ICWA Rules, 2006

~€im*4n e (Saxette of EXTRAORDINARY PUBLISHED BY AUTHORITY U 65] No. 65] NEW DELHI, TUESDAY, FEBRUARY 21, 2006/PHALGUNA 2, 1927 iv ■ i k if sfcHd: If I (i)46! G1/2006 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] q5 (T=FR %) <t) (2) (3) (4) 3TFT C O' SR WRW! 20 RTÿT %T (IS) r RT) ( RR *4n, *¥) 4 THE GAZETTE OFINDIA:EXTRAORDINARY [PART II— SEC. 3(i)] 3. fqiii'i 3TRf$FT : 3ÿ% 3ÿ% 3fa :..... (73Tq ......333; 3) i. SIFT iii. $1*4 *(*«« 3. frfsraf % 3N ii. IWW =33 33ft — 133131— 3333V1I3133I =33 c c 3hT ........................ 3t3 (3) (3i + 7I + 3) [HPTII— '5sPÿ3(i)] 5 c 4. tV (°Fr) tv c ( ......<?M4. f ) aftr : 4. tv 7. 57 Wft tv 6__THE GAZETTE OF INDIA:EXTRAORDINARY [PART U— SEC. 3(i)] (H) 3TR i (35) 3RF (3a) 3TR 6. 3TR RfR ( <?> ) 2. RRR 4. *fRR RtR (35) (5T) lift'd! , (-) 2. WI 4. RR (-) 10. (-)ÿ RRT — - 2. 3TR RlR 4. afk & 0*0 wrg, — " — ■dlcT Mid — — (T3) 3RT — — — " ' ' sJA ■" * -•.Jr c c (T5TR......55ÿ) 3 =ni4<.a (H) - - (5) 3ÿ5 - - (3>+H) - - - °nf ( 1 ) fwgrt 3 arm : 5t5 461G1/2006— 2 13— 33ÿ34 . (2) 7F331331 (5) 3Rf11P§73 3333 . (6) 3HEf (1 ) 333 '-hi'H 3l3 31ÿ3-4 133# 33 (1) ®3F3 >ÿ- (31) 373171 Hfinjfipif FT ............ ( 2 ) 333RT 3t3 (1) 3T3T33133T: (13) 3H51jf33 3 c c (R>> -q (R) 3RR (13) 3RR R}R fef (R7-13) 3>p 12 THEGAZETTE OFINDIA :EXTRAORDINARY ITART II—SEC. 3(1)1 (ÿ) Tter (Tf) (3) TJ5PJT afa ...... Of) 3rf*TORÿ C*r) (TO tpT (TO TiYÿnsrf/ti'idif Tit fro; TO (TO) TTTfT TOT? TO TTOTT ■JllCII % I 4. dmd 5. fro snfeRTi (ii) '441 it 14 TOE GAZETTE OF INDIA : EXTRAORDINARY PART n— Sec.3(i)1 . Pqfqefti) (iii) qqqurqr c Ipl ■JeT C V. 11. x31 3T5ÿ 25 R4----m.) TO — ijft Mid 6.3 6M|4H „ — FRITH ■HI'H�rl 3RT 1. 9R.33 3. 9f79ÿ%t3% 7. 9+ RIH 10. 93T3 C (f939 8 %t‘) 12. 9f79ÿ%13%% 3-=m<7ÿ %t 33999 13. %%37T735T79T if 97)79% 9ÿ1%?%) : 461GI/2006—3 179TSF7/ 18 [PARTII—SEC.3(I)]THE GAZETTE OF INDIA : EXTRAORDINARY-—- MINISTRYOFEXTERNALAFFAIRS NOTIFICATION New Delhi, the 21st February, 2006 G.S.R. 74(E).—In exercise of the powers conferred by sub-section (2) of Section 25 of the Indian Council of World Affai|ÿ\ct, 2001 (29 of 2001), the Central Government hereby makes thefollowing rales, namely :— 1. Short title and commencement.— (1) These rales may be called the Indian Council of World Affairs Rules. 2006. r-~ (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions.— In these rales, unless the context otherwise requires,— (a) “Act” means the Indian Council of World Affairs Act, 2001 (29 of2001) ; (b) “Form” means a Form annexed to these rules; (c) “section” means a section of the Act; (d) words and expressions used herein and not defined but defined in the Act shall have the meanings as respectively assigned to them in the Act. C 3. Mannerof filling vacancies among members.— (l)The nomination under Section 7 to fill the vacancy caused by the expiration of the term of office of a member shall be made before the expiration of the term of the office of such member. . (2) The Director-General shall, before four months of the expiration of the term of office of the member take action for the filling up of the vacancy and make a request to,— (a) the Speaker of the Lok Sabha or the Chairman of the Rajya Sabha, as the case may be, in case the member is to be nominated under clause (d); (b) the Council, in case the member is to be nominated under clause (e) or clause (f); (c) the Governing Body, in case the member is to be nominated under clause (g) or clause (h); (d) the Central Government, in case the member is to be nominated under clause (j), of sub-section (2) of Section • 7 to nominate a member to fill up such vacancy. (3) The nomination to fill the casual vacancy in the office of a member shall be made as soon as possible after the date of occurrence of such vacancy. 