Who issues a certificate when a loan (principal + interest) has been fully repaid?
The AG’s office issues a ‘Clearance Certificate’ to the government servant with a copy to his/her department when a loan has been fully repaid.
How is interest calculated?
Interest is calculated as per orders/instructions of the Government of Meghalaya issued from time to time.
When is the interest on a loan due for calculation?
The interest on a loan is calculated by the AG’s office after the loanee has fully repaid the principal. The interest amount to be paid is formally communicated to the loanee and his/her office by the AG’s office.
What should a government servant do to ensure that there are no missing recoveries in his/her loan statement maintained in the AG’s office?
How can missing recoveries be subsequently adjusted?
The government servant should take a personal interest and ensure that his/her correct and full name along with his/her GPF account number and amount of recovery is legibly written down in the appropriate columns of the monthly Loan Schedule prepared by the accountant of his/her office.
If convenient, the government servant should make a note of the treasury voucher numbers, dates and amounts under which his/her loan recoveries have been made every month. Once a year (or more frequently if possible) this statement should be got authenticated by the Head of Office and the Treasury Officer. Any missing recoveries in a government servant’s loan statement can be adjusted by the AG’s office on the production of this statement.
How is a loanee to repay the loan (HBA, MCA, Computer Advance) drawn from Government?
The government servant is to repay the principal of the loan and interest thereon through deductions made from his/her monthly salary. This is automatically done by the office where the government servant is working. The deductions made are indicated through the Loan Schedules received in the AG’s office every month along with the treasury/divisional monthly accounts. On the basis of the information recorded in the Schedules, the loan account of the government servant is accordingly updated/adjusted in the books of the AG.
What is the role of the AG’s office when a government servant is sanctioned a house building advance, motor car/motor cycle advance or computer advance by government?
Whenever a government servant is sanctioned house building advance, motor car/motor cycle advance or computer advance, the AG’s office watches the recovery of the advance and principal thereon from the monthly salary of the government servant. When the government servant fully clears the advance (principal + interest), the AG’s office then issues a ‘Clearance Certificate’ to the government servant as acknowledgement that he/she has fully cleared the advance.