Académique Documents
Professionnel Documents
Culture Documents
CHAPTER-1
1) INTRODUCTORY
2) DEFINITIONS
In these rules unless there is any thing repugnant to the subject or context;
1
(g) "Competent Authority" means the Officer to whom relevant powers
have been delegated by the Ordinance, 1985, the Statutes, 2006 (as
amended upto December, 2009) or delegated by the Board of
Trustees, Board of Governors or the President.
(h) "Controlling Officer" means the President or other Officer (s) of the
University and its Constituent Units who is so declared by the
President and delegated with the powers of sanctioning and
controlling the expenditure and/or collection of
revenue/grants/donations. The President shall be his own controlling
officer for the purposes of traveling allowance.
(j) "Finance & Planning Committee" means the Finance & Planning
Committee of the University.
2
CHAPTER-II
All payments from the University fund shall be made in accordance with the
approved budget or funds for services rendered to, or supplies received by the
University.
The accounts of University shall be maintained and audited once a year under
financial rules to be prescribed by the Board of Governors in consultation with
the Finance and Planning Committee.
The President shall submit each year a statement of expenditure and receipts of
the University, duly audited by an external auditor appointed by the Board of
Governors, with his comments for consideration by the Board of Governors.
3
Budget and Accounts (Section 14 of the IIU Statutes-2006 as amended upto
December, 2009)
1
1 There shall be a common Fund of the University to be operated
under the approved financial rules, budgetary and accounting
procedures;
3. The President, IIU shall have the power to settle any pre-audit
observation after taking into account all the facts and rules and
regulations applicable to the observations;
4. The Internal Audit shall annually carry out an internal audit and
check all the accounts and physical verification of assets, stores and
1
The IIU Statutes-1987 regarding Budget and Accounts was replaced by the IIU Statutes-2006
with the approval of the Board of Trustees on December 27, 2006.
2
The IIU Statutes-1987 regarding Audit was replaced by the IIU Statutes-2006 with the approval
of the Board of Trustees on December 27, 2006.
4
properties of the University and prepare a report for the review of
the President;
Special grants and donations, endowments etc. received for specific purposes
shall be credited to University Fund but utilized only for the purposes (s) for
which the funds were made available.
CHAPTER-III
STANDARDS OF FINANCIAL PROPRIETY
1
The IIU Statutes-1987 regarding Special Reserve Fund was replaced by the IIU Statutes-2006
with the approval of the Board of Trustees on December 27, 2006.
5
6. 1) Every Officer authorized to incur expenditure from the University funds
should treat the University money as Amanah ( )امانةand inter –alia observe high
standards of financial propriety. Allah Subhanhu WA Ta"aala Commands:
إلننَ ا
(58 اع نللعنماِ يعلعظممكمُ بلله )سوُرة النساِء آية
iii) (Successful are those) who faithfully observe their trust and their
covenants.
iv) "O! Ye that believe! Betray not the trust of Allah ad the Apostle,
nor mis-appropriate knowingly things entrusted to you.
II) The Adviser always should be a trust-worthy person and he
should not disclose the secrets trusted upon him, The Holy
Prophet says:
(المستشاِر موُتمن )البخاِرى
v) "The adviser should be trustworthy one.
vi) The Holy Prophet (May Allah bless him) declare that the honesty
is a sign of being a Muslim.
(ل ايماِنَ له لمن ل اماِنة له ) طبرائي
"A person who is not trustworthy, he does not possess his Faith
(Iman)
6
عوالنلذيعن إلعذا عأنفعمقوُا لعدمُ يمدسلرمفوُا عولعدمُ يعدقتممروا عوعكاِعنَ بعديعن عذلل ع
(67 ك قععوُاضماِ )سوُرة الفرقاِنَ آية
"And the servants of the most gracious are those who when they
spend, are not extravagant and not niggardly but hold a just
(balance) between these (extremes)."
عو ل تمبعدذدر تعدبذيرا إلننَ ادلممبعدذريعن كاِمنوُا إلدخوُاعنَ النشياِطيلن )سوُرة بنىَ اسرائيل
(27-26 آية
10. Every employee should observe the golden principle that: “Can’t we do
without it.”
11. While deciding financial matters regarding the claims and rights of the
employee the sense of “Adal-wal-Ehsan” must prevail. If the implementation of
any rule violates the process of “Adal-wal-Ehsan” in any particular situation or
case the rule must be relaxed by the competent authority.
12. No authority should pass any orders, which will be directly or indirectly
to his own benefit. University moneys should not be utilized for the undue
benefit of a particular person or section of the community unless:
BUDGET
7
14. Planning, coordinating and controlling operations through budgetary
mechanism is an integral part of successful implementation of policies,
programmes, activities and projects of the management in a given period of time.