4. Functions of the Council.— In addition to the-functions specified in Section 16, the Council shall have the following functions, namely :— (a) to consider and forumulate the matters relating to policy of the Council; and (b) to consider and approve programme and specific projects of the Council as proposed by the Governing Body. 5. Powers of the President.— Subject to the provisions of the Act, thePresident shall have the following powers and functions, namely :— (a) to preside over meetings of the Council and the Governing Body; |(b) to be the highest authority on matters pertaining to the administration of the Council; (c) to nominate the member to represent the Council in India and abroad; (d) to advise, and provide guidance to, the Council and Governing Body on policy matters impinging on the work of the Council; and v (e) to delegate such of his powers and functionsas he may think necessary, to the Vice-President or, as the case may be, the Director-General. 6. Allowances of members.— (1) Members covered under clause (b) and (d) to (h) of sub-section 2 of Section 7 shall be entitled to allowances in accordance with the O.M. No. F. 6(26)-E.IV/59, dated the 5th September. 1960 of the Government of India in the Ministry of Finance, as amended from time to time. (2) A person who is holding a post under the Central Government, the State Government or, as the case may be. a r C Statutory Authority established or constituted under any law for the time being in force and nominated as a member under sub-section (2) of Section 7, shall get the same allowances as are admissible to his post in accordance with the relevant rules or regulations for the time being in force. 7. Annual statement of accounts.— (1) The Council shall maintain proper accounts and other relevant records and shall prepare an annual statement of accounts, including balance sheet in Form A. (2) The annual statement of accounts referred to in sub-section (1) shall be signed and authenticated by the 8. Annual report.— The Council shall prepare every year an annual report giving true and full account of it’s activity during the previous year in Form B and forward copies of such annual report to the Central Government before the end of the month of September of succeeding financial year. 9. Residuary provisions.— If any difficulty arises in implementing these rules, the matter may be referred to the : Central Government for its clarification and the action shall be taken in accordance with such clarification. FORMA INDIAN COUNCILOFWORLD AFFAIRS FORM OF FINANCIAL STATEMENTS NAMEOFENTITY INCOME AND EXPENDITURE ACCOUNT FORTHE PERIOD/YEAR ENDED- Sechedule Current Year Previous Year INCOME Income from Sales/Services 12 Income from Investments (Income on Invest from earmarked/ 15 endow. Funds transferred to Funds) Income from Royalty, Publication etc. 16 Interest Earned 17 Other Income 18 Increase/(decrease) in stock of Finished goods and works-in-progress 19 TOTAL (A) EXPENDITURE Establishment Expenses 20 Other Administrative Expenses etc. 21 Expenditure on Grants, Subsidies etc. 22 Interest 23 Depreciation (Net Total at the year-end-corresponding to Schedule 8) TOTAL (B) Balance being excess of Income over Expenditure (A-B) Transfer to Special Reserve (Specify each) Transfer to/from General Reserve BALANCE BEING SURPLUS/(DEFICIT) CARRIED TOCORPUS/ CAPITAL FUND SIGNIFICANT ACCOUNTINGPOLICIES 24 CONTINGENT LIABILITIES AND NOTESON ACCOUNTS 25 SCHEDULES FORMING PARTOFBALANCE SHEET AS AT- Current Year Previous Year SCHEDULE1-CORPUS/CAPITAL FUND: Balance as at the beginning of the year Add : Contributions towards Corpus/Capital Fund Add/(Deduct) : Balance of net income/(expenditure) transferred from the-Income and Expenditure Account BALANCEAS ATTHEYEAR-END Current Year Previous Year 1. Capital Reserve: As per last Account Addition during the year Less : Deductions during the year (.....) .....