53. Payment of moneys into Waqf fund, the investment, the custody and disbursement of such moneys [Section 77(3)].
(1)The Board shall authorize one of its officers (hereinafter referred to as "the authorized officer") to receive all payments to the Waqf Fund and to issue receipts for the same and to make payments on behalf of the Board.(2)The authorized officer shall be required to furnish to the Board, such securities or sureties for such amount, as the Board may specify in that behalf Solvency of sureties shall be got verified by the Tehsildar of the Tehsil concerned at the beginning of each year.(3)The authorized officer shall grant receipts for all moneys received by him to the credit of the Waqf Fund. A counterfoil receipt bearing printed receipt numbers shall be maintained for the purpose.(4)All such moneys shall immediately be deposited in -(a)a Scheduled Bank, as defined in the Reserve Bank of India, Act, 1934; or(b)a bank included in the Second Schedule to the Reserve Bank of Indian Act, 1934; or(c)a Post Office Savings Bank Account; or(d)a Public Sector Bank or Private Sector Bank, specified by the Finance Department of the State Government.(5)All such deposits shall be made in the name of the Board. The Board may authorize the Chairman and the Chief Executive Officer or any other persons, jointly or severally to operate the Board's account.(6)No money shall be withdrawn from the bank unless it is required for making immediate payment for the purpose of the Board.(7)The authorized officer may be authorized to hold a recoupable permanent advance, not exceeding forty thousand rupees for meeting petty expenditure. However, if expenditure is to be made in excess of forty thousand rupees, then prior approval of the Chairman shall have to be obtained.(8)The appropriation of receipts to expenditure shall, as a rule, be avoided.(9)Payments from the Waqf Fund shall be made by cash, cheque or Bank draft/RTGS.(10)Moneys indisputably payable shall never be left unpaid and money paid shall under no circumstances, be kept out of the account a day longer than absolutely necessary.(11)Any person having a claim against the Board shall present a voucher duly verified and stamped. All vouchers shall be filled 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 dated initials of the person signing the voucher.(12)The authorized Officer shall be responsible for their custody and also for re-imbrusing to the Board, in cash of any loss by theft, fraud, fire or any other cause:Provided that if in any case, after such inquiry, as the Board may make, the Board is satisfied that the loss was unavoidable and was not due to any negligence on the part of authorized officer, the Board may not insist on reimbursement of the amount of the loss by the officer concerned, and may write off such amount.(13)Amount not required for expenditure during the year, shall be invested by the Board.-(a)in one or other of the following securities:-(i)promissory notes, debentures, stocks or other securities of the Central Government; or(ii)promissory notes, debentures, stocks or other securities of the Punjab Government; or(iii)stock or debentures of, or shares in companies, the interest wherein has been guaranteed by the Central or the Punjab Government; or(iv)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, not exceeding five years in;-(i)a Scheduled Commercial Bank, as defined in the Reverse Bank of India Act, 1934; or(ii)a bank included in the Second Schedule to the Reserve Bank of India Act, 1934; or(iii)a Public Sector Bank or Private Sector Bank, as specified by the Finance Department of the State Government; or(iv)in the purchase or for the first mortgage of immovable property with the previous sanction of the State Government(14)The investment under sub-rule (13), shall not be pledged, encashed or withdrawn without the prior sanction of the State Government.
