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13. Books of accounts to be separately maintained for Funds

  1. Panchayat Fund shall be the main fund maintained by the Panchayat and shall consist of income from all sources mentioned in Section 212 of Kerala Panchayat Raj Act, 1994.
  2. Within the Panchayat Fund, if necessary, the Government may prescribe Funds for which separate books of accounts have to be maintained.
  3. The Panchayat shall prepare Financial Statements for each Fund
  4. Where Government have prescribed separate Funds, the Panchayat shall maintain separate records and the following shall be observed:
    1. All Books of Accounts and Vouchers shall be prepared separately for each Fund.
    2. Separate Bank/Treasury accounts shall be maintained for each Fund, and remittances shall be made to the relevant Fund’s Bank/Treasury account. In case any receipt or payment is recorded in another Fund’s Bank/Treasury account, it shall be treated as an ‘Inter-Fund transfer’ and accounted accordingly.
  5. In addition to the Financial Statements for each Fund, the Panchayat shall prepare Consolidated Financial Statements for the Panchayat Fund as a whole.