Scheme for formation and administration of Guarantee Redemption Fund of Uttar Pradesh Government.

click here for IIIF manifest

jftLVªs'ku uEcj&,lå,låihå@,yå Øe-la[;k&206

MCywå@,uåihå&91@2014&16

ykblsUl Vw iksLV ,sV dUls'kuy jsV

—

¼ifjfu;r vkns'k½

mRrj çns'k 'kklu foRr foHkkx ———— la[;k ch&4&779@X-2024-10(28) -94 y[kuÅ] 28 uoEcj] 2024 ———— vf/klwpuk

mÙkj çns'k ljdkj ds i= la[;k ch&4&46&2021/x&10¼28½-94] fnukad 29 tuojh] 2021 vkSj la[;k 418@2022@B&4@x&10¼28½-94] fnukad 31 fnlacj] 2022 dk vf/kØe.k djds mÙkj çns'k ljdkj] ,rn~}kjk ekspu fuf/k dh LFkkiuk ds fy, ;kstuk dks fuEukuqlkj vf/klwfpr djrh gSa %

1&;g ;kstuk mÙkj çns'k ljdkj dh ^çR;kHkwfr ekspu fuf/k* ¼ftls vkxs ^fuf/k* dgk ;kstuk dk 'kh"kZd

x;k gS½ ;kstuk dgyk;sxhA

fuf/k dk l`tu 2&mÙkj çns'k ljdkj ¼ftls vkxs ^ljdkj* dgk x;k gS½ }kjk jkT; Lrjh; lkoZtfud {ks= ds miØeksa ;k vU; fudk;ksa dh vksj ls fuxZr çR;kHkwfr ls mn~Hkwr gksus okys vius nkf;Roksa dks iwjk djus ds fy, ,d ^çR;kHkwfr ekspu fuf/k* l`ftr dh tk;sxhA

fuf/k dk l`tu ljdkj ds yksd ys[kk esa fd;k tk,xk rFkk bldk oxhZdj.k ys[kk'kh"kZ Þ8235& lkekU; rFkk vU; vkjf{kr fuf/k;k¡&117& çR;kHkwfr ekspu fuf/k&01& çR;kHkwfr ekspu fuf/kß esa fd;k tk,xkA

;kstuk dk mn~ns';

Li"Vhdj.k %&

¼d½ fuf/k esa lafpr /kujkf'k dk mi;ksx dsoy ljdkj }kjk fuxZr dh xbZ rFkk ykHkkFkhZ }kjk fuosfnr dh x;h çR;kHkwfr;ksa ds Hkqxrku ds fy, fd;k tk;sxk vkSj ml laLFkk }kjk Hkqxrku ugh fd;k tk;sxk ftldh vksj ls çR;kHkwfr fuxZr dh x;h FkhA

¼[k½ jkT;] vLFkk;h udnh çokg folaxfr;ksa dks iwjk djus ds fy,] fuf/k esa fd, x, fuos'k ds laikf'oZd ds fo#)] Hkkjrh; fjtoZ cSad ¼ftls vkxs ^cSad^ dgk x;k gS½ ls fo'ks"k vkgj.k lqfo/kk ¼,lMh,Q½ ds rgr vYidkfyd lqfo/kk dk ykHk mBk ldrk gS] tks le;≤ ij cSad }kjk fu/kkZfjr fu;eksa vkSj 'krksaZ ds v/khu gksxkA

4&;kstuk vf/klwpuk dh frfFk ls çHkkoh gksxhA

;kstuk ds fØ;kUo;u dk çkjaHk

fuf/k esa vfHknku

5&¼d½ ljdkj dks fuf/k ds xBu dh frfFk ls ikap o"kZ dh vof/k ds Hkhrj vnÙk çR;kHkwfr;ksa ds ikap çfr'kr rd ds fuf/k dks"k dk fuekZ.k djus dh fn'kk esa lps"V ç;kl djuk pkfg,A

¼[k½ ljdkj Lo-foosdkuqlkj rFkk laHkkfor fuosfnr dh tkus okyh çR;kHkwfr;ksa ds vius vkadyu ds vk/kkj ij fuf/k esa vfHknku c<+kus ds fy, Lora= gSA fuf/k esa 'ks"k jkf'k dks okf"kZd ;k y?kq varjky ij vkof/kd vfHknku ds lkFk c<+k;k tk,xkA

