General Financial Rules, 2017 (Part 4 of 4) |
Note: Keeping the significance and magnitude of the topic (i.e. GFR, 2017) we have covered the topics (including objectives and one words) in four parts. Students are advised to go through all the 4 posts related to GFR in order to achieve optimum results. All the topics are written by topic experts, hence an appreciation from the students will give them encouragement to bring more such quality exams oriented topics. |
Important One Liners related to GFR 2017 from Examination Point of View |
1. Monetary loss of Rs. 10,000 or below does not need to report to the next higher authority. 2. Monetary limit in case of theft. Fraud etc, need to be reported to the Police for investigation : Rs. 1,00,000/- 3. Monetary limit up to which any loss of immovable property by fire, flood, etc. can be reported by a subordinate authority to next higher authority : up to Rs. 50,000/- 4. Railway budget included with General budget : 2017-18 5. Ministry competent to issue guidance for preparation of Budget estimates from time to time: Ministry of Finance. 6. After finalisation of the estimates for budgetary allocations by the Department of Expenditure, Niti Ayog consultation is necessary to prepare an Outcome Budget statement. 7. When it is decided with the approval of the competent authority to replace existing old items with a new and better version, the department may trade the existing old item while purchasing the new one, this is called Buyback Offer. 8. Who is responsible for control of expenditure against the sanctioned grants : Head of the departments, Controlling Officers, Disbursing Officer. 9. Competent for approval of excess expenditure over the allotment: Chief Accounting Authority 10. The Department of Central Government shall surrender the funds to the Finance ministry before the close of the Financial Year. 11. Whose order is necessary to authorise any payment by the Disbursing Officer in excess of the funds placed at his disposal: Administrative Authority to which he is subordinate. 12. The report of the C&AG along with the accounts of the Union Government will be submitted to the President of India. 13. Accounts of the GoI are kept in Consolidated, Contingency and Public Account. 14. Transactions in Government accounts are classified into : Minor & Major Heads. 15. Reserve Bank of India is known as Banker to the GoI. 16. PFMS : Public Financial Management System. 17. Appropriation Accounts pertaining to Railways is prepared by : Chairman, Railway Board. 18. Amount to be procured using online bidding or reverse auction tool provided on GeM? Ans: Rs. 30 lakhs 19. The Head of Office shall not be below the rank of Deputy Secretary. 20. Bid security ( Earnest Money) in case of Advertised or Limited Tender Enquiry : 2 to 5 % of the estimated value of goods to be procured. 21. Adjustment of accounts of the Central with the State Government are governed by Government Accounting Rules,1990. 22. Periodicity for re-audit in respect of Central and State Governments for the past transactions involving errors in classification is Three Years. 23. Crucial date for closure of Inter-Government adjustment is 15th April. 24. The Departments of the Government are divided into Service and Commercial Departments for the purpose of inter-departmental payments. 25. Public Account of India referred to in Article 266 (2) of Constitution of India. 26. Recovery as per GFR: Recovery denotes repayment of/or payment by one department of the same Government towards charges initially incurred by another department. 27. Administrative Control of Works includes : Assumption of full responsibility for construction, maintenance and upkeep & Proper utilisation of buildings and allied works. 28. Which powers are delegated to subordinate authorities by the Delegation of Financial Power Rules : To accord administrative approval , to sanction expenditure, to re-appropriate funds. 29. Surplus or obsolete or unserviceable goods should be disposed of by obtaining bids through advertised tender or public auction, if the assessed residual value of such goods exceeds : 2 lakhs 30. What limit up to which a Ministry/Department may directly execute repair works : 30 Lakhs 31. Sequence in which the procedure for execution works should be carried out : 1. Preparation of detailed design and estimates. 2. Issue of Administrative approval and Expenditure sanction of estimates. 3. Limited tenders will be called for works costing less than Rs. 5 lakhs 4. Execution of Contract Agreement or Award of work. 5. Final Payment of work. 32. On grounds of urgency, Executive Officer Concerned is competent to execute commencement of work without observing usual formalities. 33. For project up to Rs. 100 crores, power are vested with the Administrative Ministry/ Department to accept a variation in the approved estimate within : 10% 34. Books, Publications, Periodicals does not come under the purview of definition of Goods. 35. Validity period of registered suppliers in GeM : 1 to 3 years. 36. Grant in aid towards administrative expenditure on pay and allowances of the personnel of the voluntary organisation, should not exceed 25% of the approved administrative expenditure. 37. DGS&D (Director General of Suppliers and Disposals) :Authorised to prepare a list of Registered suppliers. 38. Maximum period of debarment of a bidder under Section 151 (i) GFR : Three Years 39. If a procuring entity determines that the bidder has breached the code of integrity it may debar a bidder or any of its successors from participating in any procurement process for a period : Not exceeding two years. 