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TMI BlogIndian Government Accounting Standard 3 on Loans and Advances made by Governments.X X X X Extracts X X X X X X X X Extracts X X X X ..... ions, 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 accounting standards, namely:- A. Short title.--These accounting standards may be called the Indian Government Accounting Standards (IGAS)3. B. Objective,- The objective of the Standard is to lay down the norms for Recognition, Measurement, Valuation and Reporting in respect of Loans and Advances made by the Union and the State Governments in their respective Financial Statements to ensure complete, accurate, and uniform accounting practices, and to ensure adequate disclosure on Loans and Advances 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on and States'; (p) "Minor Heads of account" represent various programmes or schemes undertaken by departments of Government 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" are the loans sanctioned by the Government for plan purposes; (t) "Sector" consists of a grouping of specific functions or services as per the 'List of Major and Minor Heads of Account of Union and States'; (u) "Write-off' is when a competent authority remits or writes off any loan owing to its irrecoverability or otherwise, whereby irrecoverable portion of loan is transferred from the debt head of account to an expenditure head as loss to the Government. E A '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 mea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntities. (4) The Financial Statements of the Union Government shall disclose the following details under 'Detailed Statement of Loans and Advances made by the Union Government in the Annual Finance Accounts of the Union Government - (a) the detailed statement of Loans and Advances showing the Major Head and Minor Head-wise Details; (b) the detailed Statement of repayments in arrears from State or Union territory Governments; (c) the detailed Statement of repayments in arrears 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) 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 Loanee entities. (7) The Financial Statemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isclose the major head-wise and minor head-wise details of the loans and advances made by Governments 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 Government employees. 3.2 The information on loans of which the terms and conditions have not yet been settled is also disclosed as a note to this Statement and it also contains a statement on quantum of loans disbursed during the year to those entities from which recoveries of earlier loans are in arrears along with the purpose for this disbursement. 3.3 The information shall be provided by the Principal Accounts Office of the Ministries and Departments. (12) 1. The 'Repayments in arrears from 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the year, there was a balance of Rs................lakhs sanctioned to State Governments as Ways and Means Advances. During the year, an amount of Rs....................lakhs was paid as Ways and Means Advances to State Government for clearance/avoidance of overdrafts from the Reserve 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 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 Note: For details, refer Section 1 of Detailed Statement of loans and advances made by the Union Government. Section: 3 Summary of repayments in arrears from State or Union Territory Governments and other Loanee entities (In lak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 March 31,20×1 Earliest period to which arrears relate Reasons for disbursement during the current year Rate of Interest Principal Principal Interest Total 1 2 3 4 5 6 7 8 Financial Statements of the State Government or Union Territory Government with Legislature Statement of Loans and Advances made by the State Government or Union Territorv Government Section: 1 Summary of Loans and Advances: Loanee group-wise (In lakhs of rupees) Loanee 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 Following are the cases of a loan having been sanctioned as 'loan in perpetuity : (In lakhs of rupees) SI. No. Loanee entity Year of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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