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National Institute of Design (Form of Annual Statement of Accounts) Rules, 2016

National Institute of Design (Form of Annual Statement of Accounts) Rules, 2016

Published vide Notification No. G.S.R. 884(E), 14th September, 2016

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Ministry of Commerce and Industry

(Department of Industrial Policy and Promotion)

G.S.R. 884(E). – In exercise of the powers conferred by clause (b) of sub-section (2) of section 38 read with sub-section (1) of section 25 of the National Institute of Design Act, 2014 (18 of 2014), the Central Government hereby makes the following rules, namely:-1. Short title and commencement. – (1) These rules may be called the National Institute of Design (Form of Annual Statement of Accounts) Rules, 2016.(2) They shall come into force on the date of their publication in the official Gazette.2. Definitions. – In these rules, unless the context otherwise requires, –

(a) `Act’ means the National Institute of Design Act, 2014 (18 of 2014);

(b) ‘Form’ means Form annexed to these rules;

(c) ‘Schedule’ means the Schedule annexed to these rules;

(d) Words and expressions used and not defined in these rules but defined in the Act shall have the meanings respectively assigned to them in the Act.

3. Maintenance of proper accounts and records. – (1) The Institute shall maintain its accounts and records in the Form of financial statements annexed to these rules.(2) The Institute shall follow the general directions by the Central Government in consultation with the Comptroller and Auditor General of India in maintaining the financial statements.4. Preparation and submission of annual statement of accounts of the Institute. – (1) The Institute shall prepare its annual statement of accounts and balance sheet showing the financial results as specified in Form `A’ and Form `B’ and the Schedules annexed to these rules. (2) The annual statement of accounts and balance sheet of the Institute, duly authenticated by the Director and passed by the Governing Council shall be forwarded to the Comptroller and Auditor General of India, not later than the 31st July every year.(3) The duly audited annual statement of accounts of the Institute as certified by the Comptroller and Auditor General of India together with the audit report thereon shall be forwarded by the Director for every financial year to the Central Government by the 30th September of the following year for laying before the both Houses of Parliament.(4) The books of Accounts will be maintained on the basis of double entry book keeping system.5. Separate ledger accounts for funds received from the Government of India. – The Institute shall maintain separate ledger accounts for all funds received from the Government of India and maintain accounts of the Institute regarding proper utilisation of such grants.

Form `A’

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Balance Sheet as at 31st March, ________________

(Amount in Rs.)

Schedule 31.03._______ 31.03._______
Capital Fund And Liabilities

Capital Fund:

Depreciation Fund:

Earmarked Funds:

Grants and Contributions:

Grants for New NIDs

Current Liabilities:

1

6

2

3

4

5

Total 0 0
Assets

Fixed Assets: (At Cost)

Investments: (At Cost)

Current Assets, Loans, Advances Etc.:

Income & Expenditure Account

6

7

8

9

Total 0 0

For Notes forming part of Accounts – 17Place: _____________Date: ______________

Director

Form `B’

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Income and Expenditure Account for the Year Ending 31st March, _________

(Amount in Rs.)

Schedule

Current Year

Previous Year

Income

Fees:

Service Charges:

Grants:

Interest Earned:

Other Income:

Transferred From Capital Fund to the Extent of Depreciation:

10

11

12

13

1

Total (A) 0 0
Expenditure

Establishment Expenses:

Other Administrative Expenses:

Expenses On Projects:

Interest/bank Charges:

Depreciation: (Ref. Note no. le)

Amount Transferred To Specific Funds:

14

15

11

6

16

Total (B) 0 0
Balance Being Deficit Carried Over to Balance Sheet (A-B) 9

For NOTES forming part of Accounts, see Schedule – 17Place: _____________Date: ______________

Director

Schedule -1

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the Balance Sheet as at 31st March, ________________

Capital Fund

Particulars 31.03._______ 31.03._______

Rs.

Rs.

a. Capital Fund

Balance as on 1-4-_________

a. Add: i) Amount transferred from Central Government Grants Account for meeting Non-recurring expenditure
ii) Amount transferred from Appropriation of fund for Building under construction Account
iii) Amount transferred from Income & Expenditure A/c. on account of excess of cost over grant for Non-Recurring Expenditure
b. Less: Transferred to Income & Expenditure Account to the extent of depreciation on assets acquired out of Capital Funds

0

0

c. Less: Adjustment of the value of Machinery, Equipment & Furniture sold/discard during the year.
Sub-Total (a.)

0

0

b. Land Reserve

Balance as on 1-4-_________

Total (a+b)

0

0

Director

Schedule-2

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the Balance Sheet as at 31st March, _______________

Earmarked Funds

Sr. No.

