Scrutiny of Indents and Contracts Review
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Questions and Answers

What is the maximum purchase value for items other than safety items before the Controller of Stores must prepare a daily abstract of orders?

  • Rs. 8 Lakhs
  • Rs. 2 Lakhs
  • Rs. 4 Lakhs (correct)
  • Rs. 6 Lakhs

    • What percentage of the actual purchases of general purpose stores is used to determine the ceiling limit for advance allotments?

  • 60%
  • 90%
  • 80% (correct)
  • 70%

    • Which of the following is NOT included in the calculation of advance allotments for general purposes stores?

  • Fuel oil
  • Coal
  • Coke
  • Safety items (correct)

    • By what date must the Railway Administrations submit the required information to fix the advance allotment for each year?

    <p>25th June</p> Signup and view all the answers

    What must the Accounts office record on the daily abstract prepared by the Controller of Stores?

    <p>The certification of availability of funds</p> Signup and view all the answers

    What should be checked if a large difference exists between the existing price list rate and the last purchase rate?

    <p>If the difference is due to a failure to follow proper procedures</p> Signup and view all the answers

    What should be examined regarding tenders that are accepted other than the lowest?

    <p>The justification provided for acceptance</p> Signup and view all the answers

    Which of the following items is NOT included in the register of agreements?

    <p>Compliance with environmental regulations</p> Signup and view all the answers

    What is one purpose of maintaining the register of agreements?

    <p>To facilitate reference to the original agreement and check contractors' bills</p> Signup and view all the answers

    What must be examined regarding funds related to liabilities of indents/contracts?

    <p>Whether funds exist to meet the liabilities</p> Signup and view all the answers

    Which budget allotment category does NOT appear in the provided content?

    <p>Stores for employee training programs</p> Signup and view all the answers

    What should be included when entering details into the register after an audit?

    <p>Quantity of supplies</p> Signup and view all the answers

    Which aspect of a contract may impose penalties on the supplier?

    <p>Liquidated damages for delivery delays</p> Signup and view all the answers

    Which of the following is an essential term that should be specified in a contract regarding delivery?

    <p>Important terms of delivery</p> Signup and view all the answers

    What is the primary purpose of the lump-sum allotment mentioned?

    <p>To distribute funds among various heads of stores</p> Signup and view all the answers

    Who is responsible for distributing the lump-sum allotment?

    <p>The General Manager</p> Signup and view all the answers

    What does the Store Accounts Office need to verify regarding the expenditures?

    <p>That they are within the cash allotment as distributed</p> Signup and view all the answers

    What type of register should be maintained as part of watching incurrence of liabilities?

    <p>Manuscript register</p> Signup and view all the answers

    Which of the following is NOT listed as a class of stores in the register?

    <p>Safety Equipment</p> Signup and view all the answers

    What form is referenced for entering budget allotments?

    <p>Form S. 506</p> Signup and view all the answers

    What aspect should be monitored when committing expenditures?

    <p>Adherence to cash allotment</p> Signup and view all the answers

    Which of the following is a component of the 'Engineering stores'?

    <p>Building material plant &amp; machinery</p> Signup and view all the answers

    How should liabilities against the budget be recorded?

    <p>In a manuscript register</p> Signup and view all the answers

    What is a potential consequence of exceeding the cash allotment during commitments?

    <p>Violation of financial regulations</p> Signup and view all the answers

    What should be recorded in the register under the appropriate head of stores?

    <p>Each contract or indent forming a charge against the year's allotment</p> Signup and view all the answers

    What is required before placing any order or indent?

    <p>Certification regarding availability of funds</p> Signup and view all the answers

    For purchases exceeding Rs. 4 Lakhs, what is the role of the Accounts Officer?

    <p>They certify the total value of tenders</p> Signup and view all the answers

    What happens if there are excesses or savings due to alteration of contract prices?

    <p>They should be posted as a reduction or addition to the balance of the grant</p> Signup and view all the answers

    What value threshold is specified for certification by the Accounts Officer for safety items?

    <p>Rs. 8 Lakhs</p> Signup and view all the answers

    When should the figures from the monthly statement of petty purchases be posted?

