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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 ..... 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... represent the functions of Government as per the 'List of Major and Minor Heads of Account of Union 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 on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se details; ( b ) the summary of Loans and Advances showing sector-wise details; ( c ) the summary of repayments in arrears from Governments and other loanee entities. (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 sho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd advances disbursed, repaid and written-off during 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... overnments, loans granted to cover gaps in resources of the State/Union Territory amounted to Rs...................lakhs 2. In pursuance of the recommendations of the ...th Finance Commission, repayments by the State/Union Territories amounting to Rs................... lakhs have been written off upto March 31, 20 1. 3. At the beginning of 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 durin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Principal Interest Total 1 2 3 4 5 6 Additional Disclosures Fresh Loans and Advances made during the year (In lakhs of rupees) Loanee Entity Number of Loans Total Amount of loans Terms and conditions Rate of interest Moratorium period, if any 1 2 3 4 5 NOTES: Disclosures indicating extraordinary transactions relating to Loans and Advances: 1. Following are the cases of a loan having been sanctioned as 'loan in perpetuity': (In lakhs of rupees) SI.No. Year of Sanction Sanction Order No. Amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 State Government Section: 3 Summary of repayments in arrears from Loanee entities (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 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 brackets below the total figure of disbursements for eac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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