The budget is a blue-print of financial operation embodying an estimate of
purpose and the proposed means of financing them. The preparation of budget
provides an opportunity for undertaking in each financial year a review of its
income and expenditure. It also enables the management to translate its policies
in financial terms by providing resources to the best possible advantage in
accordance with the priorities determined in the best interest of the University.
PROCESS OF BUDGETING
REVISED ETIMATES
BUDGET ESTIMATES
18. Budget is now regarded as most effective instrument for financial control
and vehicle for implementation of programmes, activities of an organization. It is
therefore of paramount importance that all items of receipt and expenditure that
can be foreseen, are carefully examined in consultation with Faculties,
8
Institutes/Academies before the amount of provision is included in the Budget
Estimates. The following are the main guide lines for the preparation of Budget
Estimates:
iii) The estimates in respect of pay of officers and pay of other staff and
regular allowances should be prepared on nominal rolls on the
prescribed form.
9
19. The concept of a workable definition of development expenditure should
take into account the following basic considerations:
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b) Expected date of completion
c) Physical targets envisaged in the project/scheme
d) Expenditure upto June 30, of the previous year.
e) Percentage of completion till June 30 of the previous year and target
achieved.
f) Revised Estimates of the current financial year and targets likely to
be achieved.
g) Budget Estimates for the ensuing year.
h) Target proposed for the ensuing year.
i) Basis for determining targets for the current financial year and
ensuing year (i.e., unit cost or any other unit of measurement).
25. When furnishing the above information as far as feasible, the physical
targets in quantitative terms should be specified. In cases where quantitative
assessment of physical targets is not feasible, the likely achievements should be
specified in broad details.
26. As in the case of current expenditure budget, details of posts under pay
of officers and pay of other staff should be given in respect of development
budget as well. Particular attention in this connection is invited to the
requirement as laid down in the guidelines pertaining to current expenditure
budget.
27. All schemes may be classified into on-going/new and approved or
unapproved, as the case may be, according to the status of the scheme. If the
original scheme is revised, approval of the competent authority for revised cost
will be obtained before any request for budgetary allocation is made.
28. No expenditure should be incurred, nor any commitment of funds made
for any project not included in the Development expenditure Budget nor any
work started, contract awarded, any down payment made, letters of credit opened
for which there is no budgetary provision.
29. The University and its constituent institutes/academies shall prepare their
Revised Estimates/Budget Estimates on the basis of the prescribed guidelines.
After consolidation, these estimates shall be presented to Higher Education
Commission/Government of Pakistan every year in accordance with time
schedule fixed by the Finance Division.
30. The total amount of grant-in-aid is normally intimated by the Higher
Education Commission in the month of July each year. The budget estimates
originally submitted to Higher Education Commission are recast in accordance
with the availability of overall resources including donations and income
generated by the University. Revised Estimates of the current financial year and
11
Budget Estimates for the ensuing year shall be presented to Finance & Planning
Committee and Board of Governors for their approval.
31. Budget Execution
i) Budgetary allocation shall be communicated to concerned
sections/departments of the University and its Constituent
Institutes/Academies.
ii) The expenditure shall be kept within the budgetary provisions. If,
however, at any stage it is found that an excess is likely to occur
owing to either unforeseen circumstances or emergency or under-
estimation or on account of insufficient allowance for factors leading
to the growth of expenditure, the expenditure shall be met through
re-appropriation with the approval of the Competent Authority.
iii) The expenditure for which no provision has been made in the budget
and if it becomes necessary to incur such expenditure in the interest
of the University shall be met through re-appropriation. However,
efforts shall be made to mobilize additional funds for such
expenditure.
iv) Re-appropriation of funds shall require proper justification and it
shall be ensured that the other heads of the budget do not encounter
deficit during the remaining financial period.
v) Money should be spent with design and not with accident. It should
not be spent hastily to avoid lapse of funds. A rush of expenditure
particularly in the closing months of the financial year will ordinary
be regarded as a breach of financial regularity.
vi) Permanent Advance (Imprest Money) which is intended to meet
emergent petty expenditure shall be determined on case to case basis
and it shall not be larger than an amount absolutely essential. Holders
of such advance (s) shall be responsible for its accountability. An
expense of upto a maximum of 1Rs. 10, 000/- at a time in normal
cases and Rs. 15,000 at a time in exceptional cases with the
approval of the President, IIU shall be permissible to be met out of
the permanent advances.
32. Sanctions to Expenditure
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President(s) or any teacher, officer or a committee and exercise such
other powers as may be delegated to him by the Board of Trustees or
the Board of Governors as per Section 13(3) (g) of the IIU
Ordinance-1985. The President shall not, however, cease to exercise
his powers by the act of delegation.
(c) Date of Effect – All sanctions shall be deemed effective from the
date of issue unless otherwise specified. A sanction which is not
acted upon during a financial year shall not lapse and shall be
operative for the next year.
