Para 10.10.6 — CAM

10.10.6 Accounting for Guarantees: The Head of Accounting Organisation of Ministry/Department i.e. Pr.CCA/CCA/CA(i/c) as the case may be, shall be responsible to maintain guarantee register. To do this, they shall obtain necessary details from all Administrative Division of their Ministries/Departments dealing with sovereign guarantees on Government Account. The information relating to Statement Number – 4/ IGAS-1 of the Finance Accounts of the Union Government, for the guarantees outstanding at the end of a financial year shall be called by CGA from the Head of Accounting Organisation i.e. Pr.CCA/CCA/CA(i/c) as the case may be, of each Ministry/Department. The Pr.CCA/CCA/CA(i/c) shall be responsible to send the duly verified statement to the Finance Accounts Section of the office of CGA, latest by 31st May each year. Such returns sent by the Principal Accounts Office will also show the cases of guarantees if so, invoked during the year. Since the payments for invoked guarantees shall be treated as loans, the figures of paid amounts in the Statement should be based on the figures booked in the accounts.