Para 10.10 — MSO (A&E)
Original Rule Text
10.10 The check of Reserve Bank of India Remittances will be confined to seeing:-
(1) that the total of the issues as reported by treasuries in the daily schedules is credited to the Reserve Bank and the total of the payments as reported in the daily schedules of treasuries is debited to the Bank; (2) that there is a voucher for each entry in the schedules of payments and the amounts agree; and (3) that the net receipts or payments for the month under the head "Reserve Bank of India Remittances" for the whole account circle as worked out in the Detail
# OTHER DEBT DEPOSIT TRANSACTIONS
Book agree with the corresponding adjustment for the month made by the Reserve Bank against the balance of the Government concerned.
The responsibility for the checking of encashments of individual telegraphic transfers and drafts against the corresponding drawings will rest with the Reserve Bank.
What This Means
The checking of Reserve Bank of India remittances involves three main verifications: (1) confirming that total treasury issues are properly credited to the RBI and total payments are debited to the Bank, (2) ensuring every payment schedule entry has a supporting voucher with matching amounts, and (3) verifying that the net monthly figure under 'RBI Remittances' in the Detail Book matches the RBI's own adjustment against the State Government's balance. The RBI itself is responsible for checking individual telegraphic transfers and drafts.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Treasury issues must be credited to RBI; treasury payments must be debited to RBI
- 2Each payment entry requires a matching voucher
- 3Monthly net RBI Remittances in the Detail Book must match RBI's own adjustment
- 4RBI is responsible for checking individual telegraphic transfers and draft encashments
- 5This check ensures the government's cash position with the RBI is accurately reflected
Practical Example
At month-end, the AG office reviews all treasury schedules. They find 150 payment entries under RBI Remittances. The team verifies each entry has a voucher and that amounts match. They then total up the net receipts and payments for the month and compare this with the statement received from RBI's Central Accounts Section. If there is a discrepancy of Rs. 50,000, they must investigate whether a voucher was misclassified or a treasury failed to report a transaction.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Who is responsible for checking individual telegraphic transfer encashments?▼
What are the three checks performed on RBI remittances?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.