¼x½ fuf/k esa vfHknku dh dqy /kujkf'k ds gLrkarj.k dks l{ke djus ds fy,] ljdkj }kjk ctV ds jktLo O;; i{k ds varxZr ys[kk'kh"kZ Þ¬2075& fofo/k lkekU; lsok,a&797&vkjf{kr fuf/k;ksa rFkk tek ys[kksa dks@ls vUrj.k &03& çR;kHkwfr ekspu fuf/kß ds varxZr mi;qä ctV dk çko/kku fd;k tk;sxkA

¼?k½ ljdkj }kjk fuf/k esa vius vfHknku dk foÙkiks"k.k cSad ls fy;s x;s _.k ls ugh fd;k tk;sxkA

6&¼d½ fuf/k ds dks"k esa] ljdkj }kjk fu/kkZfjr dksbZ vkjafHkd jkf'k] ljdkj }kjk fd;k x;k okf"kZd ;k vU; vfHknku fuf/k esa çkIr gksus okyh vk; ds vfrfjä] mu laLFkkvksa ls ,df=r çR;kHkwfr deh'ku ds :i esa vkof/kd o`f) Hkh lfEefyr gksrh gS] ftuds cU/k&i=ksa@nkf;Roksa ds lEcU/k esa ljdkj çR;kHkwfr fuxZr djsxhA

lkekU; jktLo@yksd ys[kk [kkrs ds lkFk fuf/k dk laca/k

¼[k½ fuf/k dks ljdkj ds lkekU; jktLo ls i`Fkd j[kk tk;sxk rFkk bldk mi;ksx dsoy bl ;kstuk esa fofgr jhfr ls fd;k tk,xkA

7&fuf/k dk ç'kklu cSad ds dsaæh; ys[kk vuqHkkx }kjk fd;k tk,xk] tks ljdkj }kjk fuf/k dk ç'kklu le;≤ ij fuxZr fd, tkus okys fn'kk&funsZ'kksa@vuqns'kksa ds v/khu gksxkA

dks"k dh fuf/k dk fuos'k

8& fuf/k esa o`f) ds lkFk&lkFk fuf/k ds fuos'k ij vftZr vk; dks Hkkjr ljdkj dh fnukafdr çfrHkwfr;ksa] jktdks"kh; fcyksa] Hkkjr ljdkj dh fo'ks"k çfrHkwfr;ksa rFkk vU; jkT;ksa dh jkT; ljdkj dh çfrHkwfr;ksa esa ,slh ifjiDork vof/k ds :i esa fuos'k fd;k tk;sxk] tSlk fd cSad le;≤ ij fu/kkZfjr djsxkA cSad viuh fuos'k laxzg ls ;k f}rh;d cktkj ls çfrHkwfr;'a çkIr djds] çLrj&11 esa fufnZ"V vf/kHkkj ds vfrfjä dksbZ vU; vf/kHkkj yxk;s fcuk] fuos'k ds fy, çfrHkwfr;'a miyC/k djk,xkA

laO;ogkjksa dk ys[kkadu

9&¼d½ fuf/k ds ç'kklu dk mÙkjnkf;Ro ljdkj dk gksxkA ljdkj dks"k dh fuf/k ds fuos'k] iqufuZos'k@fofuos'k] fuf/k ds nkf;Roksa vkSj mi;ksx vkfn ls lacaf/kr lHkh çdj.kksa ij fu.kZ; ysxhA