40. Financial limit for purchase of goods without quotation or bids is Rs. 25,000 (GFR 154) 41. Limit Up to which a duly constituted financial committee can purchase goods on each occasion : Rs. 2,50,000. (GFR 155) 42. Methods of obtaining bids : ( Open Tendering , Restricted tendering , request for proposal , two-stage tendering, request for quotation and single source procurement.) - GFR 158 43. Standard methods adopted for obtaining bids during purchase of goods : Advertised tender enquiry, Limited tender enquiry, Single Tender Enquiry. 44. Bid securities should be refunded to the unsuccessful bidders on or before the 30th day after the award of the contract. 45. Period of validity of a bid security : 45 days beyond the final bid validity period. 46. Bid securities of the unsuccessful bidders should be returned to them at the earliest after expiry of the final bid validity and latest on or before the : 30th days after the award of the contract. 47. Bid security may be accepted in : Bank guarantee, Fixed deposit receipts, Demand Draft. 48. Bid security may be exempted for : Micro and Small Enterprises, Suppliers registered with the Central Purchase Organization or the concerned Ministry or Department. 49. Performance security (GFR 171) should be for an amount of 5 to 10 percent of the value of the contract as specified in the bid documents. 50. Performance security in case of contracts for supply goods can not be furnished in Cash. 51. Validity period of performance security beyond the date of completion of all contract obligations : Sixty days. 52. Max percentage of advance payments that is made to private firms : 30% of the contract value. 53. Limit of advance payment made to the State Government, or Central Government agency or a PSU for supply contracts : 40 % of the contract value. 54. A list of potential consultants is to be prepared if the estimated cost of the consulting service is up to : 25 Lakhs 55. Preparation of a long list of potential consultants may be done on the basis of formal or informal enquiries from other Ministries or Departments or Organisations involved in similar activities, Chambers of Commerce & Industry, Association of consultancy firms etc. where estimated cost of the consulting service is up to: Rs. 25 lakhs 56. “Expression of Interest” should be sought where the estimated cost of the consulting services is above Rs. 25 lakh 57. The number of shortlisted consultants should not be less than three. 58. RFP :( Request for proposal) - Documents : A letter of invitation, Terms of reference , Bid evaluation criteria. 59. Consulting services : Policy consultancy services, Management consultancy services, Advisory and project-related consultancy services. 60. Non Consulting services : Services which involve physical, measurable deliverables/outcomes, where performance standards can be clearly identified and consistently applied, are classified as Non consulting Services. 61. The number of the identified contactors for issuing limited tender enquiry for estimated value of the non-consulting services up to Rs. 10 lakhs should not be less than six. 62. While short listing the potential list of consultants what should be the minimum number of consultants: Three 63. TOR : Term of Reference (GFR 185) 64. Technical Bid is opened first. 65. Technical bid is evaluated by Consultancy Evaluation Committee. 66. In QCBC(Quality Cum cost-Based Selection ), what is the highest weightage allowed for technical parameters : 80 percent 67. What is the estimated value of the non-consulting service for which invitation of bids is done through advertisement in CPPP or GeM : Above 10 lakhs 68. Stores-In-Charge should certify receipts of goods and materials and record it in the appropriate stock register. 69. Fixed assets should be verified at least once in - A year - GFR 213(1) 70. Verification of all the consumable goods and materials should be undertaken at least once in : A year - 213 (2) 71. Cost that does not add value to a material being stocked : Inventory carrying cost. 72. Physical verification of books should be done in case of libraries having not more than twenty thousand volumes : Every year. (GFR 215) 73. If more than 20 thousand and less than 50 thousand books : Once in three years. 74. Under which ministry’s guidelines should the sale of hazardous/scrap batteries/electronic waste be carried out : Ministry of environment & Forest. 75. Which method is used for disposal of surplus or obsolete or unserviceable goods of assessed residual value above Rs. 2 lakhs : By public auction. 76. Which principles must be observed while entering into a contract : Contract must be precise, contract must be definite and without any ambiguities, Standard forms of contract should be adopted. 77. Time limit for execution of a contract document after issue of letter of acceptance : 21 Days. 78. Works Contracts or contracts for purchases values between Rs. 1 lakhs to 10 lakhs where tender documents include the General Condition of Contract (GCC), Special Conditions of Contract (SCC) and scope of the work, the letter of acceptance will result in binding contract. 79. Who is competent to give approval for creating new autonomous institutions : Cabinet 80. Which information is required for award of grant-in-aid to an institution or organisation : Articles of Association, Bye-laws, Audited statements of accounts. 81. What is the date of submission of annual report and audited accounts by the autonomous body to the nodal ministry for submission to the Parliament : 31st December 82. When will the utilisation certificate be submitted by the institution or organisation regarding non-recurring grants to the Ministry : Within twelve months of the closure of the financial year. 83. Who will countersign the utilization certificate for grant-in-aid allotted to State Governments for implementation of Central Scheme: Administrative Secretary / Finance Secretary. 