GENERAL PRINCIPLES - Shivaji University

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(3) the need to obtain and consider proper advice (which for these purposes shall
mean, save where expressly authorised by Management Council to the contrary,
advice from a suitably qualified, independent person).
1.69 The Investment Committee may sanction the use of derivative products (and
other similar financial instruments) provided that every such transaction is
considered to be economically appropriate, and provided that their use is at all
times ancillary to the investment process.
1.70 Once the investment policy, framed by the Investment Committee is approved by
the Finance & Accounts Committee and Management Council, investments shall
be made by the Finance and Accounts Officer with the prior sanction of the Vice
Chancellor.
ISSUE OF FRESH CHEQUES
1.71 The Superintendent in charge of Cashbook Section shall ensure that whenever a
Cheque is reversed, the entry is supported by the actual cheque or an indemnity
bond. The cheque reversed or the indemnity bond, as the case may be, shall be
serially numbered as a credit voucher (Code No.E.3.R.26) and filed in the credit
voucher file.
1.72 As soon as a cheque is reversed, a note thereof shall also be simultaneously
taken in the Register of Cheques reversed.
1.73 Register of cheques reversed shall be reviewed every month. Whenever a fresh
cheque is proposed to be issued in lieu of the one previously reversed/cancelled,
a fresh voucher (by debiting to E.3.P.26) shall be prepared by concerned section,
who had prepared original voucher. The fresh voucher shall indicate the folio
number of the Cash Book on which the old cheque was reversed as also the folio
number of the Cheque Reversed Register on which a note of the issue of the
fresh cheques is taken. In case the old cheque was lost/misplaced, the advice of
the bank regarding stop payment shall invariably be attached to the voucher. If
the cheque is to be cancelled, the fact that no fresh cheque is to be issued shall
be mentioned against the relevant column in the register.
STALE CHEQUES
1.74 The Superintendent of the Cashbook Section shall submit a report of all timebarred
cheques on the tenth of every month indicating whether the intimations
were sent to the parties concerned and shall take further actions to write back the
cheques or issue fresh cheques under the orders of the Chief Accountant or
Deputy Registrar.
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