Accounting of Reserve Bank Transaction

Clearance of the head “Adjusting Account between Central and State Government”

When a State Accountant General receives intimation from the Central Accounts Section of Reserve Bank of India, Nagpur through Clearance Memos that adjustment against the balances of his State has been made in its books as advised by him or Ministries/Departments of Central Government or other State Accountants General, the net debit or credit adjusted by the Reserve Bank of India against the balance of his State should be credited or debited in the State Section of his Accounts under the head “8675-Deposit with Reserve Bank- Reserve Bank Central Accounts Office” by per contra adjustment against the service/loan/concerned heads or Suspense heads pending final settlement.

Accounts kept in M.H. 8448 – Deposits of Local Funds :-

• 101 – District Fund
• 102 – Municipal Fund
• 103 – Cantonment Fund
• 105 – State Transport Corporation Funds
• 107 – Statae Electricity Boards Working Funds
• 108 – State Housing Board Funds
• 109 – Panchayat Bodies Funds
• 110 – Education Funds
• 111 – Medical and Charitable Funds
• 114 - Jharkhand Areas Autonomous Council Fund
• 120 – Other Funds