84. Which Ministry’s order is grant-in-aid regulation for provision of amenities or of recreational or welfare facilities to the staff of offices of the Government : Ministry of Home affairs. 85. What is the maximum one-time grant that can be sanctioned for setting up of a recreation club: Rs. 50,000/- 86. Which department is a Nodal agency to execute a legal agreement for loans or grants from external funding agency(ies) : Department of Economic Affairs. 87. External aid for projects or schemes of the Government comes from : Bilateral and multilateral sources. 88. (Donations by Bilateral and multilateral sources refer to any cash and in kind contributions given to another organisation as a gift by a bilateral party (Foreign state) or multilateral party, inter-nation body, organisation, etc.) 89. Which department has powers to grant the Government of India guarantee: Department of Economic Affairs. 90. What is the rate of fee on guarantee for external borrowings: 1.20% 91. What is the penalty for non-payments of guarantee fee on the due date : Double the normal rate. 92. What is the maximum limit of Government guarantee to be considered for the project loan : 80% of the project loan. 93. Ministry competent to approve Government Guarantee: Ministry of Finance. (Department - Department of Economic Affairs) 94. Ministry’s approval necessary for continuation of an existing post beyond the specified duration : Ministry of Finance. 95. All proposals for increase in emoluments for an existing post shall be referred to the Ministry of Finance for approval. 96. If a copy of a service book is lost by the govt. Servant then Rs. 500 shall be given by the Government servant. 97. TA claim shall be settled within 60 days after completion of journey. 98. Overtime allowance claims forfeited : If not submitted within 60 days. 99. Arrears claim of a government Employee shall be settled by DDO, if preferred within Two years of its becoming due. 100. Who can allow the arrear claim of a Govt servant kept in abeyance for the period exceeding two years : Head of the Department, Appointing Authority. 101. When will a sanction of Provident Fund Advance / withdrawal lapse : On expiry of 3 months. 102. CPWD (Central Public Works Department) will value the buildings and superstructures on land at the time of transfer from one Department to another. 103. Competent to sanction permanent advance or imprest for meeting day-to-day contingent and emergent expenditure: Head of the Department. 104. The procedure for grant of permanent advance or imprest to a Government Employee is available in : CAM (Civil Account Manual) 105. What is the maximum amount of advance that can be sanctioned by a Ministry/Department to a Government Pleader in connection with law suits to which Government is party: Rs. 25,000/- 106. Revenue receipts :Central Taxes, duties, cess, Local taxes and duties, Interest receipts of loans and advances. 107. Revenue Expenditure : Salaries/Wages/OE , Grant in Aid, Travel Expenses. 108. Period of retention of Service Book after retirement/ terminal benefits : 3 Years after issue to final pension/ gratuity. 109. Service books of officials who have retired or otherwise ceased to be in service should be retained for at least Three Years. 110. Period of retention of Pay Bill Register : 35 Years. 111. Sequence of procedures to be followed by a department to ensure correct execution of work: 1. Preparation of detailed design and estimates. 2.Open tenders to be called for 3.Execution of Contract Agreement 4.Final Payment for work done. 112. Details of specification, prices and other salient features of different rate contracted items will be updated on the website by : Central Purchase Organisation. 113. What is the cost charged to download tender documents: No cost 114. CPPP : Central Public Procurement Portal 115. E-procurement : Use of Information & Communication technology in the procurement process. 116. Two bid system : Technical and Financial Bid 117. Bids are evaluated in a two bid system : The Technical bid should be opened at the first instance and evaluated. The financial bid of the acceptable technical offer should be opened at the second stage. 118. Performance Security : To ensure due to performance of a contract, an amount of 5 to 10 percent of contract value is deposited with the Government and this is called performance security. 119. What is the condition to be satisfied when only one bid is submitted : a) The procurement was properly advertised and sufficient time was given for submission of bids. b) The qualification criteria were not unduly restrictive. c) Prices are reasonable in comparison to market values. 120. When a limited tenders result in only one effective offer, it shall be treated as : Single tender Contract. 121. QCBS: Quality and Cost Based Selection. 122. A Competent Authority can grant advances from Public Funds in accordance with provisions contained in the Compendium of Rules on Advances. 123. Who can specify the rate of interest from time to time in respect of advances granted as per provisions of Compendium of Advances: Ministry of Finance. 124. In case of default, what is the penal interest chargeable for advances regulated under Rules 39 to 84 of Compendium of Rules on Advances : 2% over the interest on Provident Fund Balances. 125. Under What circumstances is interest not chargeable on outstanding balance of interest-bearing advance sanctioned to a Government Servant : Beyond the date of death of the Government Servant. 126. The amount of advance, except miscellaneous advances, is rounded off after the same is determined : Nearest multiple of Rs. 50/- |
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