(.....) - 2. Revaluation Reserve: As per last Account Addition during the year Less : Deductions during the year (...„) 3. Special Reserves : As per last Account Addition during the year Less : Deductions during the year (.....) .....( ) 4. General Reserve : As per last Account Addition during the year Less : Deductions during the year (.....) .....( ) TOTAL SCHEDULES FORMING PARTOF BALANCE SHEET AS AT FUND-WISE BREAK UP TOTALS Year Year (a) Opening balance of the funds (b) Additions to the Funds : ii. Income from Investments made on account of funds iii. Other additions (specify nature) r TOTAL (a-Hb) c c of funds i. Capital Expenditure — Fixed Assets — Others Total — Salaries, Wages and allowances etc. — Rent — Other Administrative expenses Total TOTAL (c) NET BALANCE AS AT THE YEAR-END (a + b + c) Notes : (1) Disclosures shall be made under relevant heads based on conditions attaching to the grants. (2) Plan Funds received from the Central/State Governments are to be shown as separate Funds and not to be mixed up with any other Funds. FORM OF FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS) NAME OF ENTI TY SCHEDULE FORMING PART OF BALANCE SHEET AS AT- Current Year Previous Year SCHEDULE4-SECURED LOANS AND BORROWINGS: 1. Central Government 2. State Government (Specify) 3. Financial Institutions: (a) Term Loans (b) Interest accrued and due 4. Banks : (a) Term Loans — Interest accrued and due (b) Other Loans (Specify) —Interest seemed snd due 5. Other Institutions and Agencies 6. Debentures and Bonds 7. Others (Specify) TOTAL Note:Amounts due within one year FORM OF FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS) Nameof Entity SCHEDULES FORMING PART OF BALANCE SHEET AS AT- Current Year Previous Year SCHEDULE5— UNSECUREDLOANS AND BORROWINGS 1. Central Government 2. State Government (Specify) 3. Financial Institutions 4. Banks : * (a) Term Loans (b) Other Loans (specify) • 5. Other Institutions and Agencies ’ .7:,. 6. Debentures and Bonds 7. Fixed Deposits 8. Others (Specify) TOTAL Note : Amounts due within one year (a) Acceptances secured by hypothecation of capital equipment and other assets (b) Others TOTAL Note: Amounts due within one year FORM OF FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS) Name of Entity —- SCHEDULES FORMING PART OF BALANCE SHEETAS AT- Current Year Previous Year SCHEDULE7-CURRENT LIABILITIES AND PROVISIONS A. CURRENT LIABILITIES 1. Acceptances 2. Sundry Creditors : (a) For Goods (b) Others 3. Advances Received 4. Interest accured but not due on : 5. Statutory Liabilities (a) Overdue (b) Others 6. Other Current Liabilities TOTAL (A) C c FORM OF FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS) Nameof Entity--- SCHEDULES FORMING PART OF BALANCE SHEET AS AT (Amount-Rs.) B. PROVISIONS 1. For Taxation 2. Gratuity 4. Accumulated Leave Encashment 5. Trade Warranties/Claims SCHEDULE 8— FIXED ASSETS DESCRIPTION GROSS BLOCK as at beginning during the during the ation at the of the year year year year-end A FIXED ASSETS: 1. LAND: (a) Freehold (b) Leasehold 2. BUILDINGS: (a) On Freehold Land (b) On Leasehold Land (d) Superstructures on Land not belonging to the entity 3. PLANTMACHINERY & ... ... (...) EQUIPMENT 4. VEHICLES ... ... (...) 6. OFFICE EQUIPMENT ... ... (...) 8. ELECTRIC INSTALLATIONS ... ... (...) 9. LIBRARY BOOKS ... ... (...) 