Why Penal Interest?
Due to delay in recovery of Loan beyond moratorium period/Non completion of formalities/ Non Utilization of Loan.
What is CFF?
CFF: Certificate of Fulfilment of Formalities.
Why missing Credits (MC’s)?
MC’s: Due to misclassification by DDO’s/DTO’s.
What is Index number?
A personal unique identification number in the VLC Loans module.
What happens when missing debits are not settled immediately?
Account Statement shows adverse (minus) balance due to missing debit. If a debit is missing and recoveries are also not accounted for against it, the amount of advance would be recovered from pensionary benefits of the Government Servant and this causes delay in authorizing the Pension.
How to adjust missing debits?
When a missing debit is noted in the Account Statement of an Advance, the Government Servant has to approach the DDO and ensure that the details of the drawl viz. Amount, Voucher No., SA No., Treasury along with the certificate of payment or a copy of the voucher are sent to this office. The missing debit will be posted if the amount is unposted in the records of this office. In case of misclassification of the debit, the Treasury /PAO has to rectify the same.
What are Missing Debits?
1. Sanction received without corresponding debit
2. Recoveries received without corresponding debit.
What is the procedure for adjustment of missing credits/debits?
Missing credits arise due to misclassification in the treasuries or incorrect details in Loan Recovery Schedules. At times, schedules/vouchers are not received from the Treasuries/PAOs for various reasons and as a result some of the recoveries/withdrawals do not get posted in the account. These missing credits/debits can be located and included in the individual account after proper verification of the accounts rendered to PAG by the Drawing and Disbursing Officers/Treasuries/PAOs, subject to furnishing the details in Missing Credits Memo.
When does a Government Servant get the Annual Accounts Statement?
After the closure of each Financial Year, the Principal Accountant General places the Individual Annual Accounts Statement show the opening balance as on the 1st April of the year, advances given and recoveries made monthly during the year and the closing balance to the end of the year, in Virtual Private Network (VPN) of Treasuries for distributing the same to DDOs concerned. Government Servants have to satisfy themselves as to the correctness of the Account Statements and errors should be brought to the notice of the Principal Accountant General within three months of receipt of the same.
How to Apply for Clearance Certificate?
On completion of recovery of Principal and Interest, the DDO shall forward the full details of Advance taken, recovered, interest due and recovered along with Certificate of Fulfilment of Formalities issued by loan sanctioning authority, to the Principal Accountant General.
When clearance certificate for the advance taken is given?
On full repayment of the Advance taken and payment of interest thereon in case of death of the Government Servant while in service.