Reg. No. RNP/GOA/32/2024-2026
RNI No. GOAENG/2002/6410
Panaji, 10th May, 2024 (Vaisakha 20, 1946) SERIES I No. 6 PUBLISHED BY AUTHORITY
SUPPLEMENT
GOVERNMENT OF GOA
Department of Finance
Debt Management Division
–––
Notification
6-26-2015-FIN(DMU)
Read: Notification No. 1-12-99-FIN(DMU)
dated 27-07-1999.
Notification No. 6/26/2015-FIN (DMU) dated 25-11-2015.
Sub.: Scheme for Constitution and Adminis- -tration of the Consolidated Sinking Fund of Government of Goa.
The following scheme for Constitution and Administration of the Consolidated Sinking Fund of Government of Goa is transcribed here below for publication of the same in the Official Gazette for general information of public.
This supersedes the earlier Notification read hereinabove and the said scheme shall be effective from the date of publication of this Notification in the Official Gazette.
Revised Scheme for Constitution and Administration of the Consolidated Sinking Fund of Government of Goa
1. Title of the scheme.— The Scheme shall be called 'Consolidated Sinking Fund (hereinafter refer red to as 'the Fund') Scheme'of the Government of Goa (hereinafter referred to as 'the Government').
2. Constitution of the Fund.— The Fund will be constituted by the Government of Goa for redeeming its outstanding liabilities.
3. Objective of the scheme.— The Fund is to be utilised as an Amortisation Fund for redemption of the outstanding liabilities of the Government commencing from the financial year 2024-25.
4. Commencement of the operation of the scheme.— The Fund shall come into force with effect from the date of the notification. The operation of the scheme is as under.
(a) The Fund shall substitute the existing fund mentioned under the extant CSF scheme adopted by the Government.
(b) The outstanding balances of the existing fund under the extant CSF Scheme as at end-March, 2024 shall be transferred to the Fund.
(c) 50 per cent of the outstanding corpus held in the CSF as on March 31 of the second preceding financial year, or the amount of redemption falling due during the financial year (April-March), whichever is less, should be reckoned for arriving at the maximum eligible limit for withdrawal from the CSF during the year.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 6 (SUPPLEMENT) 10TH MAY, 2024(d) The Fund shall not be utilised for any purpose other than redemption of the outstanding liabilities of the Government.
(e) The State Government can avail of short-term accommodation under Special Drawing Facility (SDF) from Reserve Bank of India (hereinafter referred to as 'the Bank') against the collateral of investment made in CSF for meeting temporar y cashflow mismatches, subject to the terms and conditions as fixed by the Bank from time to time.
(f) The outstanding liabilities is defined to comprise both internal debt and public account liabilities of the Government.
5. Contributions to the Fund.— The Government should make conscious efforts towards building up the CSF corpus to five per cent of the outstanding liabilities within a span of five years. There is no ceiling on such contributions to the Fund in terms of number of times of making contributions in a year. It is open to the Government to invest in the Fund from the General Revenue at any time or from other sources such as disinvestment proceeds, at its discretion. The Government shall not fund its contribution to the Fund out of borrowings from the Reserve Bank.
6. Relationship of the Fund with General Revenues.— The corpus of the Fund comprising the periodic contributions as well as the income accruing to the Fund shall be kept outside the General Revenue of the Government. The Fund shall be utilised in the manner prescribed in this Scheme.
7. Administration of the Fund.— The Fund shall be administered by Central Accounts Section of the Bank at Nagpur (subject to such directions/instructions as the Government may issue from time to time).
8. Investment of the corpus of the Fund.— The accretions to the Fund shall be invested in Government of India (GOI) dated Securities, Special Securities of GoI, Treasury Bills and State Government Securities of other States of such maturities as the Bank may determine from time to time in consultation with the Government.
Explanation.—
(a) The accretions to the Fund shall include the periodic contributions and the income accruing to the Fund from investment thereof.
(b) The Bank will make available the securities for investment by acquiring the securities from the secondary market, without loading any charge other than that indicated in paragraph 10.
9. Account Transactions.— (a) The Bank would arrange to raise a debit to the account of the Government maintained with it as per the advice of the Government.
(b) The contributions to the Fund shall be invested by the Bank in Government Securities as indicated in paragraph 8 in multiples of Rs. 10,000/-.
(c) The periodic accretion to the Fund by way of interest income shall be reinvested by the Bank in a similar manner, in multiples of Rs. 10,000/-.
(d) The investments held in the Fund and maturing during currency of the scheme shall be reinvested in accordance with paragraph 8.
(e) No withdrawals will be allowed from the Fund until completion of five years from the date of constitution of the fund.
Explanation.—
(a) Withdrawals may be allowed starting from the next financial year on completion of five years from the date of constitution of the fund.
(b) The debit to Government on account of the periodic installments will be accounted under the major head 8222 (Reserve Funds). On the maturity of the loan, the balance outstanding under the head 8222 (sub-head Sinking Fund) will be credited to the head 8660 (Miscellaneous Government Account) Ledger Balance Adjustment Account.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 6 (SUPPLEMENT) 10TH MAY, 2024(c) The Bank shall 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.
(d) The Bank shall arrange to collect interest on the investments and credit the same to the Fund on the due dates.
