GENERAL PRINCIPLES - Shivaji University

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2. All discrepancies noticed by him shall be brought to account immediately so
that the stores account may represent the true state of affairs.
3. Shortages and damages as well as unserviceable stores, shall be reported
immediately to the authority competent to write off the loss and to the stores
verification cell.
4. Balances of stores shall not be held in excess of the requirements of a
reasonable period and in excess of any prescribed maximum limit.
5. A periodical inspection of stores shall be made by a responsible officer, who
shall submit a report of surplus and obsolete stores to the authority competent
to issue orders for their disposal. The inspection shall, unless there be good
reasons to the contrary, be made six monthly, in the case of perishable stores
and once a year in the case of other stores and
6. Stores remaining in store for over a year shall be considered surplus unless
there is good reason to treat them otherwise.
(3) Certification:
Head of the Department/Assistant Registrar shall physically verify the stock
shown in the Dead Stock Register as on 30 th June and shall submit a certificate
to the Finance and Accounts Officer in the following format before 15 th July every
year. :-
“Certified that we have inspected the Register of articles of dead stock/ equipment/
consumable and have found that it has been properly kept up-to-date and that the
articles mentioned therein are actually held in stock and that no articles have been
written off, except under proper sanction, which sanction has been duly recorded
on the return under signature of the inspecting authority”.
(4) Results of Inventories
Stock Verification section shall identify all discrepancies disclosed during stock
verification. The listing shall include a signed statement that physical inventory of
all or certain classes of property was completed on a given date and that the
official property records were found to be in agreement with the physical inventory,
except for discrepancies reported. The listing and signed statement shall be
furnished with a minimum of delay at the completion of the physical inventory for
the perusal of Hon’ble Vice-Chancellor through the Stock Verification Section.
Losses due to depreciation shall be analysed and recorded under the following
heads, as they are due to:-
(i)
Normal fluctuations of market prices.
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