(d) Saving – Savings in the annual budget of the University and its
Constituent Institutes/Academies shall be transferred to Special
Reserve Fund in accordance with provisions of the Statutes. Savings
shall be determined by taking into account all sanctioned liabilities
of the financial year. Liabilities mean for which bills have been
received before the closed of financial year.
(e) i) Investments – Grant in aid, savings from the annual budget, G.P
Fund, C.P Fund and any other fund not needed for immediate
payments shall be invested in most – appropriate profitable
ventures/schemes.
ii) No investment shall be made in interest bearing modes/schemes.
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iv) Profit earned from an investment shall be credited to the
respective fund.
CHAPTER-V
ACCOUNTING
iii) All moneys received by the University other than the banking and
postal channels shall be acknowledged on proper receipt (printed and
machine numbered) and promptly deposited in the bank.
iv) A proper record shall be maintained for receipt and issue of receipt
books.
vi) The cash book (bank book) 2in case of computerized record shall
be balanced daily and shall be closed in case of
manual/computerized record regularly. The entries in the Cash
Book shall be verified by the concerned Accounts
Officer/Accountant.
14
Discrepancy, if any, shall be immediately reported to the concerned
authority.
viii) The President in case of the University and the Director General
in case of Institutes and Academies shall authorize any officer(s) in
BPS-16 or above to act as Drawing & Disbursing Officer (DDO) for
signing bills and cheques on his behalf.
xi) The specimen signatures of the Drawing and Disbursing Officer and
bank signatories shall be communicated to the Bank and Audit.
xii) If a bill is lost after pre-audit and before the payment, the Drawing &
Disbursing Officer shall draw a duplicate bill by giving the following
certificate:
xiii) The Drawing & Disbursing Officer shall ensure the deduction of
Income Tax at source as per Income Tax Article promulgated from
time to time. The tax so deducted shall be remitted to the quarter
concerned at the earliest.
xv) Receipts & Revenues – All receipts and revenues received through
cash, cheques or any other mode shall be controlled and accounted
for separately. Accounting procedures in respect of each receipt has
been prescribed as per Appendix-II.
15
xvi)For each expenditure a payment voucher shall be prepared. The
voucher shall be stamped as “Paid” at the time of payment.
CHAPTER-VI
AUDITING
36. The Audit Department shall carry out annual internal audit of the
accounts of the University and its Constituent Institutes/Academies for every
financial year.
CHAPTER-VII
REPORTING
40. Similar report shall be prepared for Development Grants, Donations etc.
wherever applicable.
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41. The statements so prepared shall be consolidated by the
Finance/Accounts Section of the University with brief analysis and comments for
information of the President.
43. Reports relating to the internal audit, internal check, physical check,
physical verification of stores and the Libraries shall be presented to the
President.
CHAPTER-VIII
49. All payments except from imprest funds at temporary advances shall be
made through crossed cheques.
50. While sanctioning the imprest money, the nature and purpose of
expenditure to be met from it shall be clearly indicated.
51. The Disbursement Vouchers shall be approved for payment by some one
other than the person requesting payment.
52. The purchase of stores shall be regulated in accordance with the “IIU
Procurement Procedure” prescribed by the Competent Authority from time to
time (Appendix-IV).
17
53. All stores received shall be examined, counted, measured and/or weighed
as the case may be. The officers shall record a certificate that the material has
been received according to specifications and recorded in the appropriate stock
register.
54. The material from the stores shall be issued on appropriate indent and
acknowledgement thereof shall be obtained from the recipient.
56. The adjustment account of the advance drawn shall be rendered within
ten days of the event is over and any balance amount shall be deposited with the
relevant accounts section promptly.
57. All claims for payments shall be supported with proper printed bill/cash
memo, invoices etc. wherever these are not obtainable in printed form and the
payment involved does not exceed 1Rs. 2500/- at one time, the claim shall be
certified by the officer concerned of BS-17 or above.
1
The words (Rs. 2500) in Section 57 were added with the approval of the Board of Governors on
24-6-2001.
2
Section 58-A in Chapter-VIII was added with the approval of the Board of Governors on 16-3-
1995.
18
3
a) House Building Loan
b) Car Loan
3
The amendments in section 59 (a. b and c) were approved by the Board of Governors in its 41 st
meeting held on 9-1-2002. The amounts of advances (loans) have also been enhanced with the
approval of Board of Governors on 04-02-2012.
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ii) The advance (loan) shall be equal to 18 months basic pay of
the employee subject to a maximum of Rs. 60,000/-
whichever is less recoverable in 40 monthly equal
installments after three months of the payment of advance
(loan).
e) General Provisions
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ii) Loan for the construction of new houses shall be drawn
in two equal installments. First installment will be paid
on the production of documents establishing proprietary
rights of the land and the second installment of the loan
will be paid only after the construction of plinth level.
vii) The recovery of loan will start after three months of the
payment of the final installment of House Building loan
and other loans from the next month in which loan was
paid.