11. OTHER FIXED ASSETS ... ... (...) TOTAL OF CURRENT YEAR (...) PREVIOUS YEAR ... ... (...) SCHEDULE 8— FIXED ASSETS DEPRECIATION NET BLOCK As at the On Addi- On deduc- Total up As at the As at the beginning tions during tions to the Current Previous of the the year during year-end year- year-end year the vedr end -----i-v A. FIXED ASSETS: 1. LAND: (a) Freehold (b) Leasehold 2. BUILDINGS: ? (a) On Freehold Land (b) On Leasehold Land (d) Superstructures on Land ... ... ... ... ... ) not belonging to the entity 3. PLANT MACHINERY& EQUIPMENT 4. VEHICLES ' 5. FURNITURE. FIXTURES 6. OFFICE EQUIPMENT 8. ELECTRIC INSTALLAIIONS 9. LIBRARY BOOKS 10. TUBEWELLS&W. SUPPLY 11. OTHERFIXED ASSETS ... ... ... ... TOTAL OF CURRENTYEAR PREVIOUS YEAR B. CAPITALWORK-IN-PROGRESS TOTAL (Note to be given as to cost of assets on hire purchase basis included above) FORM OFFINANCIAL STATEMENTS (NON-PROFITORGANISATIONS) NAME OF ENTITY. _ SCHEDULES FORMING PART OF BALANCE SHEET AS AT- C Current Year Previous Year SCHEDULE 9-INVESTMENTS FROM EARMARKED/ ENDOWMENT FUNDS 1. In Government Securities 2. Other Approved Securities 3. Shares 4. Debentures and Bonds 5. Subsidiaries and Joint Ventures 6. Others (to be specified) ... ...) TOTAL C FORM OF FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS) Nameof Entity. ___ ——-_ SCHEDULE FORMING PART OF BALANCE SHEET AS AT- (Amount Rs.) Current Year Previous Year 1. In Government Securities 2. Other approved Securities 3. Shares ... r.. 4. Debentures and Bonds ... 5. Subsidiaries and Joint Ventures 6. Others (to be Specified) TOTAL SCHEDULE 11— CURRENT ASSETS, LOANS, ADVANCES ETC. A CURRENTASSETS: 1. Inventories : (a) Stores and Spares (c) Stock-in-trade Finished Goods Work-in-progress 2. Sundry Debtors : — — — (a) Debts Outstanding for a period exceeding six months (b) Others 3. Cash balances in hand (including cheques/drafts and — imprest) 4. Bank Balances : (a) With Scheduled Banks : —On Current Accounts —On Deposit Accounts (includes margin money) —On Savings Accounts (b) With non-Scheduled Banks : — - — —On Current Accounts —On Deposits Accounts —On Savings Accounts 5. Post Office Savings Accounts TOTAL (A) FORM OF FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS) Nameof Entity.--—- SCHEDULES FORMING PART OF BALANCE SHEET AS AT- SCHEDULE 11— CURRENT ASSETS, LOANS, ADVANCES ETC. (Contd.) B. LOANS, ADVANCES AND OTHER ASSETS : 1. Loans : (a) Staff (b) Other Entries engaged in activities/objectives similar to that of the Entity 2. Advances andother amounts recoverable in cash or in kind orforvalue to be received: (Amount Rs.) (a) On Capital Account (b) Prepayments (c) Others 3. Income Accrued: (a) On Investments from Earmarked/Endowment Funds (c) On Loans and Advances (d) Others (includes income due unrealised—Rs ) TOTAL (B) ~ TOTAL (A+B) ~ -• SCHEDULE12— INCOME FROM SALES/SERVICES (1) Incomefrom Sales (a) Sale of Finished Goods (b) Sale of RawMaterial (c) Sale of Scraps (2) Incomefrom Services (a) Labour and Processing Charges (c) Agency Commission and Brokerage T TOTAL FORM OF FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS) SCHEDULES FORMING PART OF INCOME ANDEXPENDITURE FOR THE PERIOD/YEAR ENDED (Amount Rs.) Current Year Previous Yea r (Irrevocable Grants & Subsidies Received) (1) Central Government (2) State Govemment(s) r (3) Government Agencies (4) Institutions/Welfare Bodies (5) International Organisations ( (6) Others (Specify) TOTAL I I (1) Entrance Fees (2) Annual Fees/Subscriptions (3) Seminar/Program Fees (4) 'Consultancy Fees (5) Others (Specify) TOTAL Note.