Para 3.13.8 — MSO

3.13.8 The financial rules and orders issued by Government prescribe the authority which should maintain detailed accounts of loans and watch recoveries and payment of interest. In cases where the Accountants General (A&E) maintain such detailed accounts, subsidiary loan registers are also maintained by them for advising the loanees about the instalments of principal and interest falling due periodically and for watching their remittance. After departmentalisation of accounts, the Pay and Accounts Officers also maintain similar subsidiary registers in respect of loans the detailed accounts of which are maintained by them. These registers contain details, in respect of each loan, of the amount disbursed, the interest accrued from time to time, the instalments of principal and interest paid by the beneficiaries and the balances outstanding. The Accountants General (A&E) and the Pay and Accounts Officers also maintain suitable broadsheets in respect of loans accounted for in their books. Other departmental officers, who are required to administer loans and maintain the related accounts, also maintain similar subsidiary registers and broadsheets. In the case of loans granted by Government of India to the State Governments, besides maintaining detailed accounts, the State Accountants General (A&E) also arrange for payment of the instalments of principal and interest due to the Government of India. This is arranged through the Reserve Bank of India after obtaining the consent of the State Governments wherever necessary.