Para 10.8 — MSO (A&E)
Original Rule Text
10.8 The Remittance Check Register thus posted and squared up for a month (as illustrated with example in the Form 26) serves not only as a Broadsheet for watching the outstanding remittances (both debits and credits) but also serves as an account abstract for the heads "Cash Remittances between Treasuries and Currency Chests" and "Local Remittances in Transit" (the latter forming part of '8999-Cash Balance'), in view of the fact that totals in this register are abstracted (vide illustration given in the Form 26) incorporated in the 'Detail Book Part II' also besides the Statement of Disbursers' Account as indicated in Article 4.4 Account Code for Accountant General to arrive at the account figure of opening/closing Cash balance under the minor head "Remittances in Transit-Local".
Note.-It may be noticed that after the squaring up of the Remittance Check Register for a month in this manner, and posting of the figures abstracted in the "Detail Book Part II", the totals of debits/credits for the month (and consequently for the financial year) under the minor head "Cash Remittances between Treasuries and Currency Chests" as worked out in the "Consolidated Abstract of D.D. & R. Heads", and the "Abstract of Major Head Total", will be equal. Only the net unadjusted balance will figure as part of '8999-Cash Balance' under the minor head 'Remittances in Transit-Local".
What This Means
The squared-up Remittance Check Register serves a dual purpose: it is both a broadsheet for tracking outstanding remittances and an account abstract for two important heads ('Cash Remittances between Treasuries and Currency Chests' and 'Local Remittances in Transit' under Cash Balance). The register's totals are incorporated into Detail Book Part II and the Statement of Disbursers' Account. After squaring, the monthly debits and credits under cash remittances will balance exactly, with only the net unadjusted balance appearing under 'Remittances in Transit-Local' as part of the cash balance.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Remittance Check Register doubles as a broadsheet and account abstract
- 2Covers 'Cash Remittances between Treasuries and Currency Chests' and 'Local Remittances in Transit'
- 3Abstracted figures are incorporated into Detail Book Part II
- 4After squaring, debits and credits under cash remittances are equal in the consolidated abstract
- 5Only the net unadjusted balance appears under '8999-Cash Balance' as remittances in transit
Practical Example
At month-end, the AG office squares up the Form 26 register. Total debits and credits for cash remittances both show Rs. 120 crore in the Consolidated Abstract. However, Rs. 3 crore in debits remain unadjusted. This net Rs. 3 crore appears under '8999-Cash Balance' as 'Remittances in Transit-Local', representing cash that is physically in transit between treasuries and has not yet been acknowledged at the destination.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
What does 'squaring up' the register mean?▼
Why do remittances in transit appear in the cash balance?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.