—Accounting Policies towards each item are to be disclosed. Investment from Earmarked Fund Investment—Others Current Year Previous Year Current Year Previous Year SCHEDULE 15— INCOME FROM INVESTMENTS ( (Income on Invest, from Earmarked/Endowment Funds transferred to Funds) v (1) Interest : (a) On Govt. Securities (2) Dividends : (a) On Shares (b) On Mutual Fund Securities (3) Rents (4) Others (Specify) TOTAL TRANSFERRED TO EARMARKED/ ENDOWMENT FUNDS 461G1/2006— 5 FORM OF FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS) SCHEDULER FORMING PART OF INCOME & EXPENDITURE FOR THE PERIOD YEAR ENDED (Amount Rs.) Current Year Previous Year SCHEDULE16— INCOME FROM ROYALTY, PUBLICATION ETC. (1) Income from Royalty (2) Income from Publications (3) Others (specify) TOTAL ~ (a) With Scheduled Banks (b) With Non-Scheduled Banks (c) With Institutions (d) Others (2) On Savings Accounts : (a) With Scheduled Banks (b) With Non-Scheduled Banks (c) Post Office Savings Accounts (d) Others (3) On Loans : (a) Employees/StafF (b) Others (4) Interest on Debtors and Other Receivables TOTAL Note.—Tax deducted at source to be indicated. _ A (1) Profit on Sale/disposa! of Assets : (a) Owned assets (b) Assets acquired out of grants, or received free of costs (2) Export Incentives realized (3) Fees for Miscellaneous (4) Miscellaneous Income TOTAL SCHEDULE 19— INCREASE/(DECREASE) IN STOCK OF FINISHED GOODS& WORD IN PROGRESS (a) Closing Stock : —Finished Goods -Work-in-progress (b) Less : Opening Stock [WTII— 'KTOT Nameof Entity. (Amount Rs.) Current Year Previous Year —Finished Goods (.....) ( ) —Work-in-progress '_ NET INCREASE/DECREASE)[a-b] _ ■ SCHEDULES 20— ESTABLISHMENT EXPENSES (a) Salaries and Wages (b) Allowances and Bonus (c) Contribution to Provident Fund ...... t (d) Contribution to Other Fund (specify) (e) Staff Welfare Expenses (f) Expenseson Employees’ Retirement and Terminal Benefits TOTAL SCHEDULE 21— OTHER ADMINISTRATIVE EXPENSESETC. (a) Purchases (b) Labour and processing expenses (c) Cartage and Carriage Inwards (f) Insurance (g) Repairs and Maintenance (i) Rent, Rates and Taxes (j) Vehicles Running and Maintenance (k) Postage, Telephone and Communication Charges (1) Printing and Stationery . (m) Travelling and Conveyance Expenses (n) Expenses on Seminar/Workshops (p) Expenses on Fees (t) Provision for Bad and Doutful Debts/Advances (w) Freight and ForwardingExpenses (y) Advertisement and Publicity TOTAL 30 [PART II—SBC.3(0]THE GAZETTE OF INDIA:EXTRAORDINARY_ FORM OFFINANCIALSTATEMENTS (NON-PROFITORGANISATIONS) Name of Entity (Amount Rs.) Current Year . Previous Year (a) Grants given to Institutions/Organisations (b) Subsidies given to Institutions/Organisations TOTAL * T Z Z~ Note—Name of the Entities, their Activities along with the amount of Grants/Subsidies are to be disclosed. f SCHEDULE23— INTEREST (a) On Fixed Loans (b) On Other Loans (including Bank Charges) 1. ACCOUNTING CONVENTION The financial statements are prepared on the basis of historical cost convention, unless otherwise stated and on the accrual method of accounting. 2. INVENTORY VALUATION 2.1. Stores and Spares (including machinery spares) are valued at cost. 2.2- Raw materials, semi-finished goods and finished goods are valued at lower of cost and net realizable value. The costs are based on weighted average cost. Cost of finished goods and semi-finished goods is determined by considering material, labour and related overheads. 3. INVESTMENTS 3.1. Investments classified as “longterm investments” are carried at cost. Provision for decline, other than temporary, is made in carrying cost of such investments. 3.2. Investments classified as “Current” are carried at lower of cost and fair value. Provision for shortfall on the value of such investments is made for each investment considered individually and not on a global basis. 