¼[k½ ljdkj le;≤ ij cSad dks funsZ'k fuxZr djsxhA cSad rRdky vko';d fuos'k djus dh O;oLFkk djsxkA cSad] fuos'k rFkk vU; vkuq"kkafxd çHkkjksa ;Fkk czksdjst] deh'ku vkfn ls lEcfU/kr MsfcV dk elkSnk lkekU; rjhds ls ljdkj dks çsf"kr djsxkA gkykafd] ;g lqfuf'pr djus ds fy, fd fuf/k ds fuos'k ls lEcfU/kr laO;ogkj vU; laO;ogkjksa ds lkFk fefJr u gksa] bUgsa i`Fkd&i`Fkd elkSnksa esa Li"V :i ls bafxr fd;k tk ldrk gSA366 RPH 2024 (vitt ) (data 8e 3 mRrj izns'k vlk/kkj.k xtV] 28 uoEcj] 2024 ¼x½ elkSnsa çkIr gksus ij fuos'k lEcU/kh laO;ogkjksa dk ys[kkadu Þ8235& lkekU; rFkk vU; vkjf{kr fuf/k;ka&120& çR;kHkwfr ekspu fuf/k&fuos'k [kkrkß ys[kk'kh"kZ ds varxZr fd;k tk,xkA ;|fi] czksdjst] deh'ku vkfn tSls vkuq"kkafxd 'kqYdksa dks fuf/k ij çHkkj ds :i esa fy;k tk,xkA

¼?k½ cSad bu çfrHkwfr;ksa ij C;kt laxzfgr djus rFkk fu;r frfFk ij mls fuf/k esa tek djus dh O;oLFkk djsxkA blds vfrfjä budks ljdkj ds vfHknku dh Hkkafr] fuosf'kr fd;k tkuk vko';d gksxk] vFkkZr] mi;qZä çLrj-8 esa fofgr fuos'k lEcU/kh ekunaMksa ds vuqlkjA

¼³+½ çfrHkwfr;ksa dh ifjiDork ij] vkxeksa dks laxzfgr fd;k tk,xk vkSj ljdkj

ds [kkrs esa tek fd;k tk,xk ;k ljdkj ls çkIr fn'kk-funsZ'kksa ds vk/kkj ij mi;qZä çLrj-8 esa js[kkafdr O;oLFkk ds vuqlkj iqufuZos'k fd;k tk,xkA MsfcV elkSns dh Hkkafr] çkfIr;ksa ds fy, cSad }kjk i`Fkd elkSns dk mi;ksx fd;k tk;sxkA

¼p½ ljdkj ls fn'kk funsZ'k çkIr gksus ij] cSad çfrHkwfr;ksa dk foØ; çpfyr ewY; ij djus dh O;oLFkk djsxk vkSj çkIr jkf'k dks] vkuq"kkafxd çHkkjksa dks ?kVkdj] ljdkj ds [kkrs esa tek djsxkA ;fn ;s çfrHkwfr;k¡ ?kkVs esa gSa] rks cSad ljdkj ds ijke'kZ ls çfrHkwfr;ksa dks ifjlekIr djus dk fu.kZ; ys ldrk gSA

¼N½ çfrHkwfr;ksa dh ifjiDork vFkok foØ; ls gksus okyh çkfIr;ksa dks ^^ çR;kHkwfr ekspu&fuf/k fuos'k [kkrs^^ ds [kkrs esa tek fd;k tk,xkA foØ; esa gksus okys vkuq"kkafxd çHkkjksa dks fuf/k ij Hkkfjr fd;k tk;sxkA

¼t½ çR;kHkwfr ekspu ds dkj.k gksus okys O;; dk çko/kku ljdkj ds vk;&O;d esa lqlaxr ys[kk'kh"kZ ds v/khu fd;k tk;sxkA çR;kHkwfr ekspu gsrq O;; dh dsoy okLrfod /kujkf'k gh ys[kk'kh"kZ ^^8235&lkekU rFkk vU; vkjf{kr fuf/k;'a&120&çR;kHkwfr ekspu fuf/k&fuos'k&[kkrk** ds v/khu ys[kkafdr dh tk;sxhA

¼>½ cSad ifjiDork ij çfrHkwfr;ksa ds ekspu djus dh O;oLFkk djsxkA le; ls iwoZ fofuos'k dh n'kk esa] nkoksa ds Hkqxrku ds nkf;Ro dks iwjk djus ds fy, cSad ifjlekIr dh tkus okyh çfrHkwfr;ksa ij fu.kZ; ysxk vkSj çfrHkwfr;ksa dks çpfyr ewY; ij cspsxk rFkk çkIr jkf'k dks] vkuq"kkafxd çHkkjksa dks ?kVkdj] ljdkjh [kkrs esa tek djsxkA ;fn ;s çfrHkwfr;k¡ ?kkVs esa gSa] rks cSad ljdkj ds ijke'kZ ls çfrHkwfr;ksa dks ifjlekIr djus dk fu.kZ; ys ldrk gSA

