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बहार गजट

असाधारण अंक

बहार सरकार ारा ूकािशत

9 चैऽ

चैऽ

चैऽ 1931

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सोमवार

वार

वार, 30

30 माच,

माच,

माच, 200

200

2009

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बहार गजट, (असाधारण)] 30 माच, 2009

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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

The Fund is to be utilised as an Amortisation Fund for

redemption

the

outstanding

liabilities

of the

Government commencing from the financial year

2013-14.

Commencement of the

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.

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

Revenues

the Fund shall be kept outside the General Revenue of

the Government. The Fund shall be utilised in the

manner prescribed in this Scheme.

बहार गजट, (असाधारण)] 30 माच, 2009

Administration 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

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/-

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

the

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.

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 be

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.

————

अधी.क, सिचवालय मुिणालय,

बहार, पटना ारा ूकािशत एवं मु3ित।

बहार गजट (असाधारण) 86-571+300-ड0ट0पी0।