Section 7 in Andhra Pradesh State Employment Guarantee Fund (APSEGF) Rules 2008
7. Maintenance and Operation of Bank Account.
- (i) The Management Committee shall open a Savings Bank account with State Bank of India or State Bank of Hyderabad as may be approved by the Management Committee;(ii)Savings Bank account thus opened in the name of the Head of the Department shall be operated with joint signatures as authorized by the Management Committee;(iii)All the money received by the fund shall as soon as possible be deposited into the said savings bank account and shall not be utilized for any purpose other than the purposes mentioned in the Act;(iv)No payment shall be made out of the Fund unless the expenditure is covered by the sanctioned budget;(v)Monthly bank reconciliation of the Andhra Pradesh State Employment Guarantee Fund account shall be done;(vi)Maintenance of Cash book and component wise ledgers;
