(1) All moneys accruing or payable to the Employees‘ State Insurance Fund shall be received by such officers of the Corporation as may be authorised by it in this behalf and the amount so received shall as soon as practicable be acknowledged by a receipt electronically or otherwise in such form as specified in the regulations made under section 157 and deposited in the Reserve Bank of India or Banks approved by the Central Government to the account of such fund:

Provided that such bank or banks for depositing the fund shall be a nationalised bank or any scheduled 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 Ministry of Finance vide Office Memorandum number S11021/1(20)/Rly/2008/RBD/2018, dated 7th December, 2016, as amended from time to time.

(2)

(a) All moneys accruing or payable to the Corporation shall be credited to the bank or banks approved by the Central Government for such purpose and not utilised directly for any purpose;

(b) Such bank or banks shall be required at the end of every calendar month to furnish to the Corporation or such officer as may be authorised by it in this behalf, a statement of the amounts deposited in and withdrawn from the Fund during the month and these statements shall be examined by the Director General before the expiry of a period of two months following the period to which the statement relates.

(3)

(a) The accounts of the fund shall be operated on by such officers as may be authorised by the Standing Committee, with the approval of the Corporation.

(b) No payment shall be made by the bank or banks out of the fund except on a cheque signed by such officers as may be authorised under clause (a).

(c) Any payment in excess of one thousand rupees shall be made electronically or by means of a cheque signed as aforesaid and not in any other way unless specifically authorised by the Standing Committee or the Corporation.

(d) No payment shall be made out of the fund unless the expenditure is covered by a current budget grant:

Provided that in the absence of a current budget grant, the Corporation may authorise payments either 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 1st day of April and ending on the 31st day of March next shall be prepared by the Financial Commissioner of the Corporation in such form as the Central Government may, from time to time, direct and shall be submitted with his recommendations by the Director General to the Standing Committee for approval at a meeting of the Standing Committee to be held before the 1st day of February of the preceding year.

(b) A copy of the budget estimates shall be sent to each member of the Standing Committee and of the Corporation at least seven clear days before the meeting of the Standing Committee or the Corporation at which these estimates are to be considered.

(c) The Standing Committee shall consider and approve the budget estimates with such changes as it may consider necessary.

(d) The budget estimates as approved by the Standing Committee shall be placed before a meeting of the Corporation to be held before the 20th day of February of the preceding year.

(e) The budget estimates as passed by the Corporation shall be authenticated by affixing the common seal of the Corporation and shall be submitted to the Central Government under section 117, not later than the 1st day of March next following.

(f) It shall be open to the Central Government to make such alterations in the budget estimates as may be considered necessary before according approval.

(g) The budget estimates as finally adopted by the Corporation and as approved by the Central Government shall be placed before 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 Director General finds in the course of the year that there is likely to be an excess of expenditure over the sanctioned budget estimate under any head, he shall examine the allotment under each head of the budget estimate with the object of discovering probable savings under any other head and effecting a re-appropriation and where such re-appropriation is feasible, he may sanction the reappropriation subject to such conditions as may be laid down by the Central Government from time to time.

(b) Fund shall not be re-appropriated to meet expenditure on a new service not contemplated in the budget estimates except with the prior approval of the Central Government.

(c) No re-appropriation shall be permitted between the grant sanctioned for administrative expenses, two-thirds of which shall be met by the Central Government, and a grant sanctioned for any other expenditure.