Forms of Drawing and Repaying
223. The bill on which a loan or an advance is drawn must quote the authority sanctioning it. The Accountant Generals authority will not be required for the disbursement of a loan or advance subject to the provisions of Chapter XI, the Treasury Officer may authorise payment of such loan or advance only if the bill has been signed or countersigned by an authority empowered in this behalf in the sanctioning order. The authority so signing or countersigning the bill shall be responsible for watching and ensuring that the conditions attached to the loan are fulfilled and that the recoveries are effected in time according to the terms of the loan. Such bills will be drawn on Form no. 42-G. The Accountant General shall, however, maintain the detailed accounts of loans sanctioned by Government or of any other loan in respect of which Government may specifically so desire, as also scheme-wise or detailed head-wise accounts of disbursements of loans sanctioned by authorities subordinate to Government and recoveries thereof. Whenever a loan is sanctioned under a new account head or detailed head of account, the sanctioning authority should clearly indicate the officer who has to maintain the detailed accounts thereof and while doing so, the sanctioning authority must keep in mind that the maintenance of the detailed accounts of all the loans sanctioned under one detailed head of account should be the sole responsibility of only one authority i.e. of the Accountant General or of the departmental officer.
Note 1Payment of grants-in-aid, loans and share capital sanctioned to Government undertakings such as Corporations, Boards and other Public Autonomous Bodies shall be made to them by depositing the Amount by transfer credit in their respective Personal Ledger Accounts in Treasuries at their head quarters. Cheque books shall be supplied free of cost by the Treasury Officers to the Administrators of the Personal Ledger Account authorised to operate the Account.
Provisions of this rule shall not apply in respect of grants-in-aid, loans and share capital sanctioned to Universities, Municipal Corporations, Municipalities, U. P. State Electricity Board and U. P. State Roadways Transport Corporation.
(Correction Slip No. 44, Dated February 28, 1984)
(Vitta (Lekha) Anubhag-1, File No. 19(1)-82)
Note 2For loans and advances to Government servants see rules in Chapter XI of this Handbook.
224. The memorandum or chalan presented at the Bank Treasury or where the repayment is made by deduction from the amount of a claim against the Government, the bill for such a claim must state the original date and amount of the loan or advance, or otherwise give sufficient particulars for its identification. If the amount repaid includes interest as well as principal, the interest must be separately specified. If the repayment is a fixed periodical amount, including both interest and principal, the orders fixing the amount shall be quoted.
The memorandum or chalan for repayment of loan instalment or payment of interest, or both shall be presented at any Treasury located within the jurisdiction of the Accountant General on whose books the loan or advance was adjusted at the time of payment and in case it is not convenient to the loance to so present the memorandum or chalan, he shall remit the amount to the Accountant General or the departmental officer, responsible for the maintenance of detailed accounts of the loan, as the case may be, by cheque/bank draft drawn on a Bank at the place where the office of the Accountant General or the departmental officer, as the ease may be, is located.
NOTEIt must be remembered that the calculation fixing the amount of equal periodical instalments, by which an advance is repaid with interest presupposes punctual payment of the instalments and that, if any instalment is not punctually repaid, the fixed instalment will not in the end discharge the loan.