Amendment status not verified — confirm the current text below against the official source.
Procedure of payments, deposits and investments on behalf of the Board :— (a) The Board shall receive requisite funds for implementing the various schemes and under section -20.: of 'the Act and deposit the same in the Bank. (b) Payments by or on behalf of the Board shall be made in cash or by cheques drawn against the current account of the Board. (c) The cheques and all orders for making investments or withdrawal of the same, or for the disposal in any other manner of the funds ofthe Board shall be signed by the Secretary j Provided the transaction ‘does not exceed Rs. 5,000/- 1n each case and where the amount-exceeds, this will be countersigned by any member of the Board specially authorised by the Chairman in writing to do so. Placing of money in fixed deposits and investment: thereof and the (d disposal of such money if so placed or invested shall requite the prior approval of the Board. “Provided that the moneys received from the Commission shall be placed In fixed deposit in a bankwith the prior approval of the Chairman.” 4, Custody of money required. for current expenditure of Board and.investment of money not so required :— - (a) The account of the Board shall be kept iin bank and all | moneys of the Board with the exception of :— meh 3 (i) petty cash as mentioned in clause (c) ; (ii) money placed in fixed deposits ; . (iii) money invested in accordance with the provisions hereafter contained shall be paid into that account.” ; (4-A) Power to write off (1) The Board may on the recommendation of of the Finance Committee of the Board, write of losses upto Rs. 1,000/- falling under any or all of the following categories :— (a) Loss of irrecoverable value of stores of public money due to theft, fraud, etc. (b) Loss of irrecoverable advance other than loans ; and (c) Deficiency and depreciation in the value stores.