¼.k½ ljdkj ds ijke'kZ ls cSad }kjk fu/kkZfjr nj ij] ljdkj cSad dks deh'ku dk Hkqxrku djsxhA ;g vf/kHkkj Hkh çLrj 9 ¼x½ vkSj 9 ¼N½ esa n'kkZ, x, 'kqYdksa dh Hkkafr fuf/k }kjk ogu fd, tk,axsA çfrHkwfr;ksa ds foØ; ls gksus okyh gkfu ;k ykHk dks Hkh fuf/k ds [kkrs esa fy;k tk,xkA Li"Vhdj.k%&

¼d½ ,sls çR;kgj.k ds QyLo:i ljdkj dks MsfcV dk ys[kkadu eq[; ys[kk'kh"kZ ^^8235& lkekU; rFkk vU; vkjf{kr fuf/k;ka&120& çR;kHkwfr ekspu fuf/k&fuos'k [kkrk^^ ds varxZr fd;k tk,xkA _.k dh ifjiDork ij ys[kk'kh"kZ ^*8235& lkekU; rFkk vU; vkjf{kr fuf/k;ka&117& çR;kHkwfr ekspu fuf/k** ds varxZr vo'ks"k jkf'k dks ys[kk'kh"kZ ^^8680& fofo/k ljdkjh ys[ks&101&[kkrk 'ks"k lek;kstu ys[kk^^ esa tek fd;k tkrk gSA

¼[k½ cSad ljdkj dks fuos'k ds dkj.k gksus okys _.k esa ls lkekU;r% ç;ksT; gksus okys vkdfLed vf/kHkkjksa dks ?kVkdj jkf'k nsxkA gkykafd] ;g lqfuf'pr djus ds fy, fd fuf/k ds fuos'k ls lEcfU/kr laO;ogkj vU; laO;ogkjksa ds lkFk fefJr u gksa] bUgsa i`Fkd&i`Fkd elkSnksa esa Li"V :i ls bafxr fd;k tk,xkA

¼x½ cSad fuos'k ij fu;r frfFk;ksa ij C;kt laxzfgr djus rFkk mls fuf/k esa tek

djus dh O;oLFkk djsxkA

¼?k½ cSad] çfrHkwfr;ksa dh ifjiDork ij] çfrHkwfr;ksa dk ekspu djk;s tkus dh O;oLFkk djsxk vkSj le; ls iwoZ fofuos'k ds çdj.k esa] çfrHkwfr;ksa dk foØ; çpfyr ewY;

ij djsxk rFkk çkIr jkf'k ls vuq"kkafxd vf/kHkkjksa dks ?kVkrs gq, çR;kHkwfr ekspu fuf/k fuos'k [kkrs esa tek djsxkA MsfcV elkSnksa ds çdj.k esa] cSad çkfIr;ksa ds fy, i`Fkd elkSnksa dk ç;ksx djsxkA

¼³+½ vkof/kd vfHknku ij O;; ds fy, ljdkj ds vk; O;;d ls lacaf/kr ys[kk'kh"kZ ds vUrxZr çko/kku fd;k tk,xkA fuf/k ls foÙkiksf"kr fd, tkus okys O;; dh lhek rd /kujkf'k dk fuf/k ls çR;kgj.k fuos'k ds fuiVku }kjk fd;k tk;sxkA

fuf/k dk çca/ku

10&¼d½ fuf/k ls le; le; ij fuos'k@iqufuZos'k@fofuos'k@ djus okys cSad ds

iquvkZoaVu@çR;kgj.k ls lacaf/kr lHkh çdj.kksa esa cSad ljdkj ds fn'kk-funsZ'kksa }kjk dk;Z

funsZf'kr gksxk rFkk rnuqlkj dk;Z djsxkA

¼[k½ cSad çLrj-5 esa mfYyf[kr vfHknkuksa dh lwph ds vuqlkj vius ikl jf{kr ljdkj ds [kkrs dks MsfcV c

