62. Payment of monies into Waqf Fund and investment of such money under Section 77 of the Act.
(1)The Board shall authorise one of its officers (hereinafter referred to as "the authorised officer") to receive all payments to the Waqf Fund, to issue receipts and to make payments on behalf of the Board.(2)(a)The authorised officer shall be required to furnish to the Board, securities or sureties for such amount as the Board may specify in that behalf.(b)Solvency, of sureties shall be verified by the Sub-Divisional Magistrate of the area where the official is residing at the beginning of each year.(3)The authorised officer shall grant receipts for all moneys received by him to the credit of the Waqf Fund and counterfoil receipt bearing printed receipt numbers shall be maintained for the purpose.(4)All such monies shall immediately be deposited in -(a)a Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (2 of 1934), or(b)a Post Office Savings Bank Account.(5)(a)All deposits shall be made in the name of the Board.(b)The Chairperson and any other member or officer of the Board authorised in this behalf by the Board shall have the powers to withdraw' such deposit or any part thereof and operate on the bank account, subject to such conditions as the Board may think proper.(6)No money shall be withdrawn from the bank unless it is required for immediate payment for the purpose of the Board.(7)The appropriation of receipts to expenditure shall be avoided.(8)(a)Payments from the Waqf Fund shall be made by cash or cheque.(b)Cheque shall not be issued for sums less than five hundred rupees.(9)Monies indisputably payable shall not be left unpaid and money paid shall not be kept out of me account a day longer than absolutely necessary.(10)(a)Any person having a claim against the Board shall present a voucher duly verified and stamped.(b)All vouchers shall be filled and signed in ink.(c)The amount shall be written in figures as well as in words.(d)All corrections and alterations in the vouchers shall be attested by the dated initials of the person signing the voucher.(11)Receipts for all sums exceeding five thousand rupees either by cash or cheque shall bear the revenue stamp of the requisite value.(12)An officer authorised to handle the monies of the Waqf Fund shall be responsible for their custody and also for reimbursing to the Board, in case of any loss by theft, fraud, fire or any other cause:Provided that if in any case, after such inquiry as the Board may make, the Board is satisfied that the loss was unavoidable and was not due to any negligence on the part of the officer responsible for the proper custody of the amount, the Board may not insist on reimbursement of the amount of the loss by the officer concerned, but may write it off.(13)Amount not required for expenditure during the year shall be invested by the Board -(a)in one or other of the following securities -(i)promissory notes, debentures, stocks or other securities of the Central Government;(ii)stock or debentures of, or shares in companies, the interest wherein shall have been guaranteed by the State Government or the Central Government;(iii)debentures or other securities for money issued by or on behalf of any Municipal body under the authority of any Act; or(b)in fixed deposits for a period not exceeding three years in -(i)a Scheduled Bank as defined in the Reserve Bank of India Act, 1934 (2 of 1934); or(ii)for the purchase or for the first mortgage of immovable property with the previous sanction of the Government.(14)The investment under sub-rule (13) shall not be pledged, encashed or withdrawn without the prior sanction of the Board.(15)(a)The Board shall cause to be maintained such books of account and other books in relation to its accounts in such form and in such manner as may be specified by it.(b)The pages in the account books, registers, receipts, etc., shall be serially numbered and each page shall be affixed with the seal of the Board.(c)The number of pages that each book or register contains shall be noted on the first page after actual verification by the Chief Executive Officer.(16)It shall be the responsibility of the Chief Executive Officer to ensure that the contributions, fees, rents and other amounts due to the Board are promptly demanded, released and credited to the Waqf Fund.(17)The Chief Executive Officer shall be in charge of the work relating to the finance, budget and accounts of the Board.(18)The Chief Executive Officer shall, in relation to the budget, account, and audit of the Board, -(a)be responsible for ensuring that the budget estimates of the Board are properly framed keeping in view the instructions issued by the Board and the Government in this behalf and submitted to the Board within the time schedule;(b)scrutinise the budget proposals submitted by the mutawailis thoroughly and assist the Board in scrutinising the budget proposals;(c)examine and advise on all scheme of new expenditure for which it is proposed to make a provision in the budget;(d)ensure that monthly and annual accounts of the Board are compiled properly and promptly;(e)obtain necessary periodical returns of progress of expenditure, watch and review the progress against sanctioned amounts and issue such instructions as may be found necessary to the officers and employees of the Board;(f)scrutinise the proposals for supplementary grants and advise the Board suitably;(g)keep himself in regular touch with the audit objections and inspection reports of the audit and for their early settlement;(h)keep a close watch on the recoveries of dues to the Board and repayment of loan and interest;(i)be responsible for the maintenance of accounts of the Board;(J)obtain periodical returns of stores and stocks and their value from the officers and review them and offer his remarks on such accounts and place it before the Board;(k)furnish any information and statistics that may he called for by the Board on matters relating to budget, accounts and audit;(l)arrange for internal audit of accounts of the Board periodically and take urgent steps to rectify any defects noticed during such audit;(m)report to the Board all instances of payments made contrary to the rules and regulations including cases where payments are made in the absence of any provision in the budget estimates.(19)The Board may prepare revised estimates during the financial year keeping in view the actual and probable expenditure during the year.
