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Proceedings of the workshop on NABARD General Account held at NBSC Lucknow on 23rd and 24th February 2004 A workshop for the RO staff dealing with NABARD General a/c, at NBSC Lucknow for two days (23rd and 24th February 2004) was conducted by FAD. Shri P S S R Sarma, Chief General Manager, Shri S Padmanabhan, Deputy General Manager and Shri S V Nemlekar, AGM represented FAD HO and guided the proceedings. Shri S M Gangopadhyay, Faculty Member, NBSC Coordinated the programme. 47 Partcipants (list placed below) representing various Regional Offices and Head Office attended the workshop. The major issues deliberated during the workshop were: 1. Pending entries in NABARD General account – Reconciliation thereof 2. Operational problems faced by ROs in handling NB General Account 3. Clarifications on the circular dated 04 December 2003 on NABARD General Account The following issues were also discussed during the workshop - 1. Statements for ALCO – timely submission and accuracy of the data 2. Taxation (matters relating to TDS, eTDS, modifications in the tax audit circular) 3. Annual Closing of Accounts (Capitalisation of assets, computation of provisions, submission of statements) The brief day-to-day proceedings of the issues discussed during the workshop are briefly as follows- 23 February 2004 Shri P S S R Sarma, Chief General Manager inaugurating the workshop, briefed the participants about the objective of the workshop. He requested the participants to highlight all operational problems relating to NABARD General Account and any other issue so that these could be sorted out and clarifications/modifications to the existing instructions, if any, could be issued. The nature of pending debit/credit advices and its implications on books of account by way of Provisioning Norms and Income Tax liability was also explained. The issues were discussed RO wise. In addition, the unreconciled transactions of LOS / AES were also discussed. The issues raised during the workshop by each RO and the clarifications given/action suggested are furnished below: Issue : Calculation of interest on RIDF loans – whether it should be on Actual no. of days or 366/365 as 2004 being a leap year ? State governments are contending that Actual number of days/365 would lead to higher interest burden. Action / observation It was clarified that the denominator should be taken as 365 days irrespective of leap year or other wise and the actual days in the month to be taken. Instructions have already been issued by FAD-HO in this regard. A copy of the instruction has since been forwarded to Jaipur RO. Issue : Whether, the circular issued by FAD-HO dated 04 December 2003 is also applicable for debit advices to be issued between ROs. Action / observation It was clarified that the instructions are applicable for transactions between the ROs also. Issue : Responding of advices by the accounting units partially (Especially by HO Departments). Action / observation GAD has been requested to issue circular to ROs advising them to originate separate advices based on the nature of work allocation at GAD HO so that advices can be responded in full. This will help in avoiding partial responding of advices by HO. Further ROs may be advised to raise separate advices for separate advance/transaction pertaining to each officer quoting the UIN of the employee. Issue: Conflicting instructions by NABCONS and FAD regarding transfer of expenditure by raising of debit advices. Action / observation: It was clarified that a letter has already been forwarded to NABCONS advising them to withdraw their instructions in this regard. AUs’ should invariably follow the instructions issued by FAD – HO. Issue: A suggestion was made that there should be a co-ordination cell / reconciliation cell at HO. Action / observation It was clarified that a Coordination cell is already in existence at HO for NABARD General Account. Further, FAD is also attending to the work of reconciliation of Debit/Credit Advices on a monthly basis and all the AUs are being advised to take prompt action in respect of pending advices. Issue: Whether advices for small amounts (say Rs.10, Rs.20) under one head for eg. MAF could be consolidated and a single advice enclosing the details in the annexure could be raised. Action / observation: It was clarified that the advices may be issued on quarterly basis. The issue was taken up with the officials of GAD-HO after the completion of the workshop. Instructions in this regard are being issued. Issue : Clarification regarding the treatment of receipt of rent for Holiday home was sought. Some ROs book the income in their books and other transfer the same to HO. Action / observations: It was clarified that the receipts in respect of Holiday Home may be transferred to HO on quarterly basis along with the details. Instructions are being issued. Issues : Clarification was sought regarding the settlement of medicals bills in case of officials already transferred. Action / observations: It was clarified that the office to which the officer was attached at the time of submission/settlement should sanction the bill. Issue: Whether the practice of crediting penal interest received to Interest received account is correct. Action / observation: It was clarified that the practice is not correct. The account head of penal interest received is available in the accounting system (as well as Instaccount) and it should be operated. Issue : Advices pertaining to House rent recovery are pending at HO GAD.
Approximate Word count = 3577
Approximate Pages = 14.3
(250 words per page double spaced)
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