Para 7.2 — MSO (A&E)
Original Rule Text
7.2 On receipt of a Statement of lapses (Form T.A. 49 of the Account Code Volume II), it should be checked with the plus and minus memorandum for the month of March and necessary transfer entry proposed crediting the amount to
- CHAPTER-7
- DEPOSITS
Government. The particulars of the entry should be noted in the Statement.
- REFUND OF LAPSES
What This Means
When a deposit lapses (i.e., remains unclaimed past the prescribed period), the Treasury sends a 'Statement of Lapses' (Form T.A. 49). This statement must be checked against the plus and minus memorandum for March. A transfer entry is then proposed to credit the lapsed amount to Government revenue. The details of this transfer entry should be noted on the Statement of Lapses.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Lapsed deposits are those unclaimed beyond the prescribed period
- 2Statement of Lapses (Form T.A. 49) is received from the Treasury
- 3Must be cross-checked with the March plus and minus memorandum
- 4A transfer entry credits the lapsed amount to Government
- 5Particulars of the transfer entry are noted on the Statement
Practical Example
In April, the AG office receives Form T.A. 49 from Lucknow Treasury listing 12 deposits totaling Rs 4,50,000 that have lapsed. The deposit checker verifies each item against the March plus and minus memorandum, confirms the amounts match, and then proposes a transfer entry to credit Rs 4,50,000 to Government revenue, noting the journal entry number on the Statement.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
When does a deposit lapse?▼
Why is the March plus and minus memorandum specifically referenced?▼
What happens to the lapsed amount?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.