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Guidelines for Issuing LOC of Deposit Works – Unspent Balance

Finance

Update: Discontinuation of present Letter of Credit (LOC) System

Government of West Bengal
Finance Department
Budget Branch

No. 510-F.B. Dated: 16.07.2013.

MEMORANDUM

Sub: Letter of Credit for Deposit Works of previous years under new system.

In continuation of this Department Notification No. 110-F.B. Dated the 26th April, 2013, the Governor is pleased to prescribe the following guidelines for issuing LOC of ‘Deposit Works’ against unspent balance of the amount deposited during the period from 01.04.2010 to 31.03.2013:-

1. The LOC Executing Officers shall furnish particulars of Deposit i.e. name of the depositor, amount deposited, challan no., date of Deposit/challan date, name of the treasury/PAO etc. along with amount of LOC already issued and expenditures actually incurred up to 31/03/13 against such deposits in ‘Annexure A’ (as enclosed with this Order) to the LOC Issuing Authority.

2. On acceptance of such report in ‘Annexure A’, the LOC Issuing Authority shall approach their respective Administrative Department for issuing sanction order authorising them to issue LOC against the balance unspent amount as on 01.04.2013 in respect of ‘Deposit Works’.

3. The LOC Issuing Authority shall upload the details of such deposits in respect of previous years in the web portal ‘LOC Monitoring System‘ with reference to the sanction order issued from the Administrative Department and thereafter LOC shall be issued by the LOC Issuing Authority against such unspent balance of deposits following the usual guidelines prescribed in Notification No. 110-F.B. dated 26th April, 2013.

4. Regarding the unspent balance of Deposit Works prior to 01.04.2010, the proposal with all relevant documents may be sent to this Department for examination.

Sd/- H. K. Dwivedi
Principal Secretary to the
Government of West Bengal
Finance Department

No. 510-FB dated 16.07.2013, Source

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