Punjab State Institute of Sports Financial Bye-Laws 2015
In exercise of the powers vested in it, vide Rule 15 of the Rules of the Punjab State Institute of Sports,
the Executive Committee makes the following bye-laws for the regulation of the business of the Institute
in matters of approval of budgets, sanction to expenditure and maintenance of accounts.
SECTION – PRELIMINARY
1. Short Title
These bye-laws shall be called “The Punjab State Institute of Sports Financial Bye-Laws 2015”.
These bye-laws lay down the procedure for:
- Custody, deposit and withdrawal of funds
- Preparation and approval of budget estimates
- Sanctioning of expenditure and appropriation of funds
- Maintenance and audit of accounts
- Execution of contracts
- Investment of funds
These bye-laws shall come into force from the date of approval.
2. Definitions
Unless otherwise specified, terms defined in the rules of the Institute shall carry the same meaning.
- Fund: Funds of the Institute
- Bank: Bank where Institute holds accounts
- Cash: Includes currency, cheques, drafts, etc.
- Competent Authority: General Council / Executive Committee / authorized officers
- Controlling Officer: Director General
- Disbursing Officer: Director (Administration)
- Director: Directors of the Institute
- Year: 1 April to 31 March
3. Fund & Bank Operations
All receipts and payments shall be routed through Institute funds.
3.1 Sources of Fund
- Government grants
- Donations and contributions
- Fees and service charges
- Other income sources
- Income from investments
3.2 Bank Accounts
- Funds shall be kept in bank accounts
- Withdrawals only via cheque signed by authorized officers
- Cheque must be signed by two officers
3.3 Cash Custody
Cash shall be stored in a double-lock system under authorized officials.
3.4 Accounts & Records
- All transactions recorded in cash book (double entry system)
- Each payment supported by voucher
- Petty payments limit: Rs. 2000
- Imprest limit: Rs. 20,000
3.5 Verification
- Daily verification of cash book
- Monthly verification of balances
4. Budget
Annual budget shall be prepared in February and approved before 31 March.
- Capital expenditure estimates
- Recurring expenditure estimates
4.2 Re-appropriation
Director General may re-appropriate funds between minor heads.
4.3 Expenditure Monitoring
Quarterly reports shall be submitted to Executive Committee.
4.4 Sanction of Expenditure
- Must be approved by competent authority
- Funds must be allocated
- Financial rules must be followed
4.6 Petty Purchases
- Advance limit: Rs. 5000
- Settlement within one month
- All advances closed before 31 March
4.7 Miscellaneous Payments
Honorarium: Paid as per approved rates.
Accommodation Priority:
- Institute rooms
- Government guest houses
- UT guest houses
- Tourism guest houses
- Hotels
5. Accounts & Audit
5.1 Maintenance of Accounts
- Cash Book
- Imprest Book
- Journal
- Ledger
Records Maintained
- Receipt Book
- Cheque Register
- Salary Register
- Stock Registers
- Vehicle Records
5.3 Annual Accounts
- Receipts & Payments
- Income & Expenditure
- Balance Sheet
6. Audit
Annual audit by Local Audit Department.
7. Contracts
Signed by Director General / Director (Admin).
8. Investments
Funds may be invested in scheduled banks.
9. Stores
9.1 Definition
- Furniture, equipment, vehicles
- Consumable and non-consumable items
9.2 Purchase
Procurement must follow financial rules and budget approval.
9.3 Receipt
Goods must be verified and recorded.
9.4 Issue
Issued only against authorized requisition.
9.5 Custody
Proper storage and record maintenance required.
9.6 Verification
Annual physical verification mandatory.
9.7 Disposal
Surplus/unserviceable items may be disposed.
10. Losses
Employees responsible for losses due to negligence or fraud.
11. Legal Proceedings
Director authorized to represent Institute in legal matters.
12. Residual Provisions
Matters not covered shall follow Punjab Government Financial Rules.
Note: Approved by Department of Finance vide memo dated 21.07.2016.
