Rule 282 — GFR

Rule 282 Accounting for Guarantees. In order to ensure greater transparency in its fiscal operations in the public interest, Rule 6 of the FRBM Rules, 2004 requires government to publish a disclosure statement on guarantees given by government, at the time of presenting the annual financial statement and demands for grants. This statement covers, inter alia, details regarding the class and number of guarantees, amounts guaranteed, outstanding, invocations, guarantee fee payable and other material details.

(i) The statement is to be compiled by the Administrative Ministries / Departments and submitted to Controller General of Accounts, for onward submission to Budget Division. Based upon the inputs, a statement of Guarantees given by the Central Government is depicted as an annexure in the Receipt Budget.

(ii) While furnishing the Statement of guarantees to the Ministry of Finance, the Administrative Ministries or Departments should ensure and certify that the amounts shown tally with the total figures in the statement to be included in the Detailed Demands for grants.

(iii) While furnishing the summary statements, the Ministries or Departments should also certify that the information tallies with the material furnished to the Controller General of Accounts for the purpose of inclusion in the Finance Accounts of the relevant year and is compliant with Indian Government Accounting Standard-1 (IGAS-1) relating to Government Guarantees.