Section 6 in Joint Electricity Regulatory Commission for the State of Goa and Union territories (Constitution and Manner of Application of Fund, Form and Time for Preparation of Budget) Rules, 2016
6. Manner of applying funds, opening of bank account and drawing of funds from banks.
(1)The Joint Commission shall meet expenses required in connection with the discharge of its functions under section 86 of the Act and also for meeting objects and purposes authorised by the Act.(2)The Joint Commission shall, after taking a decision of the full Commission to open the main account of the Fund to be maintained in a nationalised commercial bank, and subsidiary accounts to be maintained at such other branches of such banks as the said Commission considers appropriate, make available the specimen signatures of two of its officers to the authorised signatory to the nominated bank or banks for their information and record.(3)The nominated bank(s) shall furnish daily payments and receipts scrolls to the Joint Commission which will ensure that the cheques appearing in the payment scrolls are those issued by the Joint Commission and reconcile each transaction with the banks.(4)(a)The Drawing and Disbursing Officer, who shall be not below the rank of Deputy Secretary, as may be designated by the Chairperson from time to time, shall operate the Fund of the Joint Commission.(b)Withdrawal from the bank account shall be made only on presentation of cheque signed by the Drawing and Disbursing Officer and one other officer designated by the Commission.(c)The Drawing and Disbursing Officer shall be responsible for monitoring the proper transactions of receipts and payments on behalf of the Joint Commission.(d)The Drawing and Disbursing Officer shall be responsible to ensure that the amount specified in cheques or demand drafts deposited in the accredited banks have been timely credited in the accounts of the Joint Commission and shall also reconcile the receipts and payments accounts with them.