¼x½ fuf/k esa fd;s x;s vfHknkuksa dk fuos'k cSad }kjk çLrj-8 esa fofufnZ"V jhfr ds vuqlkj fd;k tk,xkA çR;kHkwfr 'kqYd] ljdkj }kjk fd;s x;s vfHknkuksa vkSj C;kt ls gksus okyh vk; ds ek/;e ls fuf/k esa vkof/kd o`f) dks Hkh cSad }kjk blh jhfr esa fuosf'kr fd;k tk;sxkA

¼?k½ foxr foÙkh; o"kZ ds 31 ekpZ dks fuf/k esa cdk;k dks"k dk 50 çfr'kr vFkok ml o"kZ ¼vçSy&ekpZ½ ds nkSjku fuosfnr dh xbZ çR;kHkwfr;ksa dh jkf'k] tks Hkh de gks] dks o"kZ ds nkSjku fuf/k ls çR;kgj.k ds fy, vf/kdre ik= lhek rd igqapus ds fy, vkxf.kr fd;k tkuk pkfg,A ljdkj vxyk çR;kgj.k djus ls iwoZ dks"k dh iqu% iwfrZ djsxhA

¼³½ cSad ljdkj ds ijke'kZ ls vo'ks"k jkf'k dk vkof/kd fooj.k@mlesa gksus okys ifjorZuksa ds ckjs esa lykg çLrqr djsxkA

fuf/k ds ç'kklu

11&ljdkj cSad dks] fuf/k ds VuZvksoj ds ,d çfr'kr ds 1@8 çfr'kr dh nj gsrq lsok vf/kHkkj

ls vFkok le;≤ ij ikjLifjd lgefr ls fu/kkZfjr dh tkus okyh nj ij deh'ku dk Hkqxrku djsxhA

ys[kk vkSj laijh{kk 12&fuf/k vkSj fuos'kksa ds ys[ks dks lkekU; :i ls jkT; ds egkys[kkdkj }kjk vuqjf{kr fd;k tk,xkA ljdkj dk lacaf/kr foHkkx lgk;d ys[kkvksa dks ,slh jhfr vkSj fooj.kksa ls vuqjf{kr djsxk tSlk fd ljdkj }kjk egkys[kkdkj ds ijke'kZ ls fopkj.k djds fu/kkZfjr fd;k tk;sxkA

O;ko`fr 13&ljdkj ;kstuk ds lqpk: lapkyu dks l{ke djus ds fy, le;≤ ij fopkj.k djds ;kstuk ds çko/kkuksa ls lacaf/kr fn'kk-funsZ'k fuxZr djsxhA ;kstuk ds fdlh çko/kku ds lapkyu esa fdlh Hkh dfBukbZ dh n'kk esa] ljdkj ;fn larq"V gks rks ,sls çko/kkuksa dks f'kfFky dj ldrh gSA

vkKk ls]

nhid dqekj] vij eq[; lfpo A366 RPH 2024 (vitt ) (data 8e 5 mRrj izns'k vlk/kkj.k xtV] 28 uoEcj] 2024

No. B-4-779/x-2024-10(28)-94

Dated Lucknow, November 28, 2024

SCHEME FOR CONSTITUTION AND ADMINISTRATION OF THE GUARANTEE REDEMPTION FUND OF THE GOVERNMENT OF UTTAR PRADSH

IN suppression of the government letter no. B-4-46-2021/x-10(28)-94 dated January 29, 2021 and no. 418/2022/B-4/x-10(28)/94 dated December 31, 2022, the Government of Uttar Pradesh, hreeby, notifies the scheme for setting up of the Guarantee Redemption fund of Government of Uttar Pradesh as follows:–

1. The Scheme shall be called 'Guarantee Redemption Fund' (hereinafter Title of the Scheme

Constitution of the fund

referred to as 'the Fund') Scheme of the Government of Uttar Pradesh. 2. A 'Guarantee Redemption Fund' shall be constituted by the Government of Uttar Pradesh (hereinafter called the Government) for meeting its obligations arising out of the Guarantees issued on behalf of State Level Public Sector Undertakings or Other Bodies.

