New LOC system for on-line authorization and issue of LOC to make transfer of fund faster for timely execution of the developmental works in a transparent manner.
A detailed procedure of drawal of fund from the Treasury/ PAO for expenditure related to Works and Forest and its accounting in the respective divisional office and Treasury/ PAO.
Discontinue the present LOC System for execution of Works and Forest Expenditure and bring the working of the Works and Forest Divisions under the ambit of the Treasury System through allotment of funds w.e.f. 01.04.2015.
NIC has developed a New system for on-line authorisation and issue of LOC to make transfer of fund faster for timely execution of the developmental works in a transparent manner.
Every bill drawn in TR Form No. 70 against such Project IDs would be charged against the approved project cost. Enhancement of approved project cost may be made after due approval of competent authority.
Letter of Credit Monitoring System is On-line authorization and sanction of LOC in order to speedy transfer of fund for timely execution of development works in a transparent way.
Resource division will procure the materials within the delegated power of the Executive Engineer in charge of the Resource Division concerned. Otherwise sanction from the competent authority shall be necessary.
LOC Issuing Authority shall approach their respective Administrative Department for issuing sanction order authorising them to issue LOC against the balance unspent amount.
The requisitioning non-works department will provide fund through e-bantan to the authority in the works department, i.e., Chief Engineer, along with administrative approval;
User Manual for implementation of Letter of Credit Monitoring System (LOCMS) is made available for usage by LOC Issuing Offices and LOC Execution Offices. Training Program on new LOC system will be held at Rotunda of Writers Buildings.
To ensure credit of the amount in the works deposit account opened in the Treasury/ PAO in favour the works/ resource division as the fund was meant for undertaking deposit works.