Rule 25 — RPR

25. Public debt, provident funds, deposits, etc.,.–(1) Public debt means Government borrowings from internal sources viz, market loans, treasury bills, National Savings Certificate and Post Office Savings Deposits, etc. and external sources viz, loans from foreign countries or institutions, etc.,

(2) The internal public debt raised by Government by issue of securities shall be managed by Reserve Bank and as per the guidelines of the Government.

(3) Payment of cheques including Public Debt Office Interest Warrants governed by the Negotiable Instrument Act, 1881 (26 of 1881), shall be made in accordance with the provisions of that Act and any generally recognised practice established among bankers.

(4) The procedures to be followed by public debt officers of Reserve Bank in making payment in respect of principal of market loans, sale and discharge of treasury bills and interest thereon when they fall due shall be governed by the provisions contained in Government Securities Manual and Supplementary instructions or regulations, if any, issued by the Government.

Treasury bills can only be paid on maturity at the office of the bank from which they were issued. (6) After payment, the discharge bills shall be treated in the same way as other paid vouchers.

(7) The Department of Economic Affairs, Ministry of Finance shall execute the agreement for loan or grant from external funding agencies and a copy of such agreement shall be sent to office of the Controller of Aid Accounts and Audit, Department of Economic Affairs which is responsible for receipt, payment and accounting in accordance with the procedure prescribed in Chapter 10 of General Financial Rules, 2017.

(8) The procedure to be followed by post offices in respect of the custody, issue and discharge of National Savings Certificates, Post Office Saving Bank Deposits, Time Deposits, Recurring Deposits shall be specified by Budget Division, Department of Economic Affairs, Ministry of Finance.

Note: The conditions under which National Savings Certificates of different denominations are issued and discharged, the maximum limits of investment, the interest which accrues on them, and other matters connected therewith are regulated by special instructions issued by the Government.

(9) Recovery of subscription to a provident fund of the Government and advances and withdrawals from such fund shall be strictly in accordance with the procedure prescribed in the relevant rules of the fund.

(10) Premia or subscription to the Post Office Insurance Fund shall be recovered strictly in accordance with the procedure prescribed in the rules of the fund.

(11) Monthly subscriptions recoverable from members of Central Government Employees Group Insurance Scheme (CGEGIS) shall be deducted from pay bills and amount payable to members or nominees of deceased members arising under the said scheme or rules or procedure shall be as prescribed by the Government, as the case may be.

(12) Moneys received for deposit in the Government Account shall be classified under suitable heads of account appearing under two broad categories of 'Deposits bearing interest' and 'Deposits not bearing interest' under Public Account and comply the procedure as specified by the Government.

(13) Refund of deposit shall be made only on receipt of application received from applicant entitled to receive such refund.