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Interest on Corpus Fund towards sanction of Loan purposes by the APEWF for the 2017-18

Andhra  Pradesh State Level Committee – A.P. Employees  Welfare  Fund  – Sanction  of  the interest on Corpus Fund towards sanction  of  Loan purposes  by   the  APEWF  for  the  Financial Year  2017-18 

FUNDS – Andhra  Pradesh State Level Committee – A.P. Employees  Welfare  Fund  – Sanction  of  Rs.1,70,00,000/- (Rupees  One  Crore and  Seventy  Lakhs Only)  the interest on Corpus Fund towards sanction  of  Loan purposes  by   the  APEWF  for  the  Financial Year  2017-18  – Orders  – Issued. 
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Finance (HR.VI-TA&AL/EWF)  Department G.O.MS.No.  24     Dated:  19-02-2018         
 Read  the  following   
G.O.Ms.No.404,  (P)  Finance (EWF)  Department,  dated  30.07.2001.
ORDER : 
 In the Government orders read above, revised procedure of  making  payments regarding  Employees  Welfare  Fund  has been  incorporated.  The  salient  features  of such revised procedure  for  making   payments are as  follows.  i) ii)   iii)   iv) 
2.   The loans granted  from  the Fund shall  be  recovered hereafter  by  way  of deductions  from  the  pay  bill.   The contributions  made  by  the  members to  the Fund  shall  be credited  to   the following  Head  of  Account.  8121 –  General  and other  Reserve Funds   MH.117 – Employees  Welfare  Fund  (Andhra  Pradesh) SH (01)  Employees  Welfare Fund (Andhra Pradesh State)   Government will release  interest  on  accumulated  balances  of the   Corpus Fund, which will  be credited to  Public  Deposit  Account under  the Head  8342-120-(08)  by  way  of  adjustment.   The Matching  Contribution sanctioned  by  the  Government, which is   equivalent to the interest earned on  the Corpus Fund, shall  be  credited to 8342-120-(08)  by  way  of  adjustment.   To  avoid inconvenience and to  enable  the Government  employees  to  meet the immediate expenditure  towards payment  of  medical  loans   etc., it  is  decided  to  draw  the available Budgetary  Provision and keep the   amount under  the control  of  State  Level Committee, Andhra  Pradesh Employees  Welfare Fund, Finance Department, Amaravathi  at Velagapudi.
3.   Accordingly,  sanction  is  hereby  accorded  for  crediting  an  amount of Rs.1,70,00,000/- (Rupees One Crore  and Seventy  Lakhs Only)  to the  Public   Deposit Account in  the  Head  of  Account as  given  at  para  5  of  this order   and  the  amount  will be utilized by  the State  Level Committee,  Andhra Pradesh Employees  Welfare Fund  for sanction  of  loans  to  Government servants. 
4.   The expenditure  sanctioned in  para  3  above shall  be  debited to  the  following Head of  Account.   “2049    03   Interest  Payments Interest  on  Small  Savings Provident Funds etc., MH (109)  Interest  on  Special  Deposits and  Accounts. SH (07)  Interest  on  Employees  Welfare  Fund  450  Interest  (charged)

5.  The Finance (Claims) Department shall claim the amount sanctioned at Para 3 above from the Head of Account at para 4 above with a request to the Pay and  Accounts Officer, Andhra Pradesh Secretariat Branch Velagapudi to credit the amount to the following Head of Account.    “8342 –  Other Deposits   120 –  Miscellaneous Deposits  SH (08) –  Deposits of interest on Employees Welfare Fund and    matching contribution equivalent to the interest earned  on the Corpus Fund”.   
 6.  The A.P. State Level Committee of A.P. Employees Welfare Fund shall meet the expenditure towards sanction of loans to the members of the Fund from the Head of Account mentioned at para 5 above. The A.P. State Level Committee shall follow the norms of the Employees Welfare Fund in the distribution of Loans.   
7.  The Deputy Pay and Accounts Officer, Andhra Pradesh, Velagapudi is requested to credit the amount as requested in the para 5 above and send a note to Andhra Pradesh Finance (Claims) Department of the credit so made.
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