Para 12.26 — MSO (A&E)
Original Rule Text
12.26 A Stock Register in Form 31 should be maintained to keep a record of policies accepted for being financed from the Provident Fund which have either been assigned to the President/Governor or delivered to the Accounts Officer. The policies should be
# FINAL WITHDRAWALS
verified annually, and on a change in the Gazetted Officer in charge. The annual verification should be done by a gazetted officer other than the officer in charge of the Fund Section to be selected by the Accountant General. The result of each verification should be recorded in the Register. If there has been a verification in the change of the Gazetted Officer in charge, the next annual verification may be made one year after such verification.
What This Means
A Stock Register in Form 31 must be maintained to record all insurance policies accepted for PF financing — whether assigned to the President/Governor or deposited with the Accounts Officer. These policies must be physically verified annually by a Gazetted Officer other than the Fund Section in-charge. The verification results are recorded in the register. If a verification was done on change of the in-charge officer, the next annual verification can be scheduled one year from that date.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Stock Register (Form 31) records all PF-financed insurance policies
- 2Covers both assigned policies and those deposited with the AG
- 3Annual physical verification by a Gazetted Officer other than the Fund Section in-charge
- 4Verification also required on change of in-charge officer
- 5Results of each verification recorded in the Stock Register
Practical Example
The Fund Section holds 150 insurance policies financed from PF. In March, the AG deputes a Gazetted Officer from the Accounts Section to physically verify all 150 policies against the Stock Register entries. He finds that 2 policies listed in the register cannot be located. This discrepancy is recorded and investigated — it turns out the policies were reassigned but the register was not updated.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
How often must PF-financed insurance policies be physically verified?▼
Who can perform the annual policy verification?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.