Para 3.11.2 — MSO (Audit)
Original Rule Text
3.11.2 The deposits covered in this chapter may be classified broadly as
(i) Civil Deposits that include revenue deposits, civil court deposits, criminal court deposits, etc.;
(ii) Local Fund Deposits; and
(iii) Special Deposits Accounts of government companies, corporations etc. These deposits may or may not earn interest depending on the decision of the Government.
# Source Documents
What This Means
Government deposits covered under the audit rules fall into three broad categories: Civil Deposits (including revenue deposits, civil court deposits, and criminal court deposits), Local Fund Deposits, and Special Deposits Accounts (for government companies, corporations, etc.). Some of these deposits earn interest while others do not, depending on the government's decision.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Three categories: Civil Deposits, Local Fund Deposits, and Special Deposits Accounts
- 2Civil Deposits include revenue, civil court, and criminal court deposits
- 3Special Deposits cover government companies and corporations
- 4Interest may or may not be payable depending on government decision
Practical Example
A government auditor begins an audit of deposit accounts at a state treasury. She first categorises the accounts: revenue deposits from licensing fees are Civil Deposits, a deposit account for a rural development fund is a Local Fund Deposit, and the operating account of a state-owned power corporation is a Special Deposit Account. Each category has distinct audit requirements.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
What are Civil Deposits?▼
Do all government deposits earn interest?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.