Section 43 in The Central Warehousing Corporation Rules, 1963
43. Maintenance of and operation upon Bank Accounts and investment.
(1)Subject to the provisions of this rule, all moneys belonging to the Corporation, shall be deposited in the Reserve Bank or the State Bank or any subsidiary of the State Bank or in such Scheduled Bank or Co-operative Bank as may be approved for this purpose by the Central Government to the account of the Corporation.(2)All payments by or on behalf of the Corporation shall be made by cheques except payment of amounts not exceeding Rs. 500 which may be made in cash from the amount of imprest sanctioned for such purposes.(3)Such cheques and all orders for making deposits or investments or for.the withdrawal of amounts for disposal in any other manner from the funds of the Corporation, shall be signed by the managing director or by any officer of the Corporation authorised by the Board in this behalf.(4)No payments shall be made out of the accounts of the Corporation unless the expenditure is covered by the financial estimate referred to in section 26:Provided that the Executive Committee may, at its discreation, authorise any expenditure to be incurred in anticipation of such estimates and the statement of expenditure so incurred shall be submitted to the Board at its next meeting : Provided further that the Executive Committee may, in respect of any year sanction re-appropriation from one head of expenditure to another or from a provision made for one scheme to that for another subject to the condition that such re-appropriation shall not exceed ten percent of the santioned amount under the head of expenditure or for that scheme to which the amount is re-appropriated and a statement of such re-appropriation shall be submitted to the Board.(5)All monetary transactions shall be entered in the cash book, as soon as they are conducted, and attested by an officer of the Corporation duly authorised by the managing director in this behalf. The cash book shall be closed daily and completely checked by the managing director or the officer authorised by him in this behalf. At the end of each month, the managing directer or the officer so authorised, shall verify the cash book and the cash in hand and record a signed and dated certificate to that effect.(6)All payments by the Corporation shall be made on bills or other documents duly prepared and passed by the managing director or other officer authorised in this behalf. The paid vouchers shall be stamped "paid" or "cancelled" so that they cannot be used a second time. They should then be kept serially numbered and produced at the time of audit.
