the Controller General of Accounts, indicating: • (i) Central Government Account Balance (in respect of Central transactions and Union Territory Administrations dealt with by Accountants General and of all Union Territory Governments with Legislature) • (ii) Railway Fund Balance; Role of RBI RTI Allahabad 16

Statement of Closing Balances • • (iii) Postal Account balance; (iv) Telecommunication Account Balance; Statement of Closing Balances • • (iii) Postal Account balance; (iv) Telecommunication Account Balance; (v) Defence Account Balance; (vi)Departmentalized Ministries’ Account Balance (which also includes transactions of Union Territories of Delhi and Andaman and Nicobar Islands whose accounts have been separated) • (vii) Total Role of RBI RTI Allahabad 17

Monthly statements • The CAS of RBI shall maintain individual accounts of various Central Monthly statements • The CAS of RBI shall maintain individual accounts of various Central Government Ministries, Departments and of Union Territory Administrations having separated accounts offices, and send a monthly statement to their Principal Accounts Offices with such supporting details as may be prescribed by the RBI in consultation with the Controller General of Accounts: Role of RBI RTI Allahabad 18

Accounts of State Governments with the Bank • Each State Government has made a Accounts of State Governments with the Bank • Each State Government has made a separate agreement with the RBI by virtue of which the General banking business of that Government is carried on and transacted by the Reserve Bank. The operations of each State shall, however, be confined to the offices and branches of the RBI and of the bank which have been designated as falling within the area of that particular State. Role of RBI RTI Allahabad 19

Accounts of State Governments with the Bank • The receipt and payment of moneys Accounts of State Governments with the Bank • The receipt and payment of moneys on behalf of a State outside its jurisdiction shall ordinarily be arranged through the Accountant General of the State in which the transactions take place. Role of RBI RTI Allahabad 20

Maintenance of Accounts of Central and State Government • Complete accounts of the Central Maintenance of Accounts of Central and State Government • Complete accounts of the Central Government and of each of the State Government with the Bank shall be maintained by the CAS at Nagpur of RBI which shall also act as a General clearing house for the adjustment of (i) all transactions between different State Governments and (ii) such transactions between the Central and State governments as may be specified by the Central Government. Role of RBI RTI Allahabad 21

Inter-Govt. Adjustments • • Inter Government adjustments are necessitated due to: Central Government pays Inter-Govt. Adjustments • • Inter Government adjustments are necessitated due to: Central Government pays share of State Governments in Income Tax and Central Excise Duties and other taxes collected by the Central Government for State Governments; Role of RBI RTI Allahabad 22

Inter-Govt. Adjustments • • • Grants-in-aid as per recommendations of the Finance Commission as Inter-Govt. Adjustments • • • Grants-in-aid as per recommendations of the Finance Commission as approved by the Parliament; Loans given by the Central Government to the State Governments; Reimbursement of expenditure on Central Schemes or Centrally Sponsored Schemes executed through State Governments. Role of RBI RTI Allahabad 23

Inter-Govt. Adjustments • Similarly State Governments make repayments of Central Government loans, payments of Inter-Govt. Adjustments • Similarly State Governments make repayments of Central Government loans, payments of interest on Government of India’s loan and cost of goods purchased through D. G. S & D to Central Government. Role of RBI RTI Allahabad 24

Inter-Govt. Adjustments • CAS of RBI, Nagpur after carrying out all adjustments occurring during Inter-Govt. Adjustments • CAS of RBI, Nagpur after carrying out all adjustments occurring during the month and incorporating the transactions reported by the branches and agency banks compiles the total transactions for the month of that account circle and sends monthly closing statements of Central Government/State Government on 20 th of the following month with following details: Role of RBI RTI Allahabad 25

Inter-Govt. Adjustments • Opening Balance • Transactions during the month (Net of Receipts and Inter-Govt. Adjustments • Opening Balance • Transactions during the month (Net of Receipts and disbursements) • Adjustments in R. B. I. • Closing Balance. Role of RBI RTI Allahabad 26

Procedure of Adjustments • There are two procedures which are adopted in dealing with Procedure of Adjustments • There are two procedures which are adopted in dealing with inter government transactions: • Reserve Bank of India Advice Procedure • Cash Settlement Procedure Role of RBI RTI Allahabad 27

R. B. I Advice Procedure • The Reserve Bank of India Advice procedure is R. B. I Advice Procedure • The Reserve Bank of India Advice procedure is adopted in the following cases in the Civil Accountants General Offices: • Accounts of Inter State Suspense i. e. transactions between states inter-se; • Repayment of loans taken by State Government from the Central Government and payment of interest thereon by the State Governments to the Central Government/Ministries/ Departments; Role of RBI RTI Allahabad 28

R. B. I Advice Procedure • The Special cases of pensions of retired High R. B. I Advice Procedure • The Special cases of pensions of retired High Court Judges paid through state treasuries or Public Sector Banks, which are under certain constitutional obligations/ provisions required to be charged on the Consolidated Fund of India pending recovery of equivalent amounts from the State Government; • Transactions connected with Reserve Bank of India Remittances occurring in State nonbanking treasuries/sub-treasuries; and • . Role of RBI RTI Allahabad 29