The Fund shall be constituted in the Public Account and classified under the head "8235– General and Other Reserve Funds–117-Guarantee Redemption Fund-01- Guarantee Redemption Fund" in the accounts of the Government.

Objective of the Scheme

3. The Fund shall be utilised for meeting the payment obligations arising out of the guarantees issued by the Government in respect of bonds issued and other borrowings by the State Level Public Sector Undertakings or Other Bodies and invoked by the beneficiaries. Explanation–

(a) The accumulations in the Fund shall be utilised only towards the payment of the guarantees issued by the Government and invoked by the beneficiary and not paid by the institution on whose behalf guarantee was issued.

(b) The State can avail of short-term accommodation under Special Drawing Facility (SDF) from the Reserve Bank of India (hereinafter referred to as 'the Bank') against the collateral of investment made in Fund for meeting temporary cashflow mismatches, subject to the terms and conditions as fixed by the Bank from time to time.

4. The Scheme shall come into force with effect from the date of the

notification.

Commencement of the Operation of the Scheme

Contributions to the Fund

5. (a) The Government should make conscious efforts towards building up the Fund corpus to five per cent of the outstanding guarantees within a span of five years from the date of constitution of the Fund.

(b) It is open to the Government to increase the contributions to the Fund at its discretion and also based on its assessment of likely invocation of guarantees. The balance in the Fund shall be increased with periodic contributions made annually or at shorter intervals.

(c) In order to enable transfer of the total amount of contribution to the Fund, the Government would make suitable Budget provision under the Revenue Expenditure side of the budget under the head "2075– Miscellaneous General Services-797- Transfer to/from Reserve Fund and Deposit Account- 03– Guarantee Redemption Fund".

(d) The Government shall not fund its contribution to the Fund out of

borrowings from the Bank.

Relationship of the Fund with General Revenues/Public Account

6. (a) The corpus of the Fund comprises an initial amount demarcated by the Government, annual or other contributions made by the Government thereto as also periodic accretions by way of Guarantee Commission to be collected from the institutions in respect of whose bonds / obligations Government will issue the guarantee, in addition to the income accruing to the Fund.

(b) The Fund shall be kept outside the General Revenues of the Government

and shall be utilised only in the manner prescribed in this Scheme.

7. The Fund shall be administered by Central Accounts Section of the Bank Administration of the fund

subject to such directions/instructions as the Government may issue from time to time.

Investment of

8. The accretions to the Fund together with the income earned on the the Corpus of investment of the Fund shall be invested in Government of India (GoI) Dated the fund

Securities, Treasury Bills, Special Securities of the (GoI) and State Government Securities of other States of such maturities as the Bank may determine from time to time. The Bank shall make available the securities for investment either from its investment portfolio or by acquiring the securities from the secondary market, without loading any charge other than that indicated in paragraph 11.

Accounting of

9. (a) The responsibility for the administration of the Fund will rest with the Transactions Government. The Government will decide all matters connected with the investment of the corpus of the Fund, reinvestment/ dis-investment, obligations and application of the Fund, etc.

(b) The Government will, from time to time, issue instructions to the Bank.

The Bank will immediately arrange to make the necessary investment. The Bank would scroll to the Government the debit on account of the investment and other incidental charges like brokerage, commission, etc. in the usual course. However, in order to ensure that the investment transactions of the Fund do not get mixed up with other transactions, these may be indicated distinctly in separate scrolls.

(c) On receipt of the scrolls the investment transactions would be accounted for under the head "8235- General and Other Reserve Funds-120- Guarantee Redemption Fund-Investment Account". However, the incidental charges like brokerage, commission etc., shall be accounted for as a charge on the Fund.

(d) The Bank will arrange to collect interest on these securities and credit the same to the Fund on due date. Further, these would require to be invested as in the case of the contributions by the Government i.e., in accordance with the investment norms prescribed in para 8 above.

(e) On maturity of the securities, the proceeds will be collected and credited to the account of the Government or reinvested in accordance with the pattern outlined in para 8 above on the basis of instructions received from the Government. As in the case of the debit scrolls, the Bank shall use separate scrolls, for the receipts.

