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Union of India - Section

Section 3 in Compensatory Afforestation Fund (Accounting Procedure) Rules, 2018

3. Detailed Accounting Entries.

- The accounting entries for transfer of the existing monies with ad-hoc Authority shall be as below: -
(i)Initially, amount lying with ad hoc Authority shall be transferred to distinct minor head below 'MH 8336-Civil Deposits' under interest bearing section of Public Account of India.
Debit
Major Head Existing 8658 Suspense Accounts
Minor Head Existing 108/138 Public Sector Bank Suspense/Other NominatedBanks (Private) Sector Banks Suspense
Credit
Major Head Existing 8336 Civil Deposits
Minor Head New 102 National Compensatory Afforestation Deposits
Sub Head New XX State /UT
Note 1: Each State or Union territory shall be a separate Sub-Head. Each Sub-Head may be divided into Detailed Head for various activities viz. Compensatory Afforestation, Net Present Value of Forest Land, Catchment Area Treatment Plan, Interest etc.Note 2: While remitting money, the ad hoc Authority shall provide detailed State wise breakup.
(ii)At the time of payment of 90 percent share to State Government or Union territory, the accounting entry shall be as follows:
Debit
Major Head Existing 8336 Civil Deposits
Minor Head New 102 National Compensatory Afforestation Deposits
Sub Head New XX State /UT
Credit
Major Head Existing 8658 Suspense Account
Minor Head Existing 110 Reserve Bank Suspense - CAO
(iii)Respective States shall credit the amounts to dedicated Minor Head '129-State Compensatory Afforestation Fund (SCAF)' below Major Head '8121-General and other Reserve Funds' and this Minor Head may be divided into Sub-Head for various activities, namely the Compensatory Afforestation, Catchment Area Treatment Plan, Net Present Value of Forest Land, Interest etc and these heads of accounts shall be uniformly applicable across the States.
Note 1: The applicable rate of interest on balances available under 'National Compensatory Afforestation Deposits' under '8336-Civil Deposits' and 'National Compensatory Afforestation Fund' under 8121-General and other Reserve Funds shall be as per the rate declared by the Central Government on year to year basis.Note 2: The applicable rate of interest on balances available under 'State Compensatory Afforestation Deposits' under '8336-Civil Deposits' and 'State Compensatory Afforestation Fund' under 8121- General and other Reserve Funds shall be as per the rate declared by the Central Government on year to year basis.
(iv)At the time of transfer of 10 percent share to National Fund: 10 percent share pertaining to Central Government shall be transferred to National Compensatory Afforestation Fund under Public Account of India from National Compensatory Afforestation Deposits below Major Head 8336-Civil Deposits and the accounting entry shall be -
Debit
Major Head Existing 8336 Civil Deposits
Minor Head New 102 National Compensatory Afforestation Deposits
Sub Head New XX State /UT
Credit
Major Head Existing 8121 General and other Reserve Funds
Minor Head New 128 National Compensatory Afforestation Fund(NCAF)
(v)Accounting entry for 10 percent yearly receipts transferred from the User Agencies. - I. The yearly receipts transferred from the user agencies shall initially be accounted by States in the below mentioned head :-
Major Head Existing 8336 Civil Deposits
Minor Head New 103 State Compensatory Afforestation Deposits
Provided that this Minor Head may be divided into Sub-Head for various activities and thereafter, 90 percent of the receipts shall be transferred to Minor Head '129-State Compensatory Afforestation Fund (SCAF)' under the Major Head 8121 - General and other Reserve Funds in Public Account; provided further that break up shall be maintained and provided at Sub-Head level under new Minor Head '8121.129 - State Compensatory Afforestation Fund (SCAF) and these heads of accounts shall be uniformly applicable across the States.II. Balance 10 percent shall be transferred to the National Fund by the States from their Deposit Head of Account on monthly basis.III. The following accounting entry shall be made in the books of the Central Government on receipt of the same.
Credit
Major Head Existing 8121 General and other Reserve Funds
Minor Head New 128 National Compensatory Afforestation Fund(NCAF)