Name of funds

Opening balance as on 01.04._____

Interest credited

Other credited

Amount debited

Ref. Note

Closing balance as on 31.03.___

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Grand total

0

0

0

0

0

0

Previous year

Director

Schedule-3

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the balance Sheet as at 31st March, ________

Grants and Contributions

Sr. No.

Name of account

Opening balance as on 01.04._____

Grant credited

Amount debited

Ref. Note

Closing balance As on 31.03._____

Non recurring Exps

Transferred to I & E A/c.

Other debited

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Total

0

0

0

0

0

0

Previous year

Director

Schedule-4

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the Balance Sheet as at 31st March, ________________

Grants For New NIDs

Sr. No.

Name of account

Grant credited up to 31.03.____

Grant utilised up to 31.03.____

Opening balance as on 01.04._________

Grant credited during the year

Total

Amount debited

Closing balance As on 31.03.____

Non-recurring Exps

Transferred to CPWD/NVCC for Const. woek

Other debited

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Central Government Grant Plan (non-recurring) for implementation of national Design Policy: Setting up of new NID campuses at
1 Jorhat
2 Hyderabad
3 Bhopal
4 Kurukshetra
5 Vijayawada & Other campuses

Total

Previous year

Director

Schedule-5

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the Balance Sheet as at 31st March, ______________

Current Liabilities

Particulars 31.03.______ 31.03.______

Rs.

Rs.

1. For expenses
2. For rent & other deposits
3. For sundry credit balances
4. For advance for projects in progress
Total

0

0

Director

Schedule-6

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the Balance Sheet as at 31st March, ___________

Fixed Assets

Sr. No.

Particulars

Gross Block

Depreciation

Net Block

As on 01.04.____

Addition

Sale/Adjustment

As on 31.03.___

As on 01.04.___

For the Year

Sale/Adjustment

As on 31.03.__

As on 31.03.__

As on 31.03.__

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

A Immovable Properties
1 (i) Land
Sub-total of 1
2 NID campus buildings
Sub-total of (1+2)
B Movable Properties
1 Machinery, equipment& tools
2 Furniture & fixtures
3 Computers & peripherals
4 Staff pool vehicles
5 Library books
Sub-Total of B
C Capital works in progress
Sub-Total of C
Grand Total
Previous Year

Director

Schedule-7

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the Balance Sheet as at 31st March, __________

Investments (At cost)

Particulars 31.03.___ 31.03.____
Long Term

Rs.

Rs.

Fixed Deposits with

Bonds

Total

0

0

Director

Schedule-8

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the Balance Sheet as at 31st March, ___________

Current Assets, Loans, Advances etc.

Particulars 31.03.____ 31.03.____

Rs.

Rs.

A. Current Assets:

i) Inventories: Civil and Capital Materials (At Cost)

ii) Cash Balances On Hand
iii) Bank Balances

a) In Current account with

Sub-Total (a)
b) In Saving account with
Sub-Total (b)
Sub-Total (a)+(b)
c) In Call/Term Deposit account with
Sub-Total (c)
Sub-Total – III (a+b+c)
Total (I+II+III)

Schedule-8

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the Balance Sheet as at 31st March, ___________

Current Assets, Loans, Advances etc.

Particulars 31.03.___ 31.03.___

Rs.

Rs.

B. Loan, Advances and Other Assets:
i. Loans:
a. Secured
Sub-Total of (a)
b. Unsecured
Sub-Total (i)
ii. Advances:
Sub-Total (ii)
Sub-Total (III)
Total of B (I+II+III)
Total of A+B

Schedule-9

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the balance Sheet as at 31st March, ____________

Income and Expenditure Account

Particulars 31.03.___ 31.03.___

Rs.

Rs.

Balance as on 01.04.________
Less: Met from NID’s own Income
Add: Current year’s deficit (Plan Recurring)
Less: Current year’s surplus (Non-Plan Recurring)
Deficit carried over to Balance Sheet

Director

Schedule-10

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the Balance Sheet as at 31st March, ___________

Fees

Particulars

20 –

20 –

Rs.

Rs.

Total

Director

Schedule-11

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the Income and Expenditure for the year ended 31st March, _______

Income from Project receipts/Grants(Non plan) & expenses from projects (Non Plan) 20___-20____

20- 20

20 – 20

Particulars

Project Expenses

Project Receipts

Project Expenses

Project Receipts

Rs.

Rs.

Rs.

Rs.