(f) On receipt of instructions from the Government, the Bank will arrange to sell the securities at the ruling price and credit the amount realized, less incidental charges, to the account of the Government. If these securities are in loss, Bank may in consultation with the Government decide on the securities to be liquidated.

(g) The receipts on account of maturity or sale of the securities would be taken into the account of the "Guarantee Redemption Fund- Investment Account".

The incidental charges on sale would be charged to the Fund.

(h) The provision for expenditure on account of the Guarantee Redemption will be made in the budget of the Government under the relevant heads. Only the actual amount of guarantee redemption expenditure shall be brought in account under the head "8235- General and Other Reserve fund-120-Guarantee redemption Fund- Investment Account ".

(i) The Bank shall arrange to redeem the securities on maturity. In case of premature disinvestments to meet the liability on account of the claims to be paid, the Bank shall decide on the securities to be liquidated and sell the securities at the ruling price and credit the amount realized, less incidental charges, to the Government account. If these securities are in loss, Bank may in consultation with the Government decide on the securities to be liquidated.

(j) The Government will pay the Bank, a commission at the rate determined by the Bank in consultation with the Government. These charges shall also be borne by the Fund as in the case of the charges indicated in paras 9(c) and 9(g). The loss or gain on the sale of securities shall also be taken to the Account of the Fund.

Explanation–

(a) The debit to Government on account of such withdrawal will be accounted under the major head "8235- General and Other Reserve Funds-120- Guarantee Redemption Fund- Investment Account". On the maturity of the loan the balance outstanding under the head "8235 - General and Other Reserve Funds- 117- Guarantee Redemption Fund" is credited to the head "8680- Miscellaneous Government Account-101-Ledger Balance Adjustment Account".

(b) The Bank would scroll to the Government the debit on account of investment less the incidental charges in the usual course. However, in order to ensure that the investment transactions of the Fund do not get mixed up with other transactions, these will be indicated distinctly in separate scrolls.

(c) The Bank will arrange to collect interest on the investments and credit the

same to the Fund on the due dates.

(d) On the maturity of the securities, the Bank will arrange to redeem the securities and in case of premature disinvestment, to sell the securities at the ruling price and credit the amount realized, less incidental charges to the Guarantee Redemption Fund Investment Account. As in the case of debit scrolls, the Bank shall use separate scrolls for the receipts.

(e) The provision for expenditure on account of the periodic contributions will be made in the Budget of the Government under the relevant head. The extent of expenditure to be financed from the Fund shall be withdrawn from the Fund by the disposal of the investment.

Functions of the Bank managing the fund

10. (a) The Bank will be guided by the directions of the Government in all matters concerning the investment/ reinvestment/ dis-investment/ reallocation/ withdrawals time to time from the Fund and will act accordingly.

(b) The Bank would arrange to raise a debit to the account of the Government

maintained with it as per the schedule of contributions set out in paragraph 5.

(c) The contributions to the Fund shall be invested by the Bank as indicated in paragraph 8. The periodic accretion to the Fund by way of guarantee fee, contributions by the Government and interest income shall also be invested by the Bank in a similar manner.

(d) 50 percent of the outstanding corpus held in the Fund as on March 31 of the preceding financial year, or the amount of guarantees invoked during the year (April- March), whichever is less, should be reckoned for arriving at the maximum eligible limit for withdrawal from the Fund during the year. The Government will replenish the corpus before seeking the next withdrawal.

(e) The Bank will submit periodical statement of balances/ advices regarding

the changes therein in consultation with the Government.

11.The Government will pay to Bank a commission at the rate of 1/8 per cent of one per cent of the turnover of the Fund or at the rate to be mutually decided from time to time.

Service charges for administration of the Fund

Account and audit

12. The accounts of the Fund and the investments shall be maintained by the Accountant General of the State in the normal course. The concerned Department of the Government will maintain subsidiary accounts in such manner and detail as may be considered by the Government in consultation with the Accountant General.

Savings

13. The Government shall issue instructions relating to the provisions of the Scheme as may be considered from time to time to enable smooth functioning of the Scheme. In case of any difficulty in the operation of any provision of the Scheme, the Government may, if satisfied, relax the provisions.

By order,

DEEPAK KUMAR,

Apar Mukhya Sachiv.