287

Panaji, 10th May, 2024 (Vaisakha 20, 1946)

SERIES I No. 6

Reg. No. RNP/GOA/32/2024-2026

RNI No. GOAENG/2002/6410

PUBLISHED BY AUTHORITY

Suggestions are welcomed on e-mail: dir–[email protected]

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 referred to as ‘the Fund’)

SUPPLEMENT

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.

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

288

(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 temporary

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/-.

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

289

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, 2024

290

The 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.

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, 2024

291

9. 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.

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

292

that the investment transactions of the Fund

do not get mixed up with other transactions,

these will be indicated distinctly in separate

scrolls.

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

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.

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.