21
xi) The mortgage bonds/agreements should be insured
against full loss by fire, theft or accident. Such insurance
should be affected within one month from the date of
purchase.
1
RESOLUTION OF THE BOARD OF GOVERNORS:
1
Resolution of the BOG regarding implementation of general provisions of loan and advances of
59(e) Chapter-IX has been added.
2
The amount of advance for hospitalization was enhanced with the approval of the Board of
Governors on 12-08-2004
22
CHAPTER-X
60. An advance shall be admissible to the subscriber upto three months of his
pay or half of the amount at the credit of the subscriber in the fund whichever is
less.
61. The next advance shall be admissible provided the balance of the first
advance is recovered from the new advance being sanctioned so that only one
advance remains outstanding at one time.
62. The non-refundable advance upto eighty per cent of the balance in the
account of the subscriber shall be admissible to him after he has attained the age
of 45, 50 and 55 years.
CHAPTER-XI
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70. The case of an over payment to any employee for waiver or otherwise
shall be considered by the Competent Authority on merit and case to case basis.
CHAPTER-XII
CONTRACTS
71. The President shall have full powers to approve, vary or cancel
contracts relating to works and supply of stores and equipment etc. in
accordance with the current expenditure budget. The contracts shall be signed
by the President or by an officer authorized by him.
72. The general principles and modalities for entering into and signing of
contracts are as follows:
i) The terms of contract shall be precise and definite leaving
no room for ambiguity or mis-construction;
ii) Legal and financial advice if deemed necessary shall be obtained
before the contracts are finally drawn;
iii) Appropriate form of contract shall be adopted;
iv) The terms of contract, once entered into shall not be materially
varied except with the prior approval of the Competent
Authority;
v) Contract shall be entered into with the lowest bidder. If
otherwise, the reasons shall be recorded;
vi) While selecting tenders for acceptance, the financial status of the
bidder shall be taken into consideration;
vii) The provision shall be made in contract for safeguarding the
University property entrusted to a contractor;
viii) The terms and conditions for the probable variation, cancellation
or revocation shall be specified in the contract.
CHAPTER-XIII
HIRING OF ACCOMODATION
24
ii) There shall be an Estate Committee which shall be responsible
for deciding the necessity and all matters relating to acquisition
and management of the accommodation.
The Board of Governors in its 43rd meeting held on 06-10-2002 was pleased
to approve the following policy regarding residential accommodation:
25
(iv) ‘The payment of House Rent Ceiling in the
University shall cease to the above mentioned extent”.
76. GENERAL
CHAPTER-XIV
REMOVAL OF DIFFICULTIES/RELAXATION/INTERPRETATION OF
RULES
77. i) In the event of any difficulty or in a case where these Rules are
silent and applicability of any of these Rules are in doubt, the
President may interpret and pass appropriate orders.
iii) In the event of a case not being covered under these Rules, the
matter shall be referred to the Board of Governors for
appropriate orders.
Appendix-I
See Rules 33)
ACCOUNTING
1. Journals
1
The words “either computerized or manually” were included at para-2 with the
approval of the Board of Governors on January 15 and February 12, 2000.
26
i. Bank Book
ii. Cash Book
iii. General Journal
iv. Petty Cash
2. Ledgers
i. General Ledgers
ii.Subsidiary Ledgers
(a) Receipts
(b) Advances to Employees
(c) Advances to Suppliers/Contractors
(d) Assets (Non-consumable)
(e) Liabilities
(f) Student Affairs (Scholarships. Dues)
(g) Officer salaries
(h) Staff Salaries
(i) General Provident Fund (Personal Number should be
indicated)
(j) Contributory Provident Fund (Personal Number should
be indicated)
(k) Benevolent Payment (Personal Number should be
indicated)
(l) Pension Payment
(m) Telephone/Telex/Fax Bills
(n) Sui Gas Bills
(o) Electricity Bills
(p) Water Bills
(q) Machinery and Equipment
(r) Loans to Employees
(s) Investment
27
Appendix-II
See Rule 33 (XV)
28
4) After printing of all ticket books and passes by the Purchase and
Store Section will be handed to the Account Section of the
University for Safe Custody.
10) The issue of tickets and realization of the sale proceeds of the tickets
and passes and its subsequent deposit into the Bank Account will be
subject to usual pre-audit.
2) The bank challans duly filled in by the student concerned will be got
verified from the Accounts Section before depositing the due in the
bank. No fees/dues will be accepted by the bank unless the challan
forms are verified/signed by the Account Section of the Islamic
University. The bank will daily provide the paid copies of the challan
forms to the Director of the concerned Institute. Accounts Section
and Students Affairs Section.
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4) The University dues will be deposited by the students in collection
Account No. Opened with the Branch for the purpose.
