TaxTMI 
TaxTMI 
Loans and Advances made by Governments
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....overnment Companies, Corporations, Local Bodies, Autonomous Bodies, Co-operative Institutions, Statutory Corporations, quasi-public bodies and other non-Government or private institutions. And whereas, the State Governments also disburse recoverable advances to Government Servants. Now, therefore, in exercise of the powers conferred by article 150 of the Constitution, the President, on the advice of the Comptroller & Auditor General of India, hereby makes the following accounting standards, namely:- A. Short title.-These accounting standards may be called the Indian Government Accounting Standards (IGAS)3. B. Objective,- The objective of the Standard is to lay down the norms for Recognition, Measurement, Valuation and Reporting in respect of Loans and Advances made by the Union and the State Governments in their respective Financial Statements to ensure complete, accurate, and uniform accounting practices, and to ensure adequate disclosure on Loans and Advances made by the Governments consistent with best international practices. C. Scope (1) This Standard applies to Loans and Advances given by the Government for incorporation and presentation in the Financial Sta....
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....es directly or indirectly to the beneficiary entities which entails a contractual right to receive back equivalent moneys along with interest thereon, if any, as per terms and conditions of the loan agreements. (o) "Major Heads of account" represent the functions of Government as per the 'List of Major and Minor Heads of Account of Union and States'; (p) "Minor Heads of account" represent various programmes or schemes undertaken by departments of Government to achieve the objectives of the function represented by the major head as per the 'List of Major and Minor Heads of Account of Union and States'; (q) "Sub-Major Heads of account" represent the sub-functions of Government and are under the Major Heads and are as per the 'List of Major and Minor Heads of Account of Union and States'; (r) "Non-Plan Loans" are the loans other than those sanctioned by the Government for plan purposes; (s) "Plan Loans" are the loans sanctioned by the Government for plan purposes; (t) "Sector" consists of a grouping of specific functions or services as per the 'List of Major and Minor ....
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....of interest in arrears and this amount shall not be added to the closing balance of the loan which shall be in nature of an additional disclosure. (3) The Financial Statements of the Union Government shall disclose the following details under 'Loans and Advances made by the Union Government' in the Annual Finance Accounts of the Union Government - (a) the summary of Loans and Advances showing Loanee group-wise details; (b) the summary of Loans and Advances showing sector-wise details; (c) the summary of repayments in arrears from Governments and other loanee entities. (4) The Financial Statements of the Union Government shall disclose the following details under 'Detailed Statement of Loans and Advances made by the Union Government in the Annual Finance Accounts of the Union Government - (a) the detailed statement of Loans and Advances showing the Major Head and Minor Head-wise Details; (b) the detailed Statement of repayments in arrears from State or Union territory Governments; (c) the detailed Statement of repayments in arrears from other Loanee entities. (5....
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.... by the Union Government'; and (c) the 'Additional Disclosures' in the Annual Finance Accounts of the Union Government. (11) The State Government will have a similar three tier presentation in Annual Finance Accounts of the State, namely (a) the 'Loans and Advances made by the State Government'; (b) the 'detailed Statement of Loans and Advances made by the State Government'; and (c) the 'Additional Disclosures' in the Annual Finance Accounts of the State Government. 1. The first part, Statement of Loans and Advances made by the Government, shall disclose loanee group-wise and sector-wise information on loans and advances disbursed, repaid and written-off during the year along with summarized information on repayments in arrears from various loanees. 2. The second, Detailed Statement of Loans and Advances made by the Government shall disclose the major head-wise and minor head-wise details of the loans and advances made by Governments as also detailed statements on repayments in arrears from various loanee entities. 3.1 The third, Additional Disclosures, shall incorporate additional disclosures on fresh loans an....
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....vernments respectively are shown hereunder: Financial Statements of the Union Government Statement of Loans and Advances made by the Union Government Section: 1 Summary of Loans and Advances: Loanee group-wise (In lakhs of rupees) Loanee Group Balance on April 1, 20x0 Disbursements during the year Repayments during the year Write-off of irrecoverable loans and advances Balance on March 31, 20x1 (2+3)-(4+5) Net increase/Decrease during the year (2-6) Interest payment in arrears 1 2 3 4 5 6 7 8 Notes: 1. Out of total amount of Rs.............lakhs paid as loans to State/Union Territory Governments, loans granted to cover gaps in resources of the State/Union Territory amounted to Rs...................lakhs 2. In pursuance of the recommendations of the ...th Finance Commission, repayments by the State/Union Territories amounting to Rs................... lakhs have been written off upto March 31, 20x1. 3. At the beginning of the year, there was a balance of Rs................lakhs sanctioned to State Governments as Ways and Means Advances. During the year, an amount of Rs....................lakhs w....
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....; Section: 2 Repayments in arrears from State or Union Territory Governments (In lakhs of rupees) Name of the State or Union Territory Government Amount of arrears as on March, 31, 20x1 Earliest period to which arrears relate Total loans outstanding against the entity on March 31, 20x1 Principal Interest Total 1 2 3 4 5 6 State or Union Territory Other loanee entities Section: 3 Repayments in arrears from other Loanee Entities or Institutions (In lakhs of rupees) Loanee-Entity Amount of arrears as on March, 31, 20x1 Earliest period to which arrears relate Total loans outstanding against the entity as on March 31, 20x1 Principal Interest Total 1 2 3 4 5 6 Additional Disclosures Fresh Loans and Advances made during the year (In lakhs of rupees) Loanee Entity Number of Loans Total Amount of loans Te....
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.... Disbursements during the year Repayments during the year Write-off of irrecoverable loans and advances Balance on March 31, 20x1 (2+3)-(4+5) Net increase/decrease during the year (2-6) Interest payment in arrears 1 2 3 4 5 6 7 8 Note: For details, refer Section 1 of Detailed Statement of loans and advances made by the State Government Section: 3 Summary of repayments in arrears from Loanee entities (In lakhs of rupees) Loanee Entity Amount of arrears as on March, 31, 20x1 Earliest period to which arrears relate Total loans outstanding against the entity as on March 31,20x1 Principal Interest Total 1 2 3 4 5 6 Note: For details, refer Section 2 or Detailed statement of loans and advances made by the State Government Detailed Statement of loans and Advances made by the State Government or Union Territory Government Section: 1 Major and Minor Head-wise summary of Loans and Advances Out of t....