Rule 271 — GFR

Rule 271 Repayment of loans. Office of Controller of Aid Accounts and Audit shall be responsible for prompt repayment of principal on the due date as per the agreements. The remittance of foreign currency is arranged through designated Public Sector Commercial Banks and Reserve Bank of India. The Rupee equivalent and the amount of foreign currency remitted shall be intimated by the Banks to Controller of Aid Accounts and Audit. The Rupee equivalent of the foreign currency remitted is credited to the respective Banks’ account maintained at Reserve Bank of India, New Delhi, by debit to Controller of Aid Accounts and Audit’s account as per standing arrangement. On the receipt of the advice from Reserve Bank of India, New Delhi, Controller of Aid Accounts and Audit shall debit the concerned loan account in the Consolidated Fund of India. The repayment of loans shall be classified as charged expenditure. In cases where the funds from externally aided Projects are further passed on as loans, the recovery of the loan along with interest shall be the responsibility of the respective administrative Ministry or Department.