Section 14 in The Charitable Endowments (Madhya Pradesh) Rules, 1957
14. Accounting of interest.
- The Demand Drafts issued by the Reserve Bank of India, Bombay half-yearly for the aggregate amount of interest on securities relating to each kind of loan held in trust should be sent to the State Bank of India, Bhopal, duly endorsed for payment by transfer credit to the Personal Deposit Account of the Treasurer at the Bhopal Treasury. The receipt and payment shall be entered in the register in Form 7. The interest will be distributed to the various ledger accounts in the register in Form 2 m which the gross amounts shall be shown, any deductions for fees, etc.' being shown as a charge, and the payment of the balance to the administrators being shown as a disbursement. Payment of interest will be made to the administrators at head-quarters by personal deposit cheques and to those residing outside the headquarters by demand drafts. A memo for forwarding the cheque or demand draft shall be prepared in Form 8.