7) a) The list of the students whose seats from hostel have been
cancelled will be communicated by the Provost to the Accounts
section so that the hostel charges may not be accepted from
them.
8) The room number seat number in the hostel will not be allotted to any
student unless he has paid the University and hostel dues.
9) The Roll Number shall not be allotted to any student unless he has
cleared the University dues.
11) The Accounts Section will provide the list of such students who have
not paid the University dues to the Director of the Institutes, Provost
and Students Affairs Section within one week of the last date of the
receipt of the dues.
30
1) The Postal orders received alongwith applications for recruitment in
the University and for the supply for brochure to the students etc.
will be entered in the register as per specimen given below:
5) The Entries on the receipt side of the Cash Book/Bank will be made
by the Accounts Section under the head "Income from Postal orders".
3) The person concerned will present the rent paid receipt issued by
Accounts Section to the Protocol Section for issue of allotment
slip/letter.
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5) The allottee of accommodation will handover the allotment slip to
the caretaker of the respective IIUI lodge. The caretaker will open
the allotted room/rooms for him or his family.
7) The care-taker will keep proper record of staying guest in the IIU
lodge. He will maintain register with following detail and enter
therein the requisite information for record and verification by the
Protocol Officer.
9) The Account Section shall maintain separate record for the money
received on account of rent and expenditure incurred on the
maintenance of IIU lodges.
10) In case of official guest, the permission of the President, IIU for stay
in the IIUI lodge will be sent to the Protocol Officer who will
arrange for his accommodation in the respective IIU lodge. In case
boarding expenditure i.e. breakfast and other meals with light
refreshment etc. are also to be borne officially, the approval of the
President, IIU for such arrangements and drawl of advance by the
Protocol Officer will be necessary.
11) Care-taker will keep record of all purchases and its consumption and
boarding arrangements. Any commodity left in balance i.e. ghee,
atta, sugar, meat etc. will be kept in stock under the supervision of
Protocol Section.
12) Protocol Section will prepare bill of rent for stay of University
official guest in, IIU lodge on actual basis and sanction of the
amount will be obtained from the competent authority.
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13) The bill of rent and the approval of the competent authority will be
sent to the Accounts Section for drawl of amount from the University
and its deposit into IIU Lodge Accounts.
15) The Protocol Section will make surprise visits to the IIU lodges from
time to time and will check the record of the IIU lodges and
inspection report will be submitted to the President, IIU.
16) The official guest(s) invited by the Constituent Units will be charge
to the budget of the respective Units i.e. the payment will be made by
the respective Units in case of their official guest(s).
Appendix-III
(See Rule-39)
REPORTING
33
Remarks must be given where considerable deviation occurs.
However, it should not be applicable in case of purchase of
durable goods, honoraria.
Appendix-IV
(See Rule 52)
34
2 Procurement Procedure:
35
Purchase/Works Committee. However this limit may be enhanced
up to a maximum of Rs. 100,000/- subject to observance of
relevant rules and regulations of procurement etc. in exceptional
circumstances to be recorded while seeking approval of the
sanctioning authority.
3. Pre-qualification of Suppliers/Contractors:
Prior to floating of tenders, invitation to proposals or offer for
procurements, the University may pre-qualify bidders, if necessary in
any cases, for supplies, services, works, turn-key contracts/projects, and
procurements of expensive & technically complex equipments etc. to
ensure that only the technical and financially capable firms having
adequate managerial capability are invited to submit bids. Such pre-
qualification shall be based upon the ability of the interested parties to
perform that particular work satisfactorily. The list of pre-qualified
firms/Supplies should be circulated in IIU.
5. Response Time:
36
the presence of one of the available members of the respective
Purchase/Works Committee(s).
8 Comparative Statement:
10 Minutes Recording:
(1) This system may only be adopted when the competent authority
is satisfied that the required items are of proprietary/technical in
nature and no other manufactures or suppliers exist for the
required procurement on recommendation of the relevant
Purchase/Works/Transport Advisory Committee(s), which shall
decide for acquiring a specified item(s) of a specific brand after
due consideration.
37
(iii) When the price of the items, goods, services, or works
etc. are fixed by the Government or any other authority,
agency or body dully authorized by the government on
its behalf.
(2) This mode of purchase may also be applicable in the cases where
the procurements, works, services are urgently required and the
firm/supplier etc. is ready to supply the required items/goods, or
to complete the works, or provide services against pre-receipted
bills(s) under a bank guarantee wherever applicable. In such a
case, the payment will be made through cheque(s) in favor of the
concerned firms/supplier.
13 Placement of Orders:
38
submitted to the President, IIU with justifications for approval, by the
concerned dealing officer or the respective Committee(s), as the case
may be.
15 Repeat Order:
16 Inspection of Procurements:
In all other matter the Public Procurement Rules, 2004 (as amended from time to
time) shall be followed in its true spirit.
