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Autonomous Bodies Financial Guidelines
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Autonomous Bodies Financial Guidelines

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@HardyExponential

Questions and Answers

What should be ensured before releasing further funds for projects?

  • State Governments have the capacity to spend. (correct)
  • The project timelines are adhered to.
  • Past expenditures are significant.
  • Funds are allocated based on population needs.

    • What is a primary focus for Ministries or Departments in project funding?

  • Utilizing all annual funds before year-end.
  • Achieving the project's objectives. (correct)
  • Maximizing financial expenditure.
  • Ensuring funds are fully disbursed.

    • What mechanism is suggested to prevent large fund releases at the end of the year?

  • Annual audits before fund release.
  • Quarterly financial reviews.
  • Incorporation in the Scheme design. (correct)
  • State Government approvals.

    • What type of review should be undertaken post-completion of a Centrally Sponsored Scheme?

    <p>A review highlighting time and cost overruns.</p> Signup and view all the answers

    How should assets created from funded projects be recorded by recipients?

    <p>As disclosed in the Notes to Accounts.</p> Signup and view all the answers

    Who retains ownership of the assets created from project funding?

    <p>The Ministry or Department funding the project.</p> Signup and view all the answers

    What should be included in the design of funded schemes for better evaluation?

    <p>A concurrent monitoring and evaluation mechanism.</p> Signup and view all the answers

    What is a suggested action during a periodic review of Centrally Sponsored Schemes?

    <p>Make necessary midcourse corrections.</p> Signup and view all the answers

    What is required for creating a Corpus Fund for an Autonomous Body from budgetary allocations?

    <p>Concurrence of the Ministry of Finance</p> Signup and view all the answers

    Who must be consulted if the Corpus Fund is created from internal accruals of the body?

    <p>The administrative Ministry</p> Signup and view all the answers

    What is the minimum frequency for the Governing Body of an Autonomous Body to review user charges and sources of internal revenue generation?

    <p>At least once a year</p> Signup and view all the answers

    What financial documents must Autonomous Bodies maintain according to prescribed formats?

    <p>Database related to grants, income, expenditure, investment assets, and employee strength</p> Signup and view all the answers

    What role does the Chief Executive Officer play in the financial management of Autonomous Bodies?

    <p>Overall responsibility for financial management</p> Signup and view all the answers

    How frequently should the peer review of autonomous organizations be conducted?

    <p>Every three years</p> Signup and view all the answers

    What is one focus of the peer review system for autonomous organizations?

    <p>Determining the relevance of the organization's activities</p> Signup and view all the answers

    What is required from Grantee Institutions before the last instalment of the Annual Grant is released?

    <p>Evidence of proper utilization of earlier instalments</p> Signup and view all the answers

    Which of the following statements about financial advice for Autonomous Bodies is accurate?

    <p>Every autonomous organization must have a designated officer for financial advice.</p> Signup and view all the answers

    Under what condition will the grant be released in one instalment for Central Financial Assistance?

    <p>Complete evidence of achieving specified objectives</p> Signup and view all the answers

    What is the timeline for Grantee Institutions to submit their grant requirements?

    <p>By the end of September in the year preceding the grant year</p> Signup and view all the answers

    How are the terms and conditions of service for employees in Grantee Institutions determined when receiving more than fifty percent from Grants-in-aid?

    <p>They should not be higher than those applicable to similar categories in Central Government</p> Signup and view all the answers

    What could exceptional cases allow Grantee Institutions regarding employee terms and conditions?

    <p>To make relaxations in consultation with the Ministry of Finance</p> Signup and view all the answers

    What should Grantee Institutions be encouraged to utilize instead of undertaking liabilities themselves?

    <p>Pension or gratuity schemes and insurance schemes available in the market</p> Signup and view all the answers

    Who may ultimately own buildings constructed with Grants-in-aid?

    <p>It may be decided by the sanctioning authority</p> Signup and view all the answers

    If ownership of the building constructed with Grants-in-aid vests with the Government, how may the Grantee Institution proceed?

    <p>They may occupy the building as a lessee</p> Signup and view all the answers

    What is the purpose of including statements in Annual Reports regarding funds provided to organizations?

    <p>To inform Parliament about the funds allocated and their utilization</p> Signup and view all the answers

    What is the required timeline for laying the Annual Reports and Audited Accounts of organizations receiving grants of Fifty Lakhs and above?

    <p>Within nine months of the succeeding financial year</p> Signup and view all the answers

    When do State/UT Governments need to provide a Utilization Certificate for grants-in-aid from the Central Government?

    <p>When grants are provided for implementing Central Schemes and through local bodies</p> Signup and view all the answers

    Which format is suggested for State/UT Governments to submit a Utilization Certificate for Central Grants?

