Para 3.10.9 — MSO (Audit)
Original Rule Text
3.10.9 The High Commission of India, London, maintains two accounts--‘Stores Accounts’ and ‘Chancery Accounts’--with the State Bank of India, London. The Stores Account, which is replenished daily to the required extent from the Reserve Bank of India's account with the Bank of England, is operated for payment for stores purchased against contracts finalised through the supply wing of the Mission. The Chancery Account is operated for making payments of personal claims, establishment charges and miscellaneous payments on behalf of other Missions, departments, State Governments. etc. and is financed through the Stores Account against authorisations issued by the Ministry of External Affairs.
What This Means
The Indian High Commission in London operates two bank accounts with the State Bank of India, London. The 'Stores Account' is used for paying for purchased stores and is replenished daily from the Reserve Bank of India's account with the Bank of England. The 'Chancery Account' handles personal claims, establishment charges, and miscellaneous payments on behalf of other Missions, departments, and State Governments, and is funded through the Stores Account based on MEA authorisations.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Two accounts are maintained: Stores Account and Chancery Account
- 2Stores Account is replenished daily from RBI's account with the Bank of England
- 3Stores Account pays for store purchases through the Mission's supply wing
- 4Chancery Account handles staff claims, establishment costs, and payments for other entities
- 5Chancery Account is financed via the Stores Account per MEA authorisations
Practical Example
The High Commission's supply wing in London finalises a contract for purchasing medical equipment on behalf of a government hospital. Payment is made from the Stores Account. Separately, a staff member's personal claims and the establishment expenses of the Mission are paid from the Chancery Account, which is topped up from the Stores Account under MEA authorisation.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
How is the Stores Account funded?▼
What is the relationship between the two accounts?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.