Para 6.4 — MSO (A&E)
Original Rule Text
6.4 The Accountant General will keep two Subsidiary Loan Registers (in the annexed Forms A and B) for all loans made by Government to public or quasipublic bodies and to individuals, except Revenue Advances (see paragraph 6.14). Form A will be for those loans which are repayable by direct credit of the repayments to the principal of the loan and From B for those which are repayable by payments into a Sinking Fund. In both cases, a separate page should be set apart for each loan. Before posting recoveries, whether of principal or interest, into the classified Abstract the accountant will obtain the initials of the poster of the Loan Register against the entries in the treasury account to show that they are correct. The poster of the Loan Register, after reference to the Detail Book will make the necessary postings from the treasury accounts, and also post into a broadsheet the total amount recovered or paid for each loan. The total in the broadsheet should be
certified monthly by the Book-keeper, while the register as well as the broadsheet should be reviewed monthly by the Gazetted Officer-in-charge. The Register prescribed above should be maintained also in respect of loans given by the Union Government to the State Governments.
Subsidiary Register of Loans of Rs…………… sanctioned for ……….. in orders of Government of…………No. …………….. dated……………….
- FORM ‘A’
# CONDITION OF LOAN
“ To bear interest at ………….. per cent to be paid (half) yearly on ………….and to be repaid by (half) yearly instalments of Rs…………..in addition to accruing interest or (within……………… years) or (in …………….equal instalments)”.
<table><tr><td>________________________________________________________________________ Date & Voucher Account of principal of Calculation of Interest on Principal Account of Interest Demand Loan Date Voucher Advance Repayment Balance Period On On Amount Amount paid Advances Repayment due & credited To interest 1986 Rs. Rs. Rs. Rs. Rs. Rs. Rs. April 16th Balance 50,000 ½ yr. 1,000 1,270 May 1st 270 May 5th 7 5,000 55,000 164 d 90 June 10th 20,000 35,000 128 d 280 June 16th 700 August 16th 18 5,000 40,000 61 d 33 September 1st 200 ____________________________________________________________________________________________________________ Total :- 1,123 280 1,270 1,170 October 16th To arrear Interest Due Rs. 1,270 less Rs. 1,170 100 Interest due on arrear interest, namely:- Rs. 1,270 at 6 percent, for half year 38 less Rs. 270, for 168 days 7 Rs. 700, for 122 days 14 Rs. 200, for 45 days 2 Net due 23 15 To interest accrued on principal this day Rs. 1,123 Less Rs. 280 843 ___________________________________________________________________________________________________________ October 16th Balance 40,000 year 800 958</td></tr></table>
What This Means
The AG maintains two types of Subsidiary Loan Registers for all government loans (except Revenue Advances): Form A for loans repaid by direct principal repayment, and Form B for loans repaid through a Sinking Fund. Each loan gets its own page. Before posting recoveries into the Classified Abstract, the accountant must get the Loan Register poster's initials confirming the entries are correct. The broadsheet totals are certified monthly by the Book-keeper and reviewed by a Gazetted Officer. These registers are also used for Central-to-State government loans.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Form A: loans repayable by direct credit to principal
- 2Form B: loans repayable through Sinking Fund payments
- 3Each loan has a separate page in the register
- 4Cross-verification: Loan Register poster initials required before classified abstract posting
- 5Monthly certification by Book-keeper and review by Gazetted Officer
- 6Applies to Central-to-State government loans as well
Practical Example
The State Government gives two loans: Rs. 10 crore to a Municipal Corporation (direct repayment in 40 half-yearly instalments) recorded in Form A, and Rs. 5 crore to a Water Authority (repayable via Sinking Fund) recorded in Form B. Each has its own register page. When the Municipal Corporation's Rs. 25 lakh instalment arrives, the Loan Register poster verifies and initials it, only then does the accountant post it to the Classified Abstract. The Book-keeper certifies the monthly broadsheet total, and the Deputy AG reviews both registers.
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 Revenue Advances excluded from these registers?▼
What is the difference between Form A and Form B?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.