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Loans and Advances made by Governments

IGAS - 3 - Rule - Companies Law - IGAS - 3 - Indian Government Accounting Standard IGAS - 3 NOTIFICATION NO. S.O. 268(E) Dated 13-2-2012 (1) Whereas, the Government of India has been empowered under clause (2) of article 293 of the Constitution to make loans to the States, subject to such conditions as may be laid down by or under any law made by Parliament, any sums required for the purpose of making such loans being chargeable to the Consolidated Fund of India; And whereas, the Union Governmen .....

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s disburse loans to Government Companies, Corporations, Local Bodies, Autonomous Bodies, Co-operative Institutions, Statutory Corporations, quasi-public bodies and other non-Government or private institutions. And whereas, the State Governments also disburse recoverable advances to Government Servants. Now, therefore, in exercise of the powers conferred by article 150 of the Constitution, the President, on the advice of the Comptroller & Auditor General of India, hereby makes the following a .....

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made by the Governments consistent with best international practices. C. Scope (1) This Standard applies to Loans and Advances given by the Government for incorporation and presentation in the Financial Statements of the Government. (2) The financial statements shall not be described as complying with this Standard unless they comply with all the requirements contained therein. This standard shall apply only to government accounts being maintained on a cash basis. D. Definitions, - In this Stan .....

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ting in either decrease due to repayments or write-offs or increase due to additional disbursements; (e) "cash basis of accounting" means the accounting transactions of an entity represent the actual cash receipts and disbursements during a financial year as distinguished from the amount due to or by the entity during the same period; (f) "'Charged' and 'Voted' Loans and Advances" - All loans to State Governments and a part of the same to Union Territory Gover .....

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t;Government" means the Union Government or any State Government or Government of any Union territory with Legislature; (k) "Historical Cost" is the original book value of loans and advances; (l) "Loanee Entity" is an entity in whose favour a loan or an advance is sanctioned by the Government; (m) "Loanee Group" consists of a group of loanee entities of similar nature and characteristics; (n) "Loans" are assistance by the Governments by providing mone .....

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ernment to achieve the objectives of the function represented by the major head as per the 'List of Major and Minor Heads of Account of Union and States'; (q) "Sub-Major Heads of account" represent the sub-functions of Government and are under the Major Heads and are as per the 'List of Major and Minor Heads of Account of Union and States'; (r) "Non-Plan Loans" are the loans other than those sanctioned by the Government for plan purposes; (s) "Plan Loans& .....

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9;Loan in perpetuity' needs only to be serviced by way of payment of interest wherever so enjoined. F The term 'Advances' has been restricted in its meaning to denote loans made to Government Servants only. G. Recognition, - (1) A loan shall be recognized by the disbursing entity as an asset from the date the money is actually disbursed and not from the date of sanction and if a loan is disbursed in instalments then each instalment shall be treated as a separate loan for the purpose .....

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storical Cost measurement shall be the basis for accounting and reporting on . (2) As of the last date of accounting period of Financial Statements, the carrying amount of loans shall undergo revision on account of additional disbursement and repayments or write-offs during the accounting period. (3) The method of initial measurement and valuation of Loans and Advances in the Financial Statements of the Governments is to measure at Historical Cost of the Loans and Advances. (4) Subsequent to ini .....

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d to the closing balance of the loan which shall be in nature of an additional disclosure. (3) The Financial Statements of the Union Government shall disclose the following details under 'Loans and Advances made by the Union Government' in the Annual Finance Accounts of the Union Government - (a) the summary of Loans and Advances showing Loanee group-wise details; (b) the summary of Loans and Advances showing sector-wise details; (c) the summary of repayments in arrears from Governments .....

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rs from other Loanee entities. (5) The Financial Statements of the Union Government shall disclose the following details under 'Additional Disclosures' in the Annual Finance Accounts of the Union Government - (a) the fresh Loans and Advances made during the year. (6) The Financial Statements of the State Governments shall disclose the following details under 'Statement of Loans and Advances made by the State Governments' in the Annual Finance Accounts of the State Government - (a .....

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d and Minor Head-wise details; (b) the detailed Statement of repayments in arrears from Loanee entities. (8) The Financial Statements of the State Governments shall disclose the details relating to fresh Loans and Advances made during the year under 'Additional Disclosures' in the Annual Finance Accounts of the State Government- (9) 1. The Financial Statements shall reflect the Carrying Amount of loans at the beginning and end of the accounting period along with the additions made during .....

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s shall disclose details of loans and advances made to various loanees in their respective Annual Finance Accounts in three parts, namely (a) for the Union Government these would be 'Loans and Advances made by the Union Government'; (b) 'detailed Statement of Loans and Advances made by the Union Government'; and (c) the 'Additional Disclosures' in the Annual Finance Accounts of the Union Government. (11) The State Government will have a similar three tier presentation in .....