R. B. I Advice Procedure • Such other cases as may be specially prescribed R. B. I Advice Procedure • Such other cases as may be specially prescribed by the President on the advice of the Comptroller and Auditor General. • All transactions adjustable between State Governments inter-se and between a State Government and Central Government covered by RBI Advice procedure shall be initially brought to account in the State Section of account under the head ‘Inter State Suspense’ or under ‘Adjusting Account between Central and State Government’ respectively. Role of RBI RTI Allahabad 30

Separate transactions • The transactions of Railway, Posts, Telecommunications and Defence Department arising at Separate transactions • The transactions of Railway, Posts, Telecommunications and Defence Department arising at offices and branches of the RBI and SBI, acting as agent of the RBI, shall be distinguished from other Central transactions in the initial accounts and classified separately for each Railways, each circle of Posts, each Accounts Officer of Telecommunication, and each Controller of Defence Accounts respectively. Role of RBI RTI Allahabad 31

Separate transactions • These transactions will be taken against the Railway Fund, Postal Account, Separate transactions • These transactions will be taken against the Railway Fund, Postal Account, Telecommunication Account and Defence Account respectively, in the books of the Reserve Bank. Role of RBI RTI Allahabad 32

Reserve Bank Suspense- Central Accounts Office • This minor head is meant to be Reserve Bank Suspense- Central Accounts Office • This minor head is meant to be operated upon by Principal Accounts Office etc. for issuing advice on Reserve Bank of India, Central Accounts Section, Nagpur to effect transfer from the balances of Central Government (Civil) to that of State Governments (Except Sikkim Governments) in connection with payment of loans, grant-in-aid, State Governments share of Income Tax and Union Excise Duties etc. so as to afford debit to the final head of account in their books by per contra credit to this suspense minor head. Role of RBI RTI Allahabad 33

RBI Remittances • Transactions related to the issue and payment of telegraphic transfers, drafts RBI Remittances • Transactions related to the issue and payment of telegraphic transfers, drafts (including transactions relating to security deposit interest draft and dividend warrant payment credits issued by the Reserve Bank of India). On the Reserve Bank Account are accounted for under the Major Head 8782 -Cash Remittances and Adjustments between officers rendering accounts to same Accounts Officer-105 Reserve Bank of India Remittances. • These transactions are cleared with the Reserve Bank by corresponding adjustment against the balances of the Governments concerned. Role of RBI RTI Allahabad 34

Monthly statements • in respect of (i) above to the concerned Accountant General (with Monthly statements • in respect of (i) above to the concerned Accountant General (with break up of balances/transactions relating to Central Government and relating to relevant Union Territory Administrations) and Accounts offices of Union Territory Governments; and in respect of (ii), (iii), (v) above, to the Railway Board, Postal Board, Telecommunications Board and controller General of Defence accounts respectively. Role of RBI RTI Allahabad 35

Inter-State Governments Adjustments • All inter-State adjustments as well as all payments which one Inter-State Governments Adjustments • All inter-State adjustments as well as all payments which one of these Governments has to make to another shall be advised by the Accountant General authorized in this behalf to the CAS of the RBI which will pass the necessary entries in the accounts of the Governments concerned, maintained in its books. Role of RBI RTI Allahabad 36

Other adjustments • Similarly, such adjustments in the case of specified transactions between the Other adjustments • Similarly, such adjustments in the case of specified transactions between the Central Government and the State Governments as well as transactions between Defence, Posts, Telecommunications and Railways inter se will be advised to the CAS of the RBI by the authorized Accountant General Role of RBI RTI Allahabad 37

Statement of monthly closing balances • At the close of the accounts of each Statement of monthly closing balances • At the close of the accounts of each month, a statement of closing balance of each State Government in the books of the Bank after taking into accounts all cash transactions in all the offices, branches and agencies of the Bank and the adjusting transactions in its own books shall be forwarded by the Central Accounts Section to the Accounts Officer concerned. Role of RBI RTI Allahabad 38

Statement of monthly closing balances • Similarly, a statement of the closing balance of Statement of monthly closing balances • Similarly, a statement of the closing balance of the Central Government comprising: • (i) Central Government Account Balance (in respect of Central transactions of Accounts Officers and separated accounts of Union Territories only). • (ii) Railway Fund Balance. Role of RBI RTI Allahabad 39

Statement of monthly closing balances • • (iii) Postal Account Balance. (iv) Telecommunication Account Statement of monthly closing balances • • (iii) Postal Account Balance. (iv) Telecommunication Account Balance. (v) Defence Account Balance. (vi) Departmentalized Ministries Account Balance • (vii) Total Role of RBI RTI Allahabad 40

Delinking of SDLs servicing transactions from Clearance Memos-treatment in accounts GA Wing of C&AG Delinking of SDLs servicing transactions from Clearance Memos-treatment in accounts GA Wing of C&AG of India vide Lr No 397/GA 127/2014, dated 29. 07. 2015 has issued guidelines regarding servicing of debt under State Development Loans (SDLs) which have been transferred to Public Debt Office, Mumbai. The repayments of principal and interest for these loans are done by PDO Mumbai office of RBI and the Clearance Memorandum are not issued by CAS, Nagpur on this account. This has necessitated few changes in the way AG offices account for RBI transactions. Role of RBI RTI Allahabad 41

Flow Chart on Banking Operations of RBI Role of RBI RTI Allahabad 42 Flow Chart on Banking Operations of RBI Role of RBI RTI Allahabad 42