    <p>Posted under various heads in the register</p> Signup and view all the answers

    What constitutes a contract in relation to accepted tenders?

    <p>The tenders themselves when accepted</p> Signup and view all the answers

    What must be entered in the Fund Register by the Accounts Officer?

    <p>The amounts certified for purchases</p> Signup and view all the answers

    What is essential for petty item purchases arranged by the Controller of Stores?

    <p>A monthly statement of these purchases</p> Signup and view all the answers

    What type of items does the register cover under General Stores?

    <p>Acids, chemicals, and miscellaneous stores</p> Signup and view all the answers

    What is the minimum value for indents on contracts for stores that require prior scrutiny and vetting?

    <p>Rs. 4 Lakhs</p> Signup and view all the answers

    Which of the following is NOT a criterion for scrutinizing the indents?

    <p>The indent must include the date of submission.</p> Signup and view all the answers

    What should be done if there are departures from the purchase policy and rules?

    <p>Report them to the authorities for rectification.</p> Signup and view all the answers

    Which of the following is NOT required to validate an agreement?

    <p>Use of a non-standard form.</p> Signup and view all the answers

    In what instance should the expenditure be shown as chargeable to the current year?

    <p>If the material is expected for immediate use.</p> Signup and view all the answers

    Which aspect should be verified to ensure compliance during the scrutiny of contracts?

    <p>That the total amount payable is accurately indicated.</p> Signup and view all the answers

    What is the role of the Chief Accounts Officer in relation to indents and contracts?

    <p>To provide prior scrutiny and vetting.</p> Signup and view all the answers

    What is the maximum value for indents on contracts that requires prior scrutiny by the Chief Accounts Officer for safety items?

    <p>Rs. 8 Lakhs</p> Signup and view all the answers

    Which of the following criteria is NOT part of the scrutiny checklist for indents?

    <p>The price of items is less than the market rate.</p> Signup and view all the answers

    During the scrutiny of contracts, which approval is essential before proceeding?

    <p>Approval from the competent authority.</p> Signup and view all the answers

    Which aspect must be verified to ensure compliance when reviewing contracts?

    <p>Rates and conditions match those accepted from the tenderer.</p> Signup and view all the answers

    What should occur if discrepancies from the purchase policy and rules are found?

    <p>Prepare a report to concerned authorities for rectification.</p> Signup and view all the answers

    What is an essential requirement for the contract to be in compliance?

    <p>It should be in a standard format and variations must be regular.</p> Signup and view all the answers

    Which aspect is critical when indicating the head of purchase in an indent?

    <p>It must align with the chargeable expenditure of the current year or advance grant.</p> Signup and view all the answers

    What is the maximum ceiling limit for advance allotments for general purposes stores when compared to the actual purchases of the preceding years?

    <p>80%</p> Signup and view all the answers

    Which of the following values must be submitted by Railway Administrations to fix the advance allotment for each year?

    <p>The value of the stores consumed in the preceding year</p> Signup and view all the answers

    What date must the advance allotment details be certified by the Accounts office to proceed with store orders?

    <p>25th June</p> Signup and view all the answers

    Which of the following purchases values does NOT require a daily abstract to be prepared by the Controller of Stores?

    <p>Purchases of any kind valued above Rs. 4 Lakhs</p> Signup and view all the answers

    Which of the following items is specifically exempt from inclusion when calculating the advance allotment for general purposes stores?

    <p>Coal</p> Signup and view all the answers

    What should be prioritized when assessing the differences between the existing price list rate and the last purchase rate?

    <p>Confirming adherence to the procurement procedure</p> Signup and view all the answers

    What critical information must be recorded in the register of agreements for future reference?

    <p>The contractor's name and the amount of security</p> Signup and view all the answers

    In what circumstance should the levying of liquidated damages be checked within a contract?

    <p>If there is a delay in the delivery of goods</p> Signup and view all the answers

    How should the requirement for funds to meet liabilities in contracts be validated?

    <p>Reviewing the funds register and certified contracts</p> Signup and view all the answers

    When entering details into the register of agreements, which element is NOT necessary?

    <p>The contractor's personal identification number</p> Signup and view all the answers

    What should be specifically examined if tenders accepted are not the lowest?