    <p>Format GFR 12-C</p> Signup and view all the answers

    What constitutes a Utilization Certificate in the context of Direct Benefit Transfers (DBT)?

    <p>A notification from banks regarding fund deposits to beneficiaries' accounts</p> Signup and view all the answers

    Who is responsible for maintaining records of direct releases under the DBT scheme?

    <p>The Ministry/Department releasing the Grant</p> Signup and view all the answers

    What is the significance of counter-signing the Utilization Certificate by the Administrative Secretary?

    <p>To ensure compliance with the guidelines of the scheme</p> Signup and view all the answers

    Which body generates the procedure for deposit intimation in Direct Benefit Transfers?

    <p>Controller General of Accounts</p> Signup and view all the answers

    What is required in the Annual Report for Grants-in-aid of Rupees Fifty Lakhs or more?

    <p>A review of the utilization of the Grants-in-aid individually.</p> Signup and view all the answers

    In cases where the accounts of grantee institutions are audited by the CAG of India, what must be available for audit?

    <p>Performance-cum-achievement reports.</p> Signup and view all the answers

    What characterizes Discretionary Grants?

    <p>They are regulated by general or special orders of a competent authority.</p> Signup and view all the answers

    Which of the following statements is true regarding other Grants?

    <p>They include subventions and require special orders from Government.</p> Signup and view all the answers

    What is a condition for Discretionary Grants?

    <p>They must not involve any future commitment.</p> Signup and view all the answers

    How are Grants-in-aid for government employees' welfare regulated?

    <p>By the Ministry of Home Affairs through orders issued from time to time.</p> Signup and view all the answers

    What type of reports must be available for audit when local audit is conducted for Grants-in-aid?

    <p>Performance-cum-achievement reports.</p> Signup and view all the answers

    Which authority's orders regulate the expenditure of Discretionary Grants?

    <p>The competent authority specified in the grants' conditions.</p> Signup and view all the answers

    Study Notes

    Funding for Autonomous Bodies

    • Corpus Funds for Autonomous Bodies require prior concurrence from the Ministry of Finance if created from budgetary allocations.
    • If formed from internal accruals, approval from the administrative Ministry is necessary.
    • Governing Body of Autonomous Bodies must review user charges and internal revenue generation sources annually, ideally before the Union Annual Budget formulation.

    Financial Management Requirements

    • Autonomous Bodies must maintain databases for grants, income, expenditure, assets, and employee strength, as prescribed by the Ministry of Finance.
    • Each organization should appoint an officer for financial advice; their concurrence is mandatory for expenditure sanction.
    • The Chief Executive Officer is responsible for the overall financial management of the organization.

    Peer Review System

    • A peer review of autonomous organizations should occur every three years, evaluating whether objectives are being met and if activities remain relevant.
    • The final installment of Annual Grants is conditional upon evidence of proper utilization of previous funds.

    Budgetary Process for Grants

    • Institutions must submit grant requests and supporting details by the end of September for the following year's budget.
    • Final decisions on grant requests will be communicated by April of the following year.

    Employment Conditions for Grantee Institutions

    • Organizations receiving over 50% of their recurring expenditure as grants should set employee service terms comparable to central government standards.
    • Encouragement for leveraging existing market pension and insurance schemes instead of creating new liabilities.

    Ownership of Assets and Monitoring

    • Ownership of buildings funded by grants can either vest with the Grantee Organization or the Government, contingent on grant conditions.
    • Ministries should ensure that State Governments can utilize previous funds before releasing new grants.
    • Emphasis on achieving objectives, not just expenditure; mechanisms should be in place to prevent large end-of-year fund releases.

    Evaluation of Centrally Sponsored Schemes

    • A concurrent monitoring mechanism should be integrated within all centrally sponsored schemes.
    • Post-completion reviews must assess time and cost overruns, along with suggestions for future improvements.

    Utilization Certificates and Grant Conditions

    • State/UT Governments must provide Utilization Certificates when receiving central grants, particularly for specific schemes and expenditures via local bodies.
    • For Direct Benefit Transfer schemes, a bank notification of fund deposits serves as the Utilization Certificate.

    Discretionary Grants

    • Discretionary Grants must adhere to conditions specified by a competent authority, be non-recurring, and not create future financial commitments.
    • Other forms of grants require special government orders for allocation.

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    Description

    This quiz covers the financial guidelines for autonomous bodies, focusing on the creation of a Corpus Fund and approval processes with the Ministry of Finance. Examine the management of user charges and revenue generation strategies relevant to autonomous institutions. Test your understanding of these important administrative protocols.

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