Para 3.11.9 — MSO (Audit)
Original Rule Text
3.11.9 Audit of lapsed deposits involves verification:
(i) whether the lapsed amounts have been correctly written off in the plus and minus memoranda for March;
(ii) whether deposits lapsing on 31 March each year are transferred to the credit of Government under the Head “0075-Miscellaneous General Service-00.101-Unclaimed Deposit-Deduct Refund”. The annual transfer entry crediting the amount to the Government may be made on the basis of the figure reported by the treasury officers in the March Final or March Supplementary accounts; and
(iii) in regard to receipt of the prescribed applications for refund of lapsed deposits and exercise of necessary checks with reference to the original deposits in the Lapsed Deposit Register before issuing authority for payment of refund.
# Personal Deposits
What This Means
Audit of lapsed deposits involves three verifications: checking that the lapsed amounts were correctly written off in the March plus and minus memoranda; confirming they were transferred to the correct government account head (0075-Miscellaneous General Service-Unclaimed Deposits); and ensuring that any applications for refund of lapsed deposits were properly checked against the original deposit records in the Lapsed Deposit Register before refund authority was issued.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Lapsed amounts must be correctly written off in March memoranda
- 2Credits go to Head 0075-Miscellaneous General Service-00.101-Unclaimed Deposit
- 3Annual transfer entry is based on treasury officers' March Final/Supplementary accounts
- 4Refund of lapsed deposits requires application and verification against original deposit records
- 5Lapsed Deposit Register is the reference document for refund checks
Practical Example
A citizen applies for refund of a court deposit that lapsed two years ago. Before issuing the refund, the treasury officer checks the Lapsed Deposit Register to verify the original deposit details. The audit team later confirms that the lapsed amount was properly credited under Head 0075 and that the refund was authorised only after proper verification.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Under which account head are lapsed deposits credited?▼
Can a lapsed deposit be refunded?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.