    <p>The rationale provided for the selection</p> Signup and view all the answers

    Which aspect should be particularly monitored regarding the entries in the register of agreements?

    <p>The accuracy of the contract’s penalty terms</p> Signup and view all the answers

    What must be present in contracts regarding the delivery of goods to avoid disputes?

    <p>Specific quantities and delivery deadlines</p> Signup and view all the answers

    Which type of contract should be scrutinized for compliance with procurement policies?

    <p>Contracts involving safety items</p> Signup and view all the answers

    What is the significance of entering each contract in the register under the appropriate head of stores?

    <p>To ensure that liabilities are compared with budget allotments</p> Signup and view all the answers

    In what situation must a statement of purchases arranged by the Controller of Stores be called for monthly?

    <p>For daily purchases of petty items</p> Signup and view all the answers

    What must be done regarding fund availability before placing any order exceeding specified thresholds?

    <p>Obtain a certificate from the Accounts Officer</p> Signup and view all the answers

    How should excesses or savings from contract alterations be reflected in the financial tracking register?

    <p>As additions or reductions, influencing the grant balance</p> Signup and view all the answers

    What type of items does the General Stores register explicitly specify as covered?

    <p>A mix of both essential and non-essential supplies</p> Signup and view all the answers

    What is the role of the Fund Register in relation to the current contracting process?

    <p>To keep track of certified fund availability during contract acceptance</p> Signup and view all the answers

    What should be done with the total value of accepted tenders before communicating with involved parties?

    <p>Refer back to the Fund Register for certification</p> Signup and view all the answers

    What value threshold warrants special attention and certification by the Accounts Officer for safety items?

    <p>Rs. 8 Lakhs</p> Signup and view all the answers

    Which of the following elements must be clearly specified in contracts concerning deliveries?

    <p>Clear delivery timeline and penalties for delays</p> Signup and view all the answers

    Which financial action should be reflected in the register once the liabilities against the budget are recorded?

    <p>An entry of both contracts and current expenses</p> Signup and view all the answers

    What must be maintained to watch the incurrence of liabilities against the budget grant?

    <p>Funds Register</p> Signup and view all the answers

    Which of the following is NOT a class of stores mentioned in the content?

    <p>Stationery supplies</p> Signup and view all the answers

    How should the expenditure commitments be treated in relation to the cash allotment?

    <p>They should not exceed the cash allotment as distributed.</p> Signup and view all the answers

    What type of reference is required when incurring liabilities in the Funds Register?

    <p>Contracts reference</p> Signup and view all the answers

    What is indicated by paragraph 505 in relation to budget allotment distribution?

    <p>Distribution methodology of cash allotments</p> Signup and view all the answers

    Which of the following aspects is critical while entering into commitments according to the provided guidelines?

    <p>Verify the expenditures do not surpass the cash allotment.</p> Signup and view all the answers

    What will likely happen if recorded liabilities exceed the budget allotment?

    <p>Potential violation of financial guidelines.</p> Signup and view all the answers

    Which form is referenced for entering budget allotments related to the funds distribution?

    <p>Form S. 506</p> Signup and view all the answers

    Which of these must the General Manager ensure while distributing the lump-sum allotment?

    <p>Distribution among the correct forms.</p> Signup and view all the answers

    What record-keeping practice is crucial for managing liabilities and expenditures?

    <p>Keeping a Manuscript register to monitor liabilities.</p> Signup and view all the answers

    Study Notes

    Scrutiny of Indents/Contracts

    • Copies of all central purchase agency indents and contracts worth over Rs. 4 lakhs (non-safety items) and Rs. 8 lakhs (safety items) must be reviewed by the Chief Accounts Officer.
    • This ensures prior scrutiny and vetting.
    • Authority Board letter No. 2008/RS(G)/779/9, dated 06-02-2009, provides further details (ACS no. 25, page 81).

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    Related Documents

    Indian Railways Store Department Code Vol-1, Ch-5 PDF

    Description

    This quiz focuses on the scrutiny process of indents and contracts, specifically those exceeding Rs. 4 lakhs for non-safety items and Rs. 8 lakhs for safety items. Participants will explore the guidelines set by the Chief Accounts Officer and the Authority Board letter for effective review and vetting procedures.

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