Para 3.10.13 — MSO

3.10.13 Normally other Missions are not required to invest funds surplus to their requirements in interest-bearing fixed deposits and make efforts to neutralise its impact by cancelling or reducing future or successive remittances. However, large funds are sometimes remitted to Missions prior to the visits of important dignitaries, Indian Naval ships, etc. and the visits are subsequently cancelled resulting in these funds remaining unutilised for the intended purpose. Similarly, on occasions, the total miscellaneous receipts of some of the Missions are more than their monthly expenditure. If the Missions concerned retain such surplus funds for some time, these can be invested in short-term deposits so that Government does not lose on this account. After every third month, the Mission should seek the Ministry’s directions/approval in regard to the future disposal of the surplus funds or return them, after retaining an amount representing their requirements for four weeks only, quarterly in April, July, October and January through a Bank Draft in hard currency drawn in favour of the Controller of Accounts, Ministry of External Affairs. Audit should verify that these requirements are being complied with.