Organisation, functions and duties - The Cotton Corporation of India ...

MANUAL I ORGANISATION, FUNCTIONS AND DUTIES
(b) BANKING
(i) Preparation of projected cash flow statement and necessary
information as desired by the consortium of banks before the
commencement of crop season.
(ii) To renew and execute the necessary documents related to borrowing of
funds under consortium arrangement with the consortium banks.
(iii) Correspondence with the consortium group of banks and non-consortium
for execution of documents, monthly payment of charges, interest
payment etc.
(iv) Preparation of Bank authorization to the branches for opening and
operating bank accounts at branches/centres after getting approval
from Competent Authority.
(v) Payment of interest on monthly rest basis to various banks on the
outstanding borrowings.
(vi) Transfer of borrowing interest to various branches on the basis of
stocks held by them.
(vii) To attend to the queries raised by Internal Audit/Statutory Audit/
Government Audit
(viii) Verification of interest charged on borrowings as well as interest paid
on deposits by the bank and to correspond with them for rectification
of difference, if any.
(ix) To maintain bank books
(x) Transfer of Funds to other branch offices as per their requirement.
(xii) To arrange the funds for the working capital requirement of the
Corporation.
(xiii) To invest the surplus funds.
(xiii) To invest surplus funds of MM II.
(2) INTERNAL TRADE ACCOUNTS
(i) To accept deposits received from the parties and transfer thereof to
the concerned branches.
(ii) To arrange messages to the branches for payment received at Head
Office.
(iii) To put-up Agenda Note to the Purchase and Sales Committee for
approval for the requests received from Branches for opening of Letter
of Credits and Bank Guarantees.
(iv) To convey the decision of the Purchase and Sales Committee regarding
Letter of Credit and Bank Guarantees to the concerned Branches.
(v) To submit the documents to the Bank against Letter of Credit / Bank
Guarantee.
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