Para 3.11.10 — MSO (Audit)
Original Rule Text
3.11.10 Personal Deposits are maintained in the treasuries in the nature of banking accounts. These are commonly known as Personal Ledger Accounts or Personal Deposit Accounts and are established either under statutory provisions of the Government or created under any law or rule having the force of law by transferring funds from the Consolidated Fund of the State for discharging liabilities of the Government arising out of special enactments. Ordinarily, Government sanctions the opening of a banking deposit account or of a Personal Ledger Account after consultation with the Accountant General (A&E). It is generally recognized that Government should not agree to the opening of such an account unless it is satisfied that the initial accounts of moneys in the Personal Ledger Account are properly maintained and are subject to audit.
What This Means
Personal Deposits (also called Personal Ledger Accounts or Personal Deposit Accounts) are maintained at treasuries and function like banking accounts. They are set up either under statutory provisions or government orders, funded by transferring money from the Consolidated Fund to discharge specific government liabilities. The government must be satisfied that proper accounts are maintained and the accounts are subject to audit before agreeing to open such an account.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Personal Deposits function like banking accounts maintained at treasuries
- 2They are established under statutory provisions or government orders with force of law
- 3Funded by transferring money from the Consolidated Fund of the State
- 4Government must ensure proper accounts are maintained and subject to audit
- 5Opening requires consultation with the Accountant General (A&E)
Practical Example
A State Government creates a Personal Ledger Account under a special education act to disburse scholarship funds. Money is transferred from the Consolidated Fund, and the designated officer draws from this account to pay scholarships. Before opening the account, the government consults the Accountant General (A&E) and confirms that proper books of account will be kept and audited.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
What is the difference between a Personal Deposit Account and a regular deposit?▼
Is consultation with the Accountant General required before opening such accounts?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.