The President, IIUI, may however, relax any of the condition(s)/step(s) laid down
in the above procedure in consideration of the exigencies of the procurement(s),
work(s) and service(s) etc.
The “Public Procurement Authority Ordinance 2002” was adopted by the IIUI with the
approval of the Board of Governors on 12-11-2005.
39
Appendix-IV-A
1) Books, journals and other reading materials upto Rs. 20,000/- will be
purchased on the basis of rates approved by the Library Rates Committee,
Department of Libraries and Ministry of Education.
40
1) Procedure for issue and receipt of books will be prescribed by the
President, IIU from time to time.
Appendix-IV-B
No. Date:
SUPPLY ORDER
Dear Sir(s)
41
Your quotation tender No. ___________dated____________has been
accepted for supply of the following stores on the terms and conditions as
given below:
PARTICULARS OF STORES
No. Description Unit Price Quantity Amount
Ordered
4) Place of inspection
5) Inspection Officer
APPENDIX-V
(See Rule-59)
FORM IIU FR-I
(See Rule 59 (e) (ix)
42
Borrower, which expression shall include his legal representatives and
assignees) of the one part and THE PRESIDENT, IIU of the other part
WHEREAS the Borrower has under the provisions of University Financial
Rules 1992 (hereinafter referred to as the said Rule which expression shall
include any amendments thereof for the time being in force) applied to the
President of the University for a loan of Rs.___________for the purchase of a
Motor Vehicle/Motor-cycle/Scoter/Bicycle and President has agreed to lend the
said amount to the Borrower on the terms and conditions hereinafter contained
NOW IT IS HEREBY AGREED between the parties hereto that in consideration
of the sum of Rs.____________ paid by the President, IIU, to the Borrower (the
receipt of which the Borrower hereby acknowledges) the Borrower hereby
agrees with the President, IIU (1) to pay the President the said amount according
to the said Rules by monthly deductions from his salary as provided for by the
said Rules and hereby authorizes the President, IIU to make such deductions and
(2) within two months from the date of these present to expend the full amount
of the said loan in the purchase of a motor vehicle motor-cycle/scooter/bicycle
or if the actual price paid is less than the loan to repay the difference to the
President forthwith and (3) to execute a document hypothecating the said motor
vehicle/motor-cycle/scooter/bicycle to the President, IIU as security for the
amount lent to the Borrower as aforesaid AND IT IS HEREBY LASTLY
AGREED AND DECLARED that if motor vehicle/motor-cycle/scooter/bicycle
has not been purchased and hypothecated as aforesaid within two months from
the date of these presents or if the Borrower within that period becomes
insolvent or quits the service of the University the whole amount of the LOAN
(Qarz-e-Hasana) shall immediately become due and payable.
IN WITNESS where of the Borrower has hereunto set his hand the day
and year first before written.
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Rules” which expression shall include any amendment thereof or addition
thereto for the time being in force) AND WHEREAS one of the conditions upon
which the said loan has been/was granted to the Borrower is/was that the
Borrower will/would hypothecate the said Motor Vehicle/Motor-Cycle/Scooter
to the President, IIU as security for the amount lent to the Borrower AND
WHEREAS the Borrower has purchased with or partly with the amount so
advanced as aforesaid the Motor Vehicle/Motor-Cycle/Scooter particulars
whereof are set out in the Schedule hereunder written.
NOW THIS INDENTURE WITNESSETH that in pursuance of the
said agreement and for the consideration aforesaid the Borrower doth hereby
covenants to pay to the President, IIU the sum of Rs._______________
aforesaid or the balance thereof remaining unpaid at the date of these presents
by equal payments of Rs. _______________ each on the first day of every
month according to the said Rules and the Borrower doth agree that such
payments may be recovered by the monthly deductions from his salary in the
manner provided by the said Rules, and further pursuance of the said agreement
the Borrower doth hereby assign and transfer unto the President, IIU the Motor
Vehicle/Motor-Cycle/Scooter the particulars whereof are set out in the Schedule
hereunto written by way of security for the said loan as required by the said
Rules.
