In exercise of the powers conferred under Section 18(2) of Iqbal Academy Ordinance 1962 (XXVI of 1962), the Academy is pleased to make the following rules with the approval of the Governing Body.
1. Short title and commencement-I:I These rules may be called the Iqbal Academy (Financial) Rules, 1993.
1:2 They shall come into force at once.
2. Definition-In these rules unless there is anything repugnant to the subject or context:
2:1 "Academy" means the Iqbal Academy established under Iqbal Academy Ordinance.
2:2 "Director" means the Director of the Academy.
2:3 "Treasurer" means the Treasurer of the Academy.
2:4 "Deputy Director" means the Deputy Director of the Academy.
2:5 "Committee" means the Executive Committee of the Academy or other committees constituted by the Governing Body/the Executive Committee and the Director with such composition and functions as may be determined.
2:6 "Bank" means the bank approved by the Academy.
2:7 "Month" means the calendar month.
2:8 "Year" means the financial year.
2:9 "Auditor" means a qualified auditor appointed by the Governing Body as laid down under section 22 of Iqbal Academy Ordinance, to conduct the audit of the accounts of the Academy.
3. General-3:1 The Accounts shall be maintained separately for each year.
3:2 All books of Accounts and registers shall be strongly bound and the pages shall be serially numbered and stamped with the Academy's seal. A certificate of count shall be recorded on each register by the Deputy Director or the Director.
3:3 Every correction or alteration in Accounts shall be made in red ink a single line being drawn through the original entry to be corrected and attested by the dated initials of the Deputy Director or the Director. Erasure shall be absolutely forbidden. No document with an erasure mark shall be accepted.
3:4 All sums payable to the Academy shall be deposited either direct with the Bankers of the Academy, or sent by money order, to the Academy or by means of a Crossed Bank Draft.
3:5 (i) All moneys received in the Academy's office shall be acknowledged on prescribed receipt, under the signature of the Deputy Director or the Director. All transactions to which any Officer or servant of the Academy, in his official capacity is a party must without any reservation be brought to the accounts in the General Cash Book and other subsidiary registers under the signature of the Director.
(ii) The funds of the Academy shall be deposited in the Bank to be approved for the purpose by the Academy. The Accounts shall be operated upon jointly by the Director/Treasurer/Deputy Director according to following schedule. Surplus funds may be invested in a profitable and safe manner.
(a) Deputy Director of the Academy is authorised to sign the cheques for an amount upto Rs.500/- at a time provided that a total amount of cheques does not exceed Rs.1,000/- per week. In case of total amount of cheques exceeding Rs.1,000/- in a week, the cheques would be countersigned by the Director.
(b) The Director is authorised to sign the cheques upto Rs.5,000/- provided that the total amount of the cheques does not exceed Rs.10,000/- per week. In case of total amount of cheques exceeding Rs.10,000/- per week the cheques would be first signed by the Deputy Director and countersigned by the Director.
(c) All cheques for an amount of more than Rs.5,000/- shall be signed by the Director and countersigned by the Treasurer.
(d) In the absence of the Director, the Deputy Director would be authorised to sign cheques.
3:6 Expenditure against two major heads shall not be included in one voucher.
3:7 All bills presented for payment shall be examined by the accounts section/Deputy Director who shall, if the claim is admissible, the authority good, the signature true and in order and the receipt a legal quittance, make an order to pay on the bill and submit it for the signature of the Director. The order shall specify the amount payable both in words and figures.
3:8 (accounts) a) Payment shall ordinarily be made by order cheque. Claims below Rs.500/- may be paid from Permanent Advance. No cheque shall be issued for claims below Rs.100/-
3:9 The cheque book shall be kept under lock and key and in the personal custody of the Accountant. All the Cheques in new cheque books shall be counted and a certificate to that effect shall be recorded by the Director.
3:10 When a cheque is cancelled, the fact of the cancellation shall be ordered on the counterfoil of the cheque, and also across the payment order on the bill or voucher.
3:11 Cancelled cheques shall be carefully preserved until the accounts for the period have been audited when they shall be destroyed by the Auditor who shall certify on the counterfoil of the cheque that the cheque has been destroyed.
3:12 If a cheque is cancelled before the general cash book is closed for the day of issue, the entries in the cash book and any other register in which the items may have been posted shall be struck out in red ink under the initials of the Director. When the cheque is cancelled after the cash book has been closed the amount shall be adjusted by minus entries in the registers in which the transaction may have been entered.
3:13 If a cheque is lost or destroyed, an intimation of the fact shall be given at once to the Bank and its payment shall be quoted against the original entries in the relevant registers and note shall be made on the counterfoil of the fresh cheque as follow: "Issued in lieu of cheque No.--------- dated--------- lost/destroyed---------
3:14 Deposits and Advances shall be accounted for under the "Suspense Head" 3:15 When any defalcation or loss of the Academy's money or property is discovered, an enquiry shall be initiated at once by the Director. The irrecoverable balance of the sum embezzled may be written off under the orders of the competent authority i.e. Governing Body/Executive Committee/Director.
4. Budget-4:1 The Budget of the Academy shall be prepared by the Director.
4:2 The Executive Committee shall approve the budget estimates/expenditures of the Academy and present the same to the Governing Body.
4:3 If the expenditure under any head exceeds the amount provided under that head of the budget, the Director shall prepare an re-appropriation statement which shall be placed before the Executive Committee for approval.
5. Dead Stock-All consumable articles and non-consumable articles costing more than Rs.50/- shall be entered in the relevant stock register under the signature of the Director.
6. Advance-All advance paid by the Academy shall be recorded in the Advance Register, and the Deputy Director and the Director shall watch their proper adjustment.
7. Financial Powers-The authorities competent to sanction expenditure shall be as per schedule of administrative/Financial powers specified in apendix-B. (This schedule has already been approved/adopted by the Governing Body in its 23rd meeting held on 21.11.1997 vide item No.6).
8. Security-All employees of the Academy entrusted with the handling of cash shall be required to furnish security in a manner and for an amount to be decided by the Director.
9. Accounts Register-The list of registers to be maintained for the correct and efficient maintenance of accounts is given below:-
9:1 Register record for temporary advance.
9:2 Register Officers/staff salary record.
9:3 Telephone record register.
9:4 Cash Book.
9:5 Petty Cash Book.
9:6 Investment Register.
9:7 Cheque Issue Register.
10. Procurement, Contracts etc. – For the purpose of all procurements, compliance shall be made of the Public Procurement Rules, 2004 (S.R.O. 432 (I)/2004);
Provided that Scheduled rates for works and services shall be drawn by the Director, from time to time. In case of scheduled rates, approved by the Executive Committee in the prescribed manner, tenders/quotations would not be necessary;
Provided further that the Academy can split all procurements required as per approved budget over the entire financial year
11. Relaxation - The competent authority may, in exceptional cases for reasons to be recorded in writing relax any of these rules.