PPF CONTROL PROCEDURE

PUBLIC PROVIDENT FUND CONTROL PROCEDURE

GENERAL

68.  The Public Provident Fund Scheme was introduced in all the Head Post Offices with effect from 1.1.1979. The scheme has been extended to selection grade sub offices w.e.f. 1.1.1988. The Control Procedure prescribed for the work of savings accounts in Chapter I will be followed mutatis mutandis for the work of PPF accounts with the following changes.

[Para 85 of Manual S.B. Control Procedure]

FORMS

69. When the scheme was introduced in Head Offices only SB-62 and SB-62(a) registers were opened for this new scheme. The register (SB-63) has been started after the extension of the scheme to sub offices.

[Para 86 of Manual S.B. Control Procedure]

INTEREST RECOVERED ON LOANS

70. The interest recovered on loans will be recorded in a separate column in the list of transactions and consolidated journal of deposits and withdrawals. The SBCO will compare the amount of interest entered in the list of transactions with that noted in the consolidated journal in order to see that both figures agree with each other. The total interest for the day will be agreed with the amount of interest noted in the cash book and Head Office Summary as per procedure laid down in RD accounts for recovery of interest on defaulted instalments. The amount of interest will not pass through the SB-62 register of the SBCO.

[Para 87 of Manual S.E. Control Procedure]

CHECKING OF VOUCHERS

71. General check of vouchers and checking of vouchers with reference to entries in the ledgers :- The vouchers both receipts and payments will be checked to the following extent :-

(i) All vouchers relating to loans, withdrawals and interest recovered on loans.

 (ii) All final closures.

(iii) 4% of deposit transactions.

Note :- The checks will apply uniformly to accounts maintained either manually or on computers.

[Para 88 of Manual of SB Control procedure as amended vide D.G. Posts

letter No. 5-2/99-SB dated 5.3.2003]

AGREEMENT OF LEDGER BALANCES

72. The verification of ledger balances will be done on six monthly basis as prescribed for Savings Accounts.

[D.G. Posts letter No. 1-2/88-SB dated 10.2.1988]

[Para 89 of Manual S.B. Control Procedure]

MONTHLY PROGRESS REPORT

73. The SBCO will submit a monthly progress report relating to P. P.F. accounts in the proforma meant for RD accounts to the AO-ICO (SB) with a copy to the Divisional Superintendent of Post Offices.

[Para 90 of Manual S.B. Control Procedure]

PREPARATION OF INTEREST STATEMENT

74. (1) The interest added in the accounts after the close of the financial year by the SB branch will be checked in respect of 20% of the accounts where calculations are done manually and 5% of accounts where calculations are done on computers by the P.A. of the SBCO on OTA basis as per procedure laid down for checking of interest in SB accounts. After checking of interest, interest statement will be prepared and disposed of as per procedure laid down for SB accounts.

[D.G. Posts letter No. 5-2/99-SB dated 5.3.2003]

(2) The following norms of outturn for calculation, posting and checking of annual interest in P.P.F. Accounts have been prescribed for the purpose of OTA.

Year                Outturn for calculation and posting             Outturn for checking of

                          of interest by the S. B. Branch                    interest by the SBCO

1980-81           53 accounts per hour                                    60 accounts per hour

onwards

[D.G. Posts letter No. 30-14/79-SB dated 7.10.1980 and 11.3.1981]

[Para 91 of Manual S.B. Control Procedure]

RECOVERY OF DEFAULT FEE

75. As per Rule 7 (2) of P.P.F. Rules amended w.e.f 1.4.1983 the Accounts Office has been authorised to condone the default in payment of subscription by charging a fee of Rs.50/- along with arrears of subscription of Rs.500/- for each year of default. While the arrears of subscription will be credited to the P.P.F. account, the default fee will be credited under the head "Unclassified Receipts". The amount of default fee will be noted separately on both foils of the pay in-slip. A remark regarding collection of default fee will also be made in the pass book, the list of transactions and the ledger in the remarks column. The receipt in form ACG-67 for the default fee credited under the head "Unclassified Receipts" will be attached to the foil of the pay-in-slip which will be sent to the SBCO. The SBCO will check that the default fee is correctly recovered and accounted for.

[D.G. Posts letters No. 38-2/83-SB dated 31.3.1983 and

No. 1-2/88 SB dated 10.2.1988]

[Para 91 A of Manual S.B. Control Procedure]

SCHEDULES OF COMMISSION PAID TO PRSG LEDGER ON

DEPOSITS IN PPF ACCOUNTS

75A. (1) The SBCO will receive daily from the SB Branch the schedules of commission paid to the PRSG Ledgers alongwith receipts (ACG-17). The SBCO will carry out the following checks :-

(i) The official of the SBCO will compare the amount of commission paid as shown in the receipt (ACG-17) with the entries in the schedule.

(ii) The correctness of the total of the schedule and commission paid at the prescribed rate will be checked.

(iii) The official concerned will put his dated signature at the bottom of the schedule in token of having carried out the above checks.

(iv) The official m-charge of the SBCO will compare the total amount of the schedules with the entries in the cash book in order to verify its correctness and place his initials in the cash book in token of this check.

(2) The SBCO will enter the details regarding amount of deposits and commission paid through PRSG Ledgers in the statistical register of PPF accounts after the close of the month.

(3) After necessary checks the schedules of commission paid along with vouchers (receipts ACG-17) will be sent to the Postal Accounts Office on monthly basis after the close of the month in the first week of following month.

[D.G. Posts letter No. 107-16/97-SB dated 17.4.2000]