Para 3.10.12 — MSO

3.10.12 In regard to these transactions, it is verified in audit that:

(i) the calculations involved in converting amounts in foreign exchange into their Indian currency equivalent at the approved rates of exchange are correct;

(ii) the transactions are properly accounted for by the Bank and the classification is correct;

(iii) the remittances on account of recurring expenditure do not exceed the net average requirements of the Missions for six weeks, after taking into account the closing balance;

(iv) remittances for non-recurring expenditure are required for disbursement during the next two months; and

(v) the funds required are within the sanctioned budget provisions/financial limits.

The Director of Audit, Indian Accounts, Washington, will also ensure that the investments made by the Chief Accounts Officer out of the surplus funds available with the Embassy in Washington have been profitably made with due regard to the ways and means position.