Total

Director

Schedule-12

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the Income and Expenditure for the year ended 31st March, _________

Transfers from Grants & Contributions

Particulars 20– — 20– —
Rs. Rs.
Total 0 0

Director

Schedule-13

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the Income and Expenditure for the year ended 31st March, _______

Interest earned

Particulars 20– — 20– —
(Other than directly credited to earmarked funds) Rs. Rs.
A) On term deposit
Sub-Total (A) 0 0
B) On Saving/Current accounts
C) On Loans
Sub-Total ( C ) 0 0
Total of A+B+C 0 0

Director

Schedule-14

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the Income and Expenditure for the year ended 31st March, _______

Establishment expenses

20 – 20 –
Particulars Non-Plan recurring expenses

Plan recurring epenses

Total Total of Non-Plan and Plan recurring expenses

R & D

Other

Total

Rs.

Rs.

Rs.

Rs.

Rs.

Rs.

1. Salaries, wages & allowances
2. Provident fund contribution
3. Gratuity contribution
4. Medical reim. &staff welfare
Total

0

0

0

0

0

0

Director

Schedule-15

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Other administrative expenses

20 –

20 –

Particulars

Non-Plan recurring expenses

Plan Recurring Expenses

Total

Total of Non-Plan and Plan recurring expenses

R & D

Other

Total

Rs.

Rs.

Rs.

Rs.

Rs.

1. Travelling expenses
2. Telephone, Telex, Postage
3. Electricity expenses
4. Maintenance: Mechanical, Electrical, Electronics
5. Vehicle maintenance & Operation charges
6. Material, Supplies Consumables etc.
7. General Expenses for Satellite Centres
8. Advertisement & Publicity expenses
9. Welfare, Campus events & Other expenses
10. Library, Journals, Periodical, Subscription etc.
11. Student Freeship & Development
12. Faculty, Staff HRD, Other Misc. expenses
13. Rates, Taxes, Cesses
14. Repairs & Maintenance
15. Insurance
16. Legal expenses & Professional fees
17. Audit fees
Total

0

0

0

0

0

0

Director

Schedule-16

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of the Income and Expenditure for the year ended 31st March, _________

Amount transferred to Reserve or Specific fund

Particulars 20 – – 20 – –
Rs. Rs.
Total 0 0

Director

Schedule-17

[See sub-rule 1 of rule 4]

National Institute of Design, Ahmedabad

Institute of National Importance by an Act of Parliament

Schedule forming part of balance sheet and income and expenditure account for the year ended 31stMarch, _______Notes forming part of accounts

1. Significant Accounting Policies:

a. Accounting Convention: The Financial statements are prepared on the basis of historical cost convention, unless otherwise stated and on the accrual method of accounting except for interest income and liability towards privileged leave.

b. Investments: Long Term Investments are stated at cost.

c. Fixed Assets: Fixed Assets are stated at the cost. The cost includes invoice value, freight, octroi, and other incidental expenses relating acquisition.

d. Government Grants: i. Government grants are accounted on the basis of sanction from Government Department.

ii. Government grant to the extent utilised towards capital expenditure, are transferred to the Capital Fund.

iii. Government grants for meeting Revenue expenditure are treated as income of the year to the extent of expenditure incurred.

iv. Utilized grants are carried forward and exhibited as a Liability in the balance Sheet

e. Foreign Currency Transaction: Transaction denominated in foreign currency are accounted for at the exchange rate prevailing on the date of transaction. The bank balance held in foreign currency is converted into Rupee at RBI rate prevailing on the closing day of the financial year.

f. Current Assets, Loans And Advances: In the opinion of the management, the current assets, loans and advances have a value on realization in the ordinary course of business, equal at least to the aggregate amount shown in the Balance Sheet.

g. Income Tax: The income of the Institute is exempt under Income-tax Act 1961. No provision for Income Tax is therefore made in the accounts.

h. Retirement/terminal Benefit: Terminal leave encashment benefit to the employees is accounted for on cash basis. Gratuity is charged to Income & Expenditure A/c on the basis Actuarial valuation and the same is contributed to the NID Employees’ Gratuity Fund.

2. Contingent Liabilities Rs. __________ (Previous year Rs. _____________ )

3. Estimated amount of contract remaining to be executed on capital account and not provided for Rs. ___________ Previous year Rs. _______________ )

4. Deficit for the year _____________ of Rs. _________________ For the year _____________ Rs. ________________ ) has been debited to misc. exps, as there is no specific government. grant received for the same during the year.

5. Corresponding figures for the previous year have been regrouped/rearranged where ever necessary.

6. Figures in the Final accounts have been rounded off to the nearest rupee.

Place : ____________________Date: _____________________

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