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the year along with summarized information on repayments in arrears from various loanees. 2. The second, Detailed Statement of Loans and Advances made by the Government shall disclose the major head-wise and minor head-wise details of the as also detailed statements on repayments in arrears from various loanee entities. 3.1 The third, Additional Disclosures, shall incorporate additional disclosures on fresh loans and advances made during the year, provided this would not cover those given to Go .....

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m Loanee entities' in the Finance Accounts of the Governments shall disclose loans, the repayments on which by way of principal repayments and interest payments are in arrears, in terms of the number of such loans and the total amount in arrears thereof as against the total amount of loans given by the Government outstanding against the entity, including those not in arrear and this would help indicate the creditworthiness of the entity against which loans are outstanding. 2. Both the actual .....

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ucturing or re-scheduling of loans, the restructured loan should be treated as a current loan and not classified as being in arrear and the classification of such loans would thereafter be governed by the revised terms and conditions and would be treated as in arrear, if and when, they subsequently fall in arrears in respect of interest payment and repayment of principal with reference to revised terms and conditions. J. Effective date, - This Indian Government Accounting Standard becomes effect .....

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nee Group Balance on April 1, 20×0 Disbursements during the year Repayments during the year Write-off of irrecoverable loans and advances Balance on March 31, 20×1 (2+3)-(4+5) Net increase/Decrease during the year (2-6) Interest payment in arrears 1 2 3 4 5 6 7 8 Notes: 1. Out of total amount of Rs.............lakhs paid as loans to State/Union Territory Governments, loans granted to cover gaps in resources of the State/Union Territory amounted to Rs...................lakhs 2. In pur .....

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rve Bank of India. The State Governments repaid Rs.........lakhs during the year leaving a balance of Rs..............lakhs. 4. Following are the cases of a loan having been sanctioned as 'loan in perpetuity': (In lakhs of rupees) Sl.no. Loanee entity Year of Sanction Sanction Order No. Amount Rate of Interest Section: 2 Summary of Loans and Advances: Sector-wise (In lakhs of rupees) Sector Balance on April 1, 20×0 Disbursements during the year Repayments during the year Write-off .....

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ars relate: Total loans outstanding against the entity on March 31, 20×1 Principal Interest Total 1 2 3 4 5 6 State/Union Territory Other Loanee entities Note: For details, refer section 2 & 3 of Detailed Statement of loans and advances made by the Union Government. Detailed Statement of Loans and Advances made by the Union Government Section: 1 Major and Minor Head-wise Details of Loans and Advances Out of total disbursement, amount for plan purpose has been shown in brackets below th .....

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nt of arrears as on March, 31, 20×1 Earliest period to which arrears relate Total loans outstanding against the entity on March 31, 20×1 Principal Interest Total 1 2 3 4 5 6 State or Union Territory Other loanee entities Section: 3 Repayments in arrears from other Loanee Entities or Institutions (In lakhs of rupees) Loanee-Entity Amount of arrears as on March, 31, 20×1 Earliest period to which arrears relate Total loans outstanding against the entity as on March 31, 20×1 .....

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mount Rate of Interest 1 2 3 4 5 2. The following Loans have been granted by the Government though the terms and conditions are yet to be settled: (In lakhs of rupees) Loanee entity Number of loans Total amount Earliest period to which the loans relate 1 2 3 4 3. Fresh loans and advances made during the year to the loanee entities from whom repayments of earlier loans are in arrears: (In lakhs of rupees) Name of the loanee entity Loans Disbursed during the current year Amount of arrears as on Ma .....

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ing the year Repayments during the year Write-off of irrecoverable loans and advances Balance on March 31, 20×1 (2+3)-(4+5) Net increase/decrease during the year (2-6) Interest payment in arrears 1 2 3 4 5 6 7 8 Following are the cases of a loan having been sanctioned as 'loan in perpetuity : (In lakhs of rupees) SI. No. Loanee entity Year of Sanction Sanction Order No. Amount Rate of interest Section: 2 Summary of Loans and Advances: Sector-wise (In lakhs of rupees) Sector Balance on .....

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×1 Earliest period to which arrears relate Total loans outstanding against the entity as on March 31,20×1 Principal Interest Total 1 2 3 4 5 6 Note: For details, refer Section 2 or Detailed statement of loans and advances made by the State Government Detailed Statement of loans and Advances made by the State Government or Union Territory Government Section: 1 Major and Minor Head-wise summary of Loans and Advances Out of total disbursement, amount for plan purpose has been shown in b .....

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