What Is a Treasury Lock?

The national treasury system refers to the system of safekeeping and cashiers that collects and disburses the state budget. During the implementation of the state budget, the collection, storage and allocation of budget funds are commonly referred to as the cashier business of the state budget, and are handled by the State Treasury (referred to as the State Treasury or Treasury). The methods of setting up the national treasury system in different countries can be summarized as follows: First, the state treasury system, where the state establishes its own treasury within financial institutions, and handles the budgetary receipts and payments of custody and cashier services; second, it entrusts the treasury system, and the state entrusts the central bank to handle National treasury business; Third, the bank deposit system. The state directly deposits budget revenue into banks, and banks manage them according to the deposit method. ^[1]

Treasury system

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The national treasury system refers to the system of safekeeping and cashiers that collects and disburses the state budget. During the implementation of the state budget, the collection, storage and allocation of budget funds are commonly referred to as the cashier business of the state budget, and are handled by the State Treasury (referred to as the State Treasury or Treasury). The methods of setting up the national treasury system in different countries can be summarized as follows: First, the state treasury system, where the state establishes its own treasury within financial institutions, and handles the budgetary receipts and payments of custody and cashier services; second, it entrusts the treasury system, and the state entrusts the central bank to handle National treasury business; Third, the bank deposit system. The state directly deposits budget revenue into banks, and banks manage them according to the deposit method. ^[1]

The methods of establishing the national treasury system of each country are different, and can be roughly divided into three categories: national treasury system. That is, the state establishes its own treasury within the financial institutions to handle the budgetary receipts and payments of the safekeeping and cashier business. Commissioned treasury system. That is, the state entrusts the central bank to handle the national treasury business. Bank deposit system. That is, the state deposits budget revenue directly into the bank, and the bank manages it according to the deposit method.

China implements the treasury system managed by the People's Bank of China. According to the "Rules of the State Treasury of the People's Republic of China" issued by the State Council in July 1985, the People's Bank of China specifically manages the treasury; the treasury institutions are established in accordance with the state budget management system, and in principle the first-level treasury is established by the first-level finances. The central treasury has a central bank; provinces, autonomous regions, and municipalities directly under the central government have sub-banks; provincial cities, district-based cities, and autonomous prefectures have central branch banks; counties and cities without districts, and municipal districts have branch banks; The office is entrusted by the local professional bank to handle the transaction and is led by the treasury.

The responsibility of the Chinese treasury is to handle the collection, division, and retention of national budget revenues; to handle appropriations for national budget expenditures; to report to the state treasury and financial institutions at the same level on the implementation of budget revenues and expenditures; to assist financial and tax authorities in urging enterprises and other Units with economic income shall pay dues to the state in a timely manner; organize, manage, inspect and guide the work of the lower treasury; handle other tasks related to the treasury assigned by the state. The state treasury has the right to check whether the receipts and collection agencies handle the income and money handled by them in a timely and full manner according to the regulations, and shall promptly investigate and deal with the expenditure and misappropriation; for violations of the current year's budget management system, change all The scope of income and expenditure division and retention ratio between the two budgets, as well as the discretion to adjust the balance of deposits between the accounts of the treasury, have the right to refuse to implement; those who do not comply with national regulations and require the return of income to the treasury, have the right to refuse to handle; The opening of deposits and the payment of financial treasury funds; for any unit or individual to force the national treasury to handle matters that violate state regulations, the national treasury has the right to refuse execution and report to the superior in a timely manner; for documents that do not meet the requirements, the national treasury has the right to refuse to accept . Treasury deposits and withdrawals are limited to RMB. Payments to the treasury deposits are made only through transfers and not in cash.