3.3. Cost includes acquisition expenses like brokerage, transfer stamps. 4. EXCISE DUTY Liability for excise duty in respect of goods produced by the entity, other than for exports, is accounted upon completion of manufacture and provision is made for excisable manufactured goods as at the year end. 5. FIXEDASSETS 5.1. Fixed Assets are stated at cost of acquisition inclusive of inward freight, duties and taxes and incidental and direct expenses related to acquisition. In respect of projects involving construction, related pre-operational expenses (including interest on loans for specific project prior to its completion), form part of the value of the assets capitalized. 5.2. Fixed Assets received by way of non-monetary grants, (other than towards the Corpus Fund), are capitalized at values stated, by corresponding credit to Capital Reserve. 6. DEPRECIATION 6.1 Depreciation is provided on straight-line method as per rates specified in the Income-tax Act, 1961 except depreciation on cost adjustments aisingon account of conversion of foreign currency, liabilities for acquisition of fixed asets, which is amortized over the residual life of the respective assets. : aramrcoi 31 FORM OF FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS) Nameof Entity . C C (a) Cash in hand (i) In current accounts (ii) In deposit accounts (iii) Savings accounts RECEIPTS AND PAYMENTS FOR THE PERIOD/YEAR ENDED (Amount Rs.) RECEIPTS Current Previous PAYMENTS Current Previous Year Year Year Year I Opening Balances I Expenses (a) Cash in hand (a) Establishment Expenses (corresponding to Schedule 20) (corresponding to Schedule 21) (i) In current accounts r (ii) In deposit accounts (iii) Saving accounts for various projects (a) From Government (Name of the fund or project should of India be shown along with the particulars of (b) From State Government payments made for each project) (c) From other sources (detais) (Grants for capital & revenue exp. to be shown separately) IIL Income on Investmentsfrom HI Investments and deposits made Funds (b) Own Funds (Oth. (b) Out of Own Funds Investment) (Investments-Others) IV Interest Received IV Expenditure on Fixed Assets & Capita] Work-in-Progress (a) On Bank deposits (a) Purchase of Fixed Assets (b) Loans, Advances etc. (b) Expenditure on Capital Work-in-progress V Other Income (Specify) V Refund of surplus money/Loans (a) To the Government of India (b) To the State Government (c) To other providers of funds VIL Any other receipts VTL OtherPayments (give details) (Specify) TOTAL TOTAL FORM OF FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS) Nameof Entity .. SCHEDULES FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED SCHEDULE 24— SIGNIFICANTACCOUNTING POLICIES (Illustrative)— Contd. 6.2. In respect of additions to/deductions from fixed assets during the year, depreciation is considered on pro¬ rata basis. 6.3. Assets costing Rs. 5,000 or less each are fully provided. 7. MISCELLANEOUS EXPENDITURE Deferred revenue expenditure is written off over a period of 5 years from the year it is incurred. 8. ACCOUNTING FOR SALES Sales include excise duty and are net of sales, returns, rebate and trade discount. 9.1. Government grants of the nature of contribution towards capital cost of setting up projects are treated as Capital Reserve. 9.2. Grants in respect of specific fixed assets acquired are shown as a deduction from the cost of the related assets. 9.3. Government grants/subsidy are accounted on realization basis. 10. FOREIGN CURRENCY TRANSACTIONS 10.1 Transactions denominated in foreign currency are accounted at the exchange rate prevailing at the date of the transaction. 