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सं॰ अ0पा0-66/2008-203—सभी प्रकार के ऋणों, जिनमें बैंक से प्राप्त ऋण, राष्ट्रीय लघु बचत निधि से प्राप्त ऋण इत्यादि शामिल हैं, के शोधन के लिए निक्षेप निधि की स्थापना की जाती है । इस निधि का अनुरक्षण राज्य के समेकित निधि तथा लोक लेखा से पृथक रखा जायेगा । निक्षेप निधि की राशि का उपयोग पांच वर्षों के उपरान्त ऋण के शोधन के लिए किया जायेगा । निधि से संबंधित वैद्यानिक एवं प्रशासनिक स्कीम संलग्न अनुसूची-। के अनुसार होगी । निक्षेप निधि का संचालन भारतीय रिजर्व बैंक की केन्द्रीय शाखा, नागपुर द्वारा किया जायेगा । इस स्कीम को दिनांक 30 मार्च, 2009 के प्रभाव से लागू किया जाता है ।
बिहार-राज्यपाल के आदेश से,
अरूनीश चावला,
अपर वित्त आयुक्त(व्यय)।2 (cid:18)बहार गजट, (असाधारण)] 30 माच, 2009 vuqlwph&A
GOVERNMENT OF BIHAR
FINANCE DEPARTMENT
RULES FOR CONSTITUTION AND ADMINISTRATION OF THE CONSOLIDATED SINKING FUND OF GOVERNMENT OF BIHAR
Title of the Scheme 1. Scheme for Consolidated Sinking Fund (CSF) of
Government of Bihar.
Constitution of the Fund 2. The Fund' will be constituted by the Government of
Bihar for redeeming its outstanding liabilities.
Objective of the Scheme 3. The Fund is to be utilised as an Amortisation Fund for redemption of the outstanding liabilities of the Government commencing from the financial year 2013-14.
Commencement of the 4. The Fund shall come into force with effect from the Operation of the Scheme financial year 2008-09.
Explanation
(a) The interest accrued and accumulated in the Fund only shall be utilised towards the redemption of the outstanding liabilities of the Government as hereinafter provided.
(b) The Fund shall not be utilised for any purpose other than redemption of the outstanding liabilities of the Government. Provided that the net incremental annual investment of States (i.e. outstanding balance over and above the level in the corresponding period of the previous year) shall be eligible for availing Special WMA such that the availment of Special WMA under this provision does not exceed the Normal WMA limit.
(c) The outstanding liabilities is defined to comprise of internal
debt and public account liabilities of the Government. Contributions to the Fund 5. The Government may contribute to the Fund on a modest scale of at least 0.5 percent of the Outstanding liabilities as at the end of the previous year beginning with the financial year 2008-09 Government shall make efforts to raise the minimum contribution every year. 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 to the Fund, at its discretion. The Government shall not fund its contribution to the Fund out of borrowings from the Reserve Bank.
Relationship of 6. The corpus of the Fund comprising the periodic the Fund with General contributions as well as the income accruing to the Fund shall be kept outside the General Revenue of Revenues the Government. The Fund shall be utilised in the manner prescribed in this Scheme.
3 (cid:18)बहार गजट, (असाधारण)] 30 माच, 2009Administration of The Fund 7. The Fund shall be administered by Central Accounts Section of the Reserve Bank of India at Nagpur (herein after referred to as the Bank), subject to such directions/ instructions as the Government may issue from time to time.
Investment of the 8. The accretions to the Fund shall be invested in corpus of the Fund Government of India Securities 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 either from its own investment portfolio or by acquiring the securities from the secondary market, without loading any charge other than that indicated in paragraph 10.
Account Transactions 9.(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 of India 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
2012-2013.
Provided that States that have already set up the Fund under the earlier Scheme may withdraw an amount in a year after the lock-in period stipulated in the earlier scheme. The amount shall not exceed the amount of redemption due for that year in respect of open market borrowings.
Explanation
(a) Withdrawals may be allowed in the financial year 2013-14 from out of the interest income accrued and accumulated in the Fund up to the financial year 2012-13 towards the redemption of the outstanding liabilities of the Government as per its directions. Similarly, withdrawals may be allowed in the financial year 2014-15 from out of the interest income accrued and accumulated in the Fund up to the financial year 2013-2014 towards the redemption of the4 (cid:18)बहार गजट, (असाधारण)] 30 माच, 2009 outstanding liabilities of the Government as per its directions and so on.
(b) The contribution forming the corpus of the Fund shall remain intact, until substantial amount is built up. A review thereof may be taken at an appropriate period from 2013-2014.
(c) 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) is credited to the head 8660 (Miscellaneous Government Account) Ledger Balance Adjustment Account.
(d) 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.
(e) The Bank shall arrange to collect interest on the investments and credit the same to the Fund on the due dates.
(f) 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 encashed in consultation with the Government and sell the securities at the ruling price and credit the amount reaslised, less incidental charges to the Fund. As in the case of debit scrolls, the Bank shall use separate scrolls for receipts.
(g) 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.
(h) 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.
Service charges for 10. The Government shall pay to the Bank a commission at administration of the Fund the rate of 1/8 percent of one per cent on the turnover of the Fund or at the rate to be mutually decided from time to time.
Accounts and Audit 11. 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 be5 (cid:18)बहार गजट, (असाधारण)] 30 माच, 2009 considered by the Government in consultation with the Accountant General.
Savings 12. 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.