Section 45 in Orissa Panchayat Samiti Accounting Procedure Rules, 2002
45. Register of securities.
(1)A Register of Government and other securities held by Samiti as its property shall be maintained in Form No. XV. This will show all investments belonging to the Samiti, the purpose for which each is held and orders of Government, if any, being quoted against each. No investment shall be written off this register unless disposed of absolutely by sale or otherwise.(2)The securities of the Samiti shall be under the custody of the Block Development Officer and shall be verified by the auditor at the time of audit.(3)The above register will also show the interest due and the realisations on account of it from time to time. Care shall be taken to ensure that the amounts due are realised on due dates and that there are no outstanding investments exempted from income-tax shall be indicated in the remark column of the register together with the authority therefor.(4)None of these investments, other than those made out of the general balance shall be disposed of except for the specific purpose for which they are made, if any, investments are made under the orders of Government, they shall not be disposed of without the sanction of Government. No portion of the general balance of the Samiti can be invested without the special sanction of the Government who will decide as to the necessity for investment in each instance with reference to the general principle that such investments are permissible in the following cases only :(a)When it is proposed to create sinking funds for the repayment of debts.(b)When some large project is in contemplation for which it may be desirable gradually to save and invest a part of the proceeds of ordinary taxation.(c)When no large project is in contemplation but the Samiti has no particular object to which it can be immediately applied.
