Payment of Interest on GP Fund Final and Residual Payment dt 11.10.2005
OFFICE MEMORANDUM
Subject: Final and Residual Payment
The Accountant General Punjab has been pleased to withdraw this office letter No. Fund-I/AS-18/Int/84-85/196 dated 18.03.1985 (Copy attached). He further ordered that in future, cases of payment of interest on residual balance due to delay by the audit office or otherwise will be decided on a case to case basis.
“Rule 1.13 of the Punjab G.P. Fund rules 1978 is silent and there is no provision with regard to the administratively of interest on residual balance,” the payment of which is delayed by audit offices for one
or the other reason and as such a reference was made to the Government of Punjab Finance Department in the case of Late Mr. Abdul Latif Khan, Supdt.
Home Department for necessary advice. The finance department observed that as the payment of residual balance was delayed by Audit department on account of late transfer of balance or missing credits therefore, the subscriber is entitled to the payment of interest upto the end of month preceding
that in which the payment of balance is made.
Copies of the connected correspondence made in this respect are enclosed herewith for information
and future guidance.
