- The accounting procedure with regard to the Fund should be as follows ;(i)The loan stipend shall be debited to account under "Demand No. 10-677-Loans for Education, Art and Culture-(b) other Educational loans-(A) scholarships and advances to stipendiaries from Orissa Loan Stipend Fund";(ii)The advances when recovered from the stipendiaries shall be credited in the accounts under the receipt head "829-Development and Welfare Funds-(a)-Development Fund for Educational purposes-(A)-Orissa Loan Stipend Fund (Receipt)";(iii)The interest, if any, realised from the stipendiaries may be taken credit of under the receipt side of the head "829-Development and Welfare Funds -(a)-Development Funds for Educational purposes-(A)-Orissa Loan Stipend Fund (Receipt)";(iv)The contribution made by Government from time to time from the consolidated Fund of the State shall be booked under the head "277-Education -H -General-Other Expenditure-(E) Loan Stipend Fund-Inter Account Transfer";(v)The amount transferred from the consolidated Fund as indicated above shall be taken credit of, under the receipt side of the head "829 -Development and Welfare Funds(a)-Development Fund for Educational purposes-(a) -Orissa Loan Stipend Fund (Receipt)";(vi)Donation received from the Philanthropists will also be taken credit of under the receipt head "829-Development and Welfare Funds-(a)-Development Funds for Educational purposes-(A)-Orissa Loan Stipend Funds (Receipt)";(vii)The sums out of the accumulations in the Fund when invested in securities shall be debited to the head "829-Development and Welfare Funds-Development Fund for Educational purposes -Orissa Loan Stipend Fund (Outgoings)" and the proceeds of the securities when sold shall be taken credit under the receipt side of the head "829-Development Welfare Funds-(a)-Development Fund for Educational purposes-(A)-Orissa Loan Stipend Fund (Receipt)";(viii)The irrecoverable loan stipend when written off by Government shall be debited to Fund under the head "Irrecoverable loan stipends written off" in the outgoing side of the head "829 -Development and Welfare Funds-(A)-Development Fund for Educational purposes-(A)-Orissa Loan Stipend Funds";(ix)Gain or loss on realisation of securities shall be credited or debited to the appropriate head in the receipt or Outgoing side of the Fund;(x)The Travelling Allowance of non-official members of the, Committee will be debited to the head in the outgoing side of the Reserve Fund;(xi)The excess amount recovered when refunded shall be accounted for under the receipt side of the head " 829-Development and Welfare Funds-Development Fund for Educational purposes-Orissa Loan Stipend Fund-Deduct Refund";(xii)Payment to stipendiaries both in India and in foreign countries shall be debited direct to the Reserve Fund and it is not necessary that the State Legislature shall be required to vote against the actual expenditure from the fund as contemplated in Article 43 (2) of the Audit Code;(xiii)Detailed accounts of each stipendiary shall be maintained by the Education and Youth Services (L.S.P.) Department of the Government and the same shall be audited locally by Accountant-General, Orissa;(xiv)The Secretary, Education and Youth Services (L.S.F.) Department shall be the Estimating and Controlling Officer in respect of the heads mentioned above and the Education and Youth Services (L.S.F.) Department shall be the Administrative Department. Secretary, Education and Youth Services (L.S.F.) Department or any officer authorised by him will be Drawing and Disbursing Officer of the Orissa Loan Stipend Fund.
