Para 6.4.1 — MSO (Audit)
Original Rule Text
6.4.1 Except in regard to the issue and repayment of treasury bills of all Central and State Governments, which are dealt with by the Banking Department of the Offices of the Reserve Bank of India, the open market borrowings of Government are managed by the Public Debt Offices of the Bank. The work done in the Public Debt Offices in respect of the transactions connected with these borrowings is to be test checked by an inspection of the relevant records maintained in those offices by the local Accountants General (Audit).
- Guidelines for Audit
What This Means
The Public Debt Offices of the Reserve Bank of India manage the open market borrowings of the Government (like government securities). The Banking Department handles treasury bills separately. The records maintained in Public Debt Offices for these borrowing transactions must be test-checked through inspection by the local Accountants General (Audit).
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Public Debt Offices of RBI manage government open market borrowings
- 2Treasury bills are handled separately by the Banking Department of RBI
- 3AG (Audit) must conduct test-check inspection of PDO records
- 4This covers transactions connected with government borrowings (securities, bonds)
Practical Example
The AG (Audit) Mumbai sends an inspection party to the Reserve Bank of India's Public Debt Office to test-check records of government securities issued during the past year. They verify that bonds were issued correctly, interest payments match the terms, and the register of holders is accurately maintained. Treasury bill records, handled by the Banking Department, are audited separately.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
What do Public Debt Offices handle?▼
Who conducts the audit of Public Debt Offices?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.