Drawal of Tour Advance and delayed refund of unutilized portion – Levy of interest

Admin | February 29, 2016 | All, Establishment | No Comments

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As per Government order G.O(P) No.51 /93/Fin dated 20.01.1993 when tour advance is not utilized fully, but the adjustment bill is submitted in time, interest at rate of 12.5% per annum will be charged on the unutilized portion of the advance from the date of drawal to refund of advance.

The above rate of interest has been revised as 18% with effect from 30/04/2013 due to notice some incidents of not refund of unspent amount to the Treasury within prescribed period and delayed presentation of final Bills by the Government officers. The Government has treated as these cases are serious irregularities.

In order to avoid the chance of misusing the Government money, the following orders are issued as per order GO(P)No.197/13/Fin dated 30/04/2013,

A time limit of 3 months is fixed for the presentation of final bill.
In cases where tour advance is not utilized fully but the adjustment bill is submitted in time, interest at the rate of 18% per annum will be charged on the unutilized portion of the advance from the date of drawal to the date of refund of the advance.
In cases where the adjustment bill is not submitted within the prescribed time, the entire amount of advance may be recovered in one lump immediately on the expiry of such time limit. Interest at the rate prescribed at (2) above will be charged in the entire amount of advance from the date of drawal to the date of recovery of the amount.
This shall take effect from the date of issue of this order.
The Amendment to Note (ii) of Article 53 (e) of Kerala Financial Code Vol. I will be issued separately.