Para 12.30 — MSO (A&E)
Original Rule Text
12.30 Fund transactions arising in one account circle which are adjustable in another account circle should be passed on to the Account Officer of the latter circle, monthly through the Settlement Account, or PAO Account, as the case may be.
What This Means
When Provident Fund transactions arise in one account circle but are adjustable in another, they must be passed on to the other Accounts Officer monthly. This transfer happens through the Settlement Account or the PAO Account, depending on the case. This ensures that all PF transactions are ultimately booked in the correct Accounts Officer's records.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Inter-circle PF transactions are settled monthly
- 2Settlement is through Settlement Account or PAO Account as applicable
- 3Ensures transactions are booked in the correct Accounts Officer's books
- 4Monthly frequency prevents large backlogs of unsettled transactions
Practical Example
A Central Government employee based in Chennai has his GPF maintained by the PAO, Delhi. His monthly GPF subscription is deducted by the Chennai office. The Chennai Accounts Officer passes this credit to the PAO, Delhi through the monthly PAO Account settlement so it can be posted to the subscriber's ledger card in Delhi.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
How frequently are inter-circle PF transactions settled?▼
What is the difference between Settlement Account and PAO Account?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.