(Extract from Punjab Govt . Gaz . , (Extra) dated the 30th December , 1992)

87a0e8e1d534ec889b6d00eccad8df0bd02b0f83 · 1978 · Punjab

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Parent: The PESCO Act. 1978 (b1c4d30a09ad941563af9ef2726d6e60f12849d2)

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(Extract from Punjab Govt . Gaz . , (Extra) dated the 30th December , 1992) DEFENCE SERVICES WELFARE DEPARTMENT The 23rd December , 1992 No . 520 . AD . PESCO/53 -In exercise of the powers conferred by section 31 of the Punjab Ex-Servicemen Corporation Act , 1978 (Punjab Act No . 33 of 1978) and with the prior approval of the State Government , the Punjab Ex-Servicemen Corporation hereby makes the following Regulations , namely :- THE PUNJAB EX -SERVICEMEN CORPORATION (EXPENDITURE AND GENERAL) REGULATIONS , 1992 1 . (1) Short Title and Commencement . _ These Regulations shall be called " The Punjab Ex-Servicemen Corporation (Expenditure and General) Regulations , 1992 " . They shall come into force from the date they are published in the official Gazette . 2 . Definitions . _ In these Regulations : _ (a) " The Act " means " The Punjab Ex-Servicemen Corporation Act , 1978 (Punjab Act No 33 of 1978) " . (b) " Board " means " the Board of Directors " constituted under section 7 (1) of the Act . (c) " Corporation " means " The Punjab Ex-Servicemen Corporation " set up under Section 3(1) of the Act . (d) " Financial Controller " means an officer authorized by the Board to exercise the powers of the Financial Controller . (e) " Managing Director " means a person appointed under section 7(2) of the Act . (f) " Rules " mean the Rule made under Section 32(1) of the Act . (g) " Year " means the financial year i . e the year ending 31st March . 3 . Sanctioning Authority to satisfy itself regarding the reasonableness of claims . _ Before authorising any payment under any head of expenditure the authority empowered to do so will :- (i) ensure that the bill or claim has been duly verified by the official incurring the expenditure . (ii) satisfy itself that the bill or claim is reason

Rule TOC

1 · . (1) Short Title and Commencement . _ These Regulations shall be called " The Punjab Ex-Servicemen Corporation (Expenditure and General) Regulations , 1992 " .

2 · . Definitions . _ In these Regulations : _

3 · . Sanctioning Authority to satisfy itself regarding the reasonableness of claims . _ Before authorising any payment under any head of expenditure the authority empowered to do so will :-

4 · . Tenders to be called .

5 · . Powers delegated to the Financial Controller : The Financial Controller may incur expenditure under the following Heads , subject to the condition that budgetary provision is not exceeded and the payments are admissible under the Rules and Regulations of the Corporation or have been authorized by general or special order of the Board not inconsistent therewith :-

6 · . Expenditure -Not Enumerated _ Any expenditure which is not property debit able to any other head shall be classified as " Miscellaneous -Not Enumerated " and may be authorized as follows :-

7 · . Write Off . _ In case of loss of any property , stores etc . of the Corporation no due to theft , fraud or neglect but stores rendered absolute , un-serviceable or surplus , the Managing Director may authorise the write off on book

8 · . Transaction _ Cash/Bank and Cheques :

9 · . Bank Reconciliation Statement : -The bank balance in the Cash Book will be verified by the Financial Controller with the bank reconciliation statement within four days of the Cash check .

10 · . Banking of Corporation ' s Fund : -The Bank Accounts of the Corporation will be operated as indicated below :-

11 · . Accounts , Receipts and Documents of the Corporation by whom to be signed .

12 · . Expenditure -Expenditure incurred under various Heads/Sub-Heads each quarter shall be placed before the Board for its information at its next meeting .

13 · . Financial Position -Profit and loss account and Balance Sheet of the Corporation shall be compiled within one month of the close of the Accounting Year and shall be placed before the Board within three months of the close of the Accounting Year . Thereafter the Balance Sheet and the Profit and Loss Account signed by the authorized persons shall be handed over to the Auditors appointed by the Board under the provisions of section 23 of the Act .

14 · . Budget estimates for the coming financial year will be prepared by the Managing Director and placed before the Board of Directors for approval in the first week of February every year .

15 · . Duties of the Managing Director :

16 · . Power of Interpretation :

17 · . Powers to Redelegate the Power Delegated to Managing Director

18 · . Savings – Any thing done or any action taken before the commencement of these Regulations , not inconsistent therewith , shall be deemed to have been done or taken under the relevant provisions of these regulations .

19 · . Repeal

20 · . Powers of Chairman in emergency