G.O. (Ms.) No.153, State Innovation Fund Accounting Procedure, 2014
The Planning, Development and Special Initiatives (SP.1) Department issued Government Order (Ms.) No. 153 on 23 December 2014 to prescribe the accounting procedure for transactions under the State Innovation Fund. It governs funding for innovative schemes and related activities by eligible public bodies, and does not regulate land ownership, property transfers or revenue records.
Purpose
The Planning, Development and Special Initiatives (SP.1) Department issued Government Order (Ms.) No. 153 on 23 December 2014 to establish the accounting procedure for the State Innovation Fund. The fund had been constituted by restructuring existing Part II Schemes from the financial year 2015-2016, with an initial corpus of 150 crores.
The State Innovation Fund is maintained as a separate non-lapsable fund within the Public Account. Unused balances are carried forward and remain available for innovative schemes in later financial years.
Who it affects
Government Order (Ms.) No. 153 applies mainly to government departments and public bodies seeking or administering funding for innovative schemes. Eligible lead agencies include:
- State Government departments.
- Local bodies.
- State public sector undertakings.
- Statutory boards formed by the State.
- State cooperative institutions.
- State universities.
- Societies formed by the State.
The document also assigns responsibilities to the State Planning Commission, the Finance Department, Pay and Accounts Officers, Treasury Officers and the Accountant General. It contains no provisions changing land classification, title, ownership, registration, patta or property rights.
Key accounting provisions
- Annual allocation to the State Innovation Fund must be provided under Grant No. 36 for the Planning, Development and Special Initiatives Department, with the State Planning Commission as the head of department.
- The allocation must be credited to the State Innovation Fund under Part III of the Public Account as a reserve fund not bearing interest.
- Expenditure on an approved innovative scheme must be classified under the functional major head of the department concerned. A separate sub-head must identify the scheme and implementing agency.
- Deduct heads must record amounts reimbursed from the State Innovation Fund reserve account.
- Up to five percent of the fund may be used for awareness building, capacity building, evaluation, documentation and awards. Any unused balance for these activities at year end must be transferred back to the fund account.
Control and audit
Government Order (Ms.) No. 153 makes the Member-Secretary of the State Planning Commission the estimating, reconciling and controlling authority for the new account head. Pay and Accounts Officers and Treasury Officers must open the required account heads. The Member-Secretary must report annual credits and expenditure to the Accountant General, and the fund accounts are subject to audit by the Accountant General or an auditor suggested by the Comptroller and Auditor General.
This summary is generated from the source document to help you find what is relevant. The PDF above is authoritative. For advice on your own property, use LandLens One or speak to a qualified professional.
Common questions
Does Government Order (Ms.) No. 153 affect my land title, patta or property purchase?
No. The document prescribes accounting procedures for the State Innovation Fund and contains no provisions on land title, patta, registration or property transfers.
Which organisations can receive funding for innovative schemes?
Eligible lead agencies include State Government departments, local bodies, State public sector undertakings, State statutory boards, State cooperative institutions, State universities and societies formed by the State.
What happens to money left unused in the State Innovation Fund?
Unused balances in the fund are carried forward to the next financial year. Unused money set apart for awareness, capacity building, evaluation, documentation and awards must be transferred back to the fund account at year end.
Who controls and audits the State Innovation Fund accounts?
The Member-Secretary of the State Planning Commission is the estimating, reconciling and controlling authority. The accounts are audited by the Accountant General or an auditor suggested by the Comptroller and Auditor General.
