Administration Manual - B.E.S.T. Undertaking.

vii) Contribution to the Fidelity Insurance Fund:
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The officers and employees who are handling the cash transaction
has to furnished security in terms of SR.No. 12-13. As per the agreement
with the Union the premium for such Fidelity Insurance is borned by the
Undertaking. As such instead of insuring the risk with outside agencies,
the Undertaking makes contribution towards Fidelity Insurance Fund by
charging to the Revenue Account at the rate 0.05 % of the security
amount which is required to be furnished by staff of such department.
This is a non statutory fund and approved as per BCR No. 154 dated
13/5/60 and CR.No. 462 dated 28/6/1960. Thus every year Account
Department is issuing a circular to the various heads of these department
to furnish particular in this respect . On the receipt of such advice a J.E. is
passed by debiting the Contribution to Fidelity Insurance Fund Account
under each Division head expenditure and Crediting to Fidelity Insurance
Fund.
viii) Provision towards BEST staff Amenity Fund:
The BEST staff Amenity Fund in a non statutory fund and created
under BCR No. 22 dated 11/4/63 & CR No. 77 dt. 6-5-1963.
This fund is utilised for the various welfare activity like Subsidy to the
canteen contractor, Scholarship, Medical Assistance to the Member of the
staff and family member, Housing Subsidy, Financial Assistance for
purchase of Text book for the children of the employees, Funeral,
expenses etc. The actual exp. incurred during the year is initially debited
to various activity by crediting to Bank Account. At the time of Closing of
Books of Accounts. Provision for BEST Staff Amenity Fund is debited to
the extent of expenditure incurred during the year and BEST Staff
Amenities Fund is credited. The expenditure waords provision for BEST
Staff Amenities Fund is accounted under General Administration Division.
ix) Interest on Internal Fund:
This fund is non-statutory and created vide BCR No. 472 dated
12/9/68 and CR No. 1224 dated 6.2.69. The fund is credited @ 1%
above bank rate on the amount of funds utilized in the business of the
Undertaking and debited to Supply and Bus Division. Such internal