(e) On the maturity of the securities, the Bank shall arrange to redeem the securities. In case of premature disinvestment to meet the liability on account of the claims to be paid, the Bank will decide on the securities to be liquidated and sell the securities at the ruling price and credit the amount realised, less incidental charges, to the Fund. If these securities are in loss, Bank may in consultation with the Government decide on the securities to be liquidated. As in the case of debit scrolls, the Bank shall use separate scrolls for the receipts.
(f) The provision for expenditure on account of the periodic contributions shall 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.
(g) The Bank shall open a Current Account and Subsidiary General Ledger Account in the name of the Fund and furnish to the Government as at the end of September and March each year, a statement showing the details of investments.
10. Service charges for administration of the Fund.— The Government shall pay to the Bank a commission at the rate of 1/8 per cent of one per cent on the turnover of the Fund or at the rate to be mutually decided from time to time.
11. Accounts and Audit.— The accounts of the Fund and the investments shall be maintained by the Accountant General of the State in the normal course. The Bank will maintain subsidiary accounts in such manner and details as may be considered by the Government in consultation with the Accountant General.
12. Savings.— 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 Scheme, the Government may, if satisfied, relax the provisions.
By order and in the name of the
Governor of Goa.
Pranab G. Bhat, Under Secretary, Finance
(Budget-II).
Porvorim, 3rd May, 2024.
–––––––
Notification
6-26-2015-FIN(DMU)
Read: Notification No. 6/26/2015-FIN (DMU)
dated 25-11-2015.
The scheme for Constitution and Administration of the Guarantee Redemption Fund of Government of Goa is transcribed here below for publication in the Official Gazette for general information of public.
This supersedes the earlier Notification if any issued in respect of Guarantee Redemption Fund and the said scheme shall be effective from the date of publication of this Notification in the Official Gazette.
Revised Scheme for Constitution and Administration of the Guarantee Redemption Fund of Government of Goa
1. Title of the scheme.— The Scheme shall be called 'Guarantee Redemption Fund' (hereinafter referred to as 'the Fund') Scheme of the Government of Goa.
2. Constitution of the Fund.— A 'Guarantee Redemption Fund' shall be constituted by the Government of Goa (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.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 6 (SUPPLEMENT) 10TH MAY, 2024The Fund shall be constituted in the Public Account and classified under the head "8235—General and Other Reserve Funds— 117—Guarantee Redemption Fund" in the accounts of the Government.
3. Objective of the scheme.— 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 Reserve Bank of India (hereinafter referred to as 'the Bank') against the collateral of investment made in GRF for meeting temporary cashflow mismatches, subject to the terms and conditions as fixed by the Bank from time to time.
4. Commencement of the Operation of the scheme.— The revised Scheme shall come into force with effect from the date of the notification.
5. Contributions to the Fund.— (a) The Government should make conscious efforts towards building up the GRF 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 "2048—Appropriation for Reduction or Avoidance of Debt', Sub Major-Guarantee Redemption Fund, Object Head— Contributions' Transferred to Major Head "8235—General and Other Reserve Funds, Sub Major 00, Minor 117—Guarantee Redemption Fund".
(d) The Government shall not fund its contribution to the Fund out of borrowings from the Bank.
6. Relationship of the Fund with General Revenues/Public Accounts.— (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 guarantees, 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 utilized only in the manner prescribed in this Scheme
7. Administration of the Fund.— The Fund shall be administered by Central Accounts Section of the Bank subject to such directions/instructions as the Government may issue from time to time.
8. Investment of the corpus of the fund.— The accretions to the Fund together with the income earned on the investment of the Fund shall be invested in Government of India (GoI) Dated 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.
OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 6 (SUPPLEMENT) 10TH MAY, 20249. Accounting of Transactions.— (a) The responsibility for the administration of the Fund will rest with the 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 Major Head "8235—General and Other Reserve Funds; Sub Major 00; Minor 117—Guarantee Redemption Fund.
(i) The Bank shall arrange to redeem the securities on maturity. In case of premature disinvestment 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 realised, 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 Fund—Sub Major 00, Minor 117— Guarantee Redemption Fund". On the maturity of the loan the balance outstanding under the head 8235—General and Other Reserve 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 OFFICIAL GAZETTE — GOVT. OF GOA SERIES I No. 6 (SUPPLEMENT) 10TH MAY, 2024 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 realised, 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.
10. Functions of the Bank managing the Fund.— (a) The Bank will be guided by the directions of the Government in all matters concerning the investment/reinvestment/ /dis-investment/reallocation/withdrawals from time to time of 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 commission, contributions by the Government and interest income shall also be invested by the Bank in a similar manner.
(d) 50 per cent of the outstanding corpus held in the GRF 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 GRF 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. Service charges for administration of the Fund.— The Government will pay to the Bank a commission at the rate of 1/8 percent of one percent of the turnover of the Fund or at the rate to be mutually decided from time to time.
12. Accounts and Audit.— 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.
13. Savings.— 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 and in the name of the
Governor of Goa.
Pranab G. Bhat, Under Secretary, Finance
(Budget-II).
Porvorim, 3rd May, 2024.
www.goaprintingpress.gov.in
Printed and Published by the Director, Printing & Stationery, Government Printing Press, Mahatma Gandhi Road, Panaji-Goa 403 001.
PRICE – Rs. 6.00
PRINTED AT THE GOVERNMENT PRINTING PRESS, PANAJI-GOA—56/100—5/2024.