10.2. Current assets, foreign currency loans and current liabilities are converted at the exchange rate prevailing as at the year end and the resultant gain/loss is adjusted to cost of fixed assets, if the foreign currency liability relates to fixed assets, and in other cases is considered to revenue. 11. LEASE Lease rentals are expensed with reference to lease terms. 12. RETIREMENT BENEFITS 12.1. Liability towards gratuity payable on death/retirement of employees is accrued based on actuarial valuation. 12.2. Provision for accumulated leaveencashmant benefit to the employees is accrued and computed on the assumption that employees are entitled to receive the benefit as at each year end. Y SCHEDULE 25— CONTINGENT LIABILITIES AND NOTES ON ACCOUNTS (Illustrative) 1. CONTINGENTLIABILITIES 1.1. Claims against the Entity not acknowledged as debts—Rs (Previous years Rs ). 1.2 In respect of : ■ — Bank guarantees given by/on behalf of the Entity—Rs (Previous year Rs — Letters of Credit opened by Bank on behalf of the Entity—Rs.-(Previous year Rs.-) — Bills discounted with banks Rs (Previous year Rs ) 1.3 Disputed demands in respect of : Municipal Taxes (Previous years Rs ). 1.4. In respect of claims from parties for non-execution of orders, but contested by the Entity—Rs.- 2. CAPITAL COMMITMENTS Estimated value of contracts remaining to be executed on capital account and not provided for (net of advances) disclosed at one place. Accounting Policies refer to the specific accounting principles and the method of applying those principles adopted by the Entity in the preparation of the Financial Statements. Where any of the accounting policies is not in conformity with accounting standards, and the effect of departures from accounting standards is material, the particulars of the departure shall be disclosed, together with the reasons therefor and the financial effect thereof, except where such effect is not ascertainable. (3) Accounting policies shall be applied consistently from one financial year to the next. Any change in the accounting policies which has a material effect in the current period or which is reasonably expected to have a material effect in latter periods, shall be disclosed. In case of a change in accounting policies which has a material effect in the current period, the amount by which any item in the Financial Statements is affected by such change, shall also be disclosed to the extent ascertainable. Where such amount is not ascertainable, wholly or in part, the fact shall be disclosed. (4) The accounting treatment and presentation in the Balance Sheet and the Income and Expenditure Account, of transactions and events shall be govrened by their substance and not merely by the legal form. ? (5) In determining the accounting treatment and manner of disclosure of an item in the Balance Sheet and/or the Income and Expenditure Account, due consideration shall be given to the concept of materiality. (6) Provision shall be made for all known liabilities and losses even though the amount cannot be determined with substantial accuracy (and the amount of provision represents only a best estimate in the light of available information). ‘Provision’ means any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets, or retained by way of providing for any known liability, the amount of which cannot be determined with substantial accuracy. Provision shall be made for contingent loss if : (a) it is probable that future events will confirm that, after taking into account any related probable recovery, an asset has been impaired or a liability has been incurred at the balance sheet date, and (b) a reasonable estimate of the amount of the resulting loss can be made. If either of the above conditions is not met, the existence of the contingent loss shall be disclosed by way of a note to the Income and Expenditure account, unless the possibility of the loss is remote. FORMB (See rule 8) INDIAN COUNCIL OF WORLD AFFAIRS ANNUAL REPORT Annual Report for, the Financial Year 1. Introduction. 