Para 3.14.7 — MSO (Audit)
Original Rule Text
3.14.7 The office of the Accountant General (A&E) ensures that there is a voucher for each entry relating to Reserve Bank of India Remittances in the schedules of payments, and that the amounts mentioned therein agree with those shown in the schedule. The audit of these remittances will be confined to verifying that:
(i) the total of the issues as reported by the treasuries in the daily schedules is credited to the Reserve Bank of India and the total of the payments as reported in the daily schedules of treasuries is debited to the Bank; and
(ii) 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 Book agree with the corresponding adjustment for the month made by the Reserve Bank of India against the balance of the Government concerned.
The responsibility for verifying the encashment of individual telegraphic transfers and drafts against the corresponding drawings rests with the Reserve Bank of India, Central Accounts Section, Nagpur.
# Audit of Sterling /Dollar Remittances
What This Means
For Reserve Bank of India Remittances, the AG (A&E) first confirms that each entry in the payment schedules has a supporting voucher and amounts match. Audit then verifies two things: that total treasury issues are credited to RBI and total payments are debited to it, and that the net monthly receipts or payments under 'RBI Remittances' for the entire audit circle match the corresponding adjustment made by RBI against the government's balance. Verification of individual telegraphic transfers and drafts is RBI's responsibility (handled at its Central Accounts Section, Nagpur).
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1AG (A&E) ensures each RBI Remittance schedule entry has a supporting voucher with matching amounts
- 2Total treasury issues must be credited to RBI and total payments debited to RBI
- 3Net monthly figure for the audit circle must agree with RBI's adjustment against government balance
- 4Verification of individual telegraphic transfers and drafts is RBI Central Accounts Section's responsibility
- 5RBI Central Accounts Section is located in Nagpur
Practical Example
At month-end, the AG (A&E) compiles all treasury schedules showing Rs 800 crore in total issues (credited to RBI) and Rs 750 crore in total payments (debited to RBI), giving a net receipt of Rs 50 crore. The auditor verifies this Rs 50 crore matches the adjustment RBI has made against the State Government's balance at RBI. If there is a Rs 2 crore discrepancy, it indicates either a treasury schedule error or an RBI posting error that must be reconciled.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Why is the reconciliation with RBI's books important?▼
What role does RBI's Central Accounts Section in Nagpur play?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.