Administration of Fund

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....bank authorised for Government agency business. Explanation.- For the purposes of this rule, - (a) "nationalised bank" means a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980); (b) "scheduled bank" means a scheduled bank referred to in section 42 and specified in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934); and (c) "authorised bank for Government agency business" means banks notified by the Government of India Department of Expenditure in the....

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....generally or for any particular case: Provided further that the payment of benefits to Insured Persons under the provisions of the Code and of the pay and allowances of duly sanctioned posts shall not be withheld for want of a sanctioned budget grant. (4) Before any person authorised under sub-rule (3) signs a cheque or authorises an electronic payment, he shall satisfy himself that the sum for which the cheque is drawn is - (i) required for a purpose or work specifically sanctioned by the competent authority and covered by a current budget grant; and (ii) required for any payment referred to and specified under section 26. (5) (a) The budget estimates of the Corporation for each financial year beginning on the 1s....

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....efore the Parliament by the administrative Ministry concerned in the month of March preceding the financial year to which the estimates relate. (6) The Standing Committee of the Corporation may cause a supplementary estimate to be prepared and submitted to the Corporation if in respect of any financial year further expenditure is likely to be incurred and every such supplementary estimate shall be considered and sanctioned by the Corporation and submitted to the Central Government in the same manner as if it were an original annual estimate, not later than the 15th day of February of the financial year to which it relates and the provisions of sub-rule (5) shall, so far as may be, apply to such supplementary estimate. (7) (a) If the D....