2. Constitution of Council, including changes therein. 3. Meetings of the Council. 4. Constitution of Committees. 5. Meetings of the Committees. 6. Grant-in-aid. 7. Publications. 8. Library. 10. Award. 11. Research and Analysis. 12. Visits of Foreign Dignitaries to the Council. 13. Report on the matters referred to the Council by the Central Government or Governing Body. 14. Council for Security and Co-operation in the Asia-Pacific (CSCAP) India Secretariat and Africa Centre Functioning within the premises of Council. New Delhi : Dated : Sd/- Director General Indian Council of World Affairs r f r Printed by the Manager, Govt, of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. i a' FORM OF FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS) Nameof Entity- SCHEDULES FORMING PART OF THE ACCOUNTS FOR THE PERIOD ENDED-—-- SCHEDULE 25-CONTINGENT LIABILITIES AND NOTES ON ACCOUNTS (Illustrative)— Contd. Current Year Previous Year 3. LEASE OBLIGATIONS Future obligationsfor rentals under finance lease arrangements for plant and machinery amount to Rs . 4. CURRENTASSETS, LOANS AND ADVANCES In the opinion of the Management, the current assets, loans and advances have a value on realization im the ordinary course of business, equal at least to the aggregate amount shown in the Balance Sheet. 5. TAXATION In view of there being no taxable income under Income-tax Act, 1961. no provision for Income tax has been considered necessary. 6. FOREIGNCURRENCYTRANSACTIONS 6.1. . Value of Imports Calculated on C.I.F. Basis :— Purchase of finished Goods — Raw Materials & Components (Including in transit) — Capital Goods — Stores, Spares and Consumables. 6.2. Expenditure in Foreign Currency : (a) Travel (b) Remittances and Interest payment to Financial Institutions/Banks in Foreign Currency — Commission on Sales — Legal and Professional Expenses — Miscellaneous Expenses. 6.3. Earnings : Value of Exports on FOB basis 6.4. Remuneration to Auditors : As Auditors — Taxation matters — For management services — For certification — Others 7. Corresponding figures for the previous year have been regrouped/rearranged, wherever necessary. 8. Schedules 1 to 25 are annexed to and form an integral part of the Balance Sheet as at-;-—-and the Income and Expenditure Account for the year ended on that date. NOTES AND INSTRUCTIONS FOR COMPULATION OF FINANCIAL STATEMENTS OF NON-PROFIT ORGANISATIONS AND OTHER SIMILAR INSTITUTIONS INSTRUCTIONS AND ACCOUNTING PRINCIPLES (1) The financial statements of non-profit and other similar organisations (viz.. Balance Sheet and Income and Expenditure Account) shall be prepared on accrual basis; and shall be ip. the form suggested, or as near thereto as possible, If the information required to be given under any of the items or sub-items in this Form cannot be conveniently included in the Balance Sheet or the Income and Expenditure Account itself, as the case may be. it can be furnished in a separate Schedule or Schedules to be annexed to and forming part of the Balance Sheet or the Income and Expenditure Account. This is recommended where items are numerous. (2) A statement of all significant accounting policies adopted in the preparation of the Balance Sheet and the Income and Expenditure Account shall be included in the financial statements, and the significant Accounting Policies should be