And the Borrower doth hereby agree and declare that he has paid in full the
purchase price of the said Motor Vehicle/Motor-Cycle/Scooter and that the same
is his absolute property and that he has not pledged and so long as any money
remain payable to the President, IIU in respect of the paid loan will not sell,
pledge or part with the property in or possession of the said Motor Vehicle/
Motor-Cycle/Scooter PROVIDED ALWAYS and it is hereby agreed and
declared that if any of the said installments of principal shall not be paid or
recovered in manner aforesaid within ten days after the same are due or if the
Borrower shall at any time cease to be in University service or if the Borrower
shall sell or pledge or part with the property in or possession of the said Motor-
Vehicle or become insolvent or make any composition or arrangement with his
creditors or if any person shall take proceedings in execution of any decree or
judgment against the Borrower the whole of the said principal sum which shall
then be remaining due and unpaid as aforesaid shall forthwith become payable
AND IT IS HEREBY AGREED and declared that the President, IIU may on the
happening of any of the events hereinbefore mentioned seize and take
possession of the said Motor Vehicle/Motor-Cycle/Scooter and either remain in
possession thereof without removing the same or else may remove and sell the
said Motor Vehicle/Motor Cycle/Scooter and either remain in possession thereof
without removing the same or else may remove and sell the said Motor
Vehicle/Motor-Cycle/Scooter either by public auction or private contract and
may out of the sale money retain the balance of the said loan than remaining
unpaid as aforesaid and all costs, charges, expenses and payment properly
incurred or made in maintaining, defending or realizing his rights hereunder and
44
shall pay over the surplus if any, to the Borrower, his executors, administrators
or personal representatives PROVIDED FURTHER that the aforesaid power of
taking possession or selling or the said Motor Vehicle/Motor-Cycle/Scooter
shall not prejudice the right of the President, IIU to use the Borrower or his
personal representatives for the said balance remaining due in the case of the
vehicle being sold the amount by which the net sale proceeds fall short of the
amount owing AND the Borrower hereby further agrees that so long as any
moneys are remaining due and owing to the President he, the Borrower will
insure and keep insured the said Motor Vehicle/Motor- Cycle/Scooter against
loss or damage by fir, theft, or accident with an Insurance Company and will
produce evidence to the satisfaction of the University (Administration) that the
Motor Insurance Company with whom the said Motor Vehicle is insured have
received notice that the President is interested in the Policy AND the Borrower
hereby further agrees that he will not permit or suffer the said motor vehicle to
be destroyed or injured or to deteriorate in a degree then it would deteriorate by
reasonable wear and tear thereof AND further that in the event of any damage or
accident happening to the said Motor vehicle the Borrower will forthwith have
the same repaired and made good.
IN WITNESS whereof the said_______________ (borrower) hath
hereunto set his hand the day and the year first above written
THE SCHEDULE
Description of Motor Vehicle/Motor-Cycle/Scooter
Maker’s Name
Description
No of Cylinders
Engine Number
Chassis No
Cost Price
SIGNED by the Borrower
In the presence of __________________________________
FORM-IIU-FR-3
(See Rule 59(e) (ix)
45
provisions of University Financial Rules (Hereinafter referred to as the said
Rules which expression shall include any amendments thereof for the time being
in forced) applied to the President, IIU for a loan of Rupees_______________
(to enable him to erect a house and the President has agreed to lend the said sum
of Rupees)_________________ to the Borrower on the terms, conditions and in
the manner hereinafter contained.
1) repay the President, IIU the full amount of the loan due by
monthly deductions from his salary as provided for by the said
Rule and hereby authorizes the President to make deduction
accordingly.
IN WITNESS whereof the Borrower has hereto set his hand the day and year
first before written SIGNED by the said Borrower:
In the presence of
SCHEDULE
Sr. Date Amount of installment in words Signature of the
No and figures Borrower
46
FORM-IIU-FR-4
(See Rule 59 (e) (ix)
FORM OF MORTGAGE
47
WHEREAS the mortgagor is absolutely sized and possessed of or
otherwise well entitled to the land hereditaments and premises hereinafter
described and expressed to be hereby conveyed transferred and assured
(hereinafter referred to as the said hereditament).
AND WHEREAS the mortgagor has applied to the mortgagee for loan
of the sum of Rs. _____________ for the purpose of enabling him to defray the
expenses of building a house on the said hereditaments as a suitable residence
for his own use.
48
agreed and declared that if there shall be service before the said sum of
Rupees___________ made upon the security of these presents shall have been
repaid according to the said Rules by the deduction of monthly installments of
the salary of the mortgagor as in the said Rules mentioned or by any other
means whatsoever then and in such case the mortgage will upon the request and
at the cost of mortgagor re-convey, retransfer or re-assure the said hereditaments
unto and to the use of the mortgagor or as he may direct AND it is hereby
agreed and declared that if there shall be any breach by the mortgagor covenants
on his part herein contained or if he shall quit the service before the said sum of
rupees____________ (and any further sum as may have been paid as aforesaid
according to the said Rules shall have been fully paid off then and in any of such
cases if shall be lawful for the mortgage to sell the said hereditaments or any
part thereof either together or in parcels and either by public auction or by
private contract with power to buy in or rescind any contract for sale and to re-
sale without being responsible for any loss which may be occasioned thereby
AND to do and execute all such acts and assurances for effectuating any such
sale as the mortgage shall think fit AND it is thereby declared that the receipt of
the mortgage for the purchase money of the premises sold or any part thereof
shall effectually discharge the purchaser or purchasers there from AND it is
hereby declared that the mortgagee shall hold the money to arise from any sale
in pursuance of the aforesaid power UPON TRUST in the first place there out
to pay all the expenses incurred on such sale and in the next place to apply such
moneys in or toward satisfaction of the moneys for the time being owing on the
security of these presents and then to pay the surplus (if any) to the mortgagor
AND is hereby agreed and declared that the said Rules shall be deemed and
taken to be part of these presents.
