Para 12.2 — MSO (A&E)
Original Rule Text
12.2 Transactions pertaining to the following funds are adjusted under the appropriate head of account in the books of the Accounts Officer mentioned against each. Transactions arising in the accounts of one state and which are adjustable in the accounts of another are passed on to the Accountant General concerned monthly through settlement accounts. In other cases including in
In the case of Postal Insurance and Life Annuity Fund, recoveries of Premia from pay and pension bills are passed on to the Director, Postal Life Insurance, Calcutta. The Accountant General who is responsible for maintaining the accounts of the Fund should deal with the transactions in accordance with the general principles enunciated in the above paragraphs and the detailed instructions laid down in the subsequent paragraphs. In the case of Funds not controlled by Government, the amounts tendered by subscribers should be accepted without check or examination, the subscriber alone being responsible for making proper deductions. In all cases, the Accountant General should apply the minimum check prescribed in these instructions and furnish the details of recoveries from each subscriber in a monthly certified list to the authorities of the Fund and to the Accounts Officer in whose books the recoveries are adjustable. The list should be sent not later than the date prescribed for the date of despatch of Settlement Account pertaining to the month to which the recoveries included in the list relates.
<table><tr><td>_________________________________ Name of the Fund Accounts Officer in Authorities to Whose books the whom the certified transaction are lists are sent adjusted. _________________________________________________ 1. Hindu Family P.A.O.,D.E.A. Secretary of the Annuity Fund New Delhi. Fund. 2. Bombay Family Do. Do. Pension Fund of Government Servants 3. Postal Insurance Director, Postal Director, Postal and Life Annuity Life Insurance, Life Insurance, Fund Calcutta. Calcutta. _________________________________________________</td></tr></table>
What This Means
Various service and provident fund transactions are adjusted in the books of designated Accounts Officers. When a transaction arises in one state but is adjustable in another, it is passed on monthly through settlement accounts. For non-government-controlled funds, the AG accepts subscriber payments without checking — the subscriber alone is responsible for correct deductions. In all cases, the AG must provide a monthly certified list of recoveries, subscriber by subscriber, to the fund authorities and the relevant Accounts Officer, dispatched by the prescribed deadline.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Fund transactions are adjusted in the books of the designated Accounts Officer
- 2Inter-state fund transactions pass through monthly settlement accounts
- 3For non-government-controlled funds, subscriptions are accepted without AG's check
- 4Monthly certified lists of recoveries must be sent to fund authorities
- 5Lists must be dispatched by the date prescribed for settlement account despatch
- 6Specific funds listed: Hindu Family Annuity Fund, Bombay Family Pension Fund, Postal Insurance and Life Annuity Fund
Practical Example
A government servant in UP subscribes to the Hindu Family Annuity Fund. His monthly subscription of Rs 500 is deducted from his pay bill by the AG, UP. The AG prepares a monthly certified list showing the recovery and sends it to the PAO, DEA, New Delhi (the designated Accounts Officer) and to the Secretary of the Fund, by the settlement account dispatch date.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Why are some fund subscriptions accepted without check by the AG?▼
By when must the monthly certified list be sent?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.