West Bengal Panchayat (Zilla Parishad and Panchayat Samiti ...

(3) When a deposit is outstanding for more than three years from the date of completion of the work
and the depositor does not claim to take refund in spite of service of a notice or in case the whereabouts
of a depositor are not known, the deposit may be adjusted as 'miscellaneous receipt’ repayable on claim
subsequently on obtaining the approval of the Artha Sthayee Samiti after considering the views of any other
Sthayee Samiti concerned.
Key Word : Accounting and investment of deposit (including security deposit)
40.
(1) Security deposit received in cash or by Play Order or Demand Draft shall at once be entered in the Zilla
Parishad or the Panchayat Samiti books of accounts and shall be placed to the credit of the Local Fund
Account lying with the Treasury or Security Fund account lying with the Bank as the case may be like
revenue. Separate schedule for Security Deposit shall be prepared in every month.
(2)All other forms of securities which can be pledged, issued by the Central Government or the
State Government, Bond for immovable property and similar other instruments shall be recorded in the
Register of Deposits of Valuable Securities for Works in Form 20 as enumerated in sub-rule 6 of rule 55.
(3)Certain part of the Fund, raised through own resources and efforts, of the Zilla Parishad or the
Panchayat Samiti, as the case may be, not required for immediate use may be invested for purchase of any
Bond or Debenture issued or loan raised by the Central or the State Government, Municipalities or other local
bodies on obtaining prior sanction of the State Government. In order to move the State Government on
the issue, Artha Sthayee Samiti shall adopt a resolution considering alt the aspects of the issue involved; the
minimum amount, which is required to be made available at short notice for making payments, shall be kept
into consideration for the purpose.
(4) The entire transaction of such investments, if approved by the State Government, shall be
recorded in the Register of Investments in Form 21.
(5) When the investment is converted into cash, necessary entries in all columns in the register
referred to in sub-rule (4) shall be recorded in relevant columns under signature of the Executive Officer, or an
officer authorised by him in this behalf.
Key Word: Annual Verification os security
41.
(1) Securities, which are in the custody of the Zilla Parishad or the Panchayat Samiti, shall be
verified by the auditor at the time of audit
(2) The total amount of securities which may have been made over to the local Treasury for safe
custody shall be verified by the Zilla Parishad or the Panchayat Samiti, as the case may be, every year
and a certificate of verification shall be kept in record in the Register of Investments against the entry in
respect of each such investment.
Key Word: Raising of loan
42.
(1) When a loan is raised by the Zilla Parishad or the Panchayat Samiti, as the case may be, in
terms of section 182 or 135 on security of its own assets, subject to the provision of any law relating to the
raising of loan by die local or statutory bodies or any other authorities for the time being in force, for the
purpose of carrying out any of the provisions of the Act, it shall be its duty to guarantee repayment of
principal and interest accrued on such loans within the stipulated time.
(2) Whenever a loan is taken or raised there shall be a 'Sinking Fund’ for its repayment.