IN WITNESS, whereof the mortgagor, hath hereunto set his hand the
day and year first above written.
1st witness
Address
Occupation
2nd witness
Address
Occupation
49
(The deed should be registered)
Note: There must be two witnesses to a mortgage
50
Volume__________ Pages_________ to ____________ No __________ for
_____________ (hereinafter called the PRINCIPAL INDENTURE WHEREAS
all moneys due and owing on the security of the PRINCIPAL INDENTRE have
been fully paid and satisfied and the President has accordingly at the request of
the mortgagor agreed to execute such re-conveyance of the mortgaged premises
in the within written INDENTURE comprised as is hereinafter contained. NOW
THIS INDENTURE WITNESSETH that in pursuance of the said agreement and
in consideration of the premises the President doth here granted assign and
recovery unto the mortgagor, his heirs, executors, administrators and assign
ALL THAT the piece of land situate in the _______________ containing
________________ more or less bounded on the North by ______________ on
the South by _________________ on the East by ____________ and on the
West by ______________ together with dwelling-house thereon AND ALL and
singular other the premises in the PRINCIPAL INDENTURE comprised or
expressed to be thereby assured or which now are by any means vested in the
President subject to redemption under or by virtue of the PRINCIPAL
INDENTURE expressed and all the estates right title interest property claim and
demand whatsoever of the President into out of or upon them same premises by
virtue of the PRINCIPAL INDENTURE to have and to hold the premises
hereinbefore expressed to be hereby granted assigned and re-conveyed unto and
to the use of the mortgagor his heirs, executors, administrators and assigns for
ever freed and discharged from all moneys intended to be secured by the
PRINCIPAL INDENTURE and from all actions, suits accounts, claims and
demands for, or in respect of, the said moneys or any part thereof or, for, or in
respect of, the PRINCIPAL INDENTURE or of anything relating to the
premises AND the President hereby covenants with the mortgagor his heirs,
executors, administrators and assign that the President has not done or
knowingly suffered or been party or privy to anything whereby the said
premises or any part-thereof are, is or can be impeached, encumbered or
affected in title estate or otherwise howsoever.
INWITNESS whereof the parties here to have hereunto set their hands
and seals the day and year first above written.
51
FORM IIU FR-6
(See Rule 59 (e) (ix)
52
WHEREAS the borrower has agreed to purchase a house built by
_______ and situated in___________in the registration district of
____________sub-district________thana ________
AND WHEREAS the borrower has under the provisions of rules of the
IIU Financial Rules, (hereinafter referred to as the said Rules which expression
shall include any amendments thereof for the time being in force), applied to the
President, IIU for a loan of Rupees _______ to enable the borrower to purchase
the said house and the President, IIU has agreed to lend the said sum of Rupees
___________ to the borrower on the terms and conditions hereinafter contained.
1) to repay to the President, IIU the said amount according to the said
Rules by monthly deductions from his salary as provided in the
said Rules and authorizes the President, IIU to make such
deductions;
2) to expend within six months from the date of these presents, the
full amount of the said loan in the purchase of the house and if the
actual price paid for the house is less than the amount of loan, to
replay the difference to the President forthwith; and in the converse
of case to contribute the difference from his own resources;
IN WITNESS where of the borrower has hereunto set his hand the day
and year first above
53
Signed By the said
In the presence of
54
WHEREAS in pursuance of the provisions of the IIU Financial Rules,
1992 (hereinafter referred to as the said Rules, which expression shall where the
context so admits include any amendment thereof or addition thereto for the time
being in force), the mortgagee advanced a loan of Rs. ________
to the mortgagor to enable him to purchase for his residence a house constructed
by the ____________ and the mortgagor by an agreement dated _____________
(hereinafter called the said agreement) undertook to mortgage the house in favour
of the mortgagee to secure the repayment of said loan to the mortgagee.
55
in or towards satisfaction of the moneys for the time being owning on the
security of these present and then to pay the surplus (if any) to the mortgagor
AND it is hereby agreed and declared that said Rules shall be deemed and taken
to be part of these presents.
IN WITNESS whereof the mortgagor has hereto set his hand the day
and year first above written
In the presence of
1st witness
Address
Occupation
2nd witness
Address
Occupation
APPENDIX-VI
(See Rule 58-A)
56
3) In writing to the Drawing and Disbursing Officer concerned to the
effect that if at any later stage lost/misplaced cheque is found that
will be returned to the Drawing and Disbursing Officer.
57