15. Payment of moneys into Jammu and Kashmir State Haj Fund and investment of such moneys.
(1)The Executive Officer of the Committee shall be authority to receive all payments to the Haj Fund and to issue receipts for the same and to make payments on behalf of the Committee.(2)The Executive Officer shall grant receipts for all moneys received by him to the credit of the Haj Fund. A counterfoil receipt bearing printed receipt numbers shall be maintained for the purpose.(3)All such moneys shall immediately be deposited in Jammu and Kashmir Bank or such other nationalized bank as the Committee may from time to time direct.(4)No payment shall be made by the bank out of the Haj Fund except upon a cheque signed by the Executive Officer.(5)No money shall be withdrawn from the bank unless it is required for immediate payment for the purpose of the Committee.(6)The appropriation of receipts to expenditure, as a rule, shall not be made.(7)All payments of more than one hundred rupees, from the Haj Fund shall be made by cheque.(8)Any person having a claim against the Committee shall present a voucher duly verified and stamped. All vouchers shall be filed and signed in ink. The amount shall be written in figures as well as in words. All corrections and alterations in the vouchers shall be attested by the date initials of the persons signing the receipt.(9)An officer authorized to handle the money of the Haj Fund shall be responsible for its custody and also for reimbursement to the Committee in case of any loss by theft, fraud, fire or any other cause :Provided that if in any case, after such inquiry as the Committee may make, the Committee is satisfied that the loss was unavoidable and was not due to any negligence on the part of the officer responsible for the proper custody of the amount, the Committee may not insist on reimbursement of the amount of the loss by the officer concerned, but may write it off.(10)Amount not required for expenditure during the year shall be invested by the Committee-(a)In one or other of the following securities, namely :-(i)promissory notes, debentures, stocks or other securities of the Government or the Central Government ;(ii)Stock or debentures of, or shares in companies, the interest wherein shall have been guaranteed by the Government or the Central Government ;(iii)debentures or other securities for money issued by or on behalf of any municipal body under the authority of any Act ;Or(b)in fixed deposits for a period as deemed fit by the Committee in-(i)Jammu and Kashmir Bank ; or(ii)any nationalized bank.(11)The income resulting from any fixed deposit or from any investment shall be credited to the Jammu and Kashmir State Haj Fund.
