IND: Second Rural Connectivity Investment Program – Tranche 1 · (PMGSY) are funded by Asian Development Bank (ADB) and a single bank account is used for the purpose of both ADB

Audited Project Financial Statements

Project Number: 48226-003 Loan Number: 3611 Period covered: 1 April 2017 to 31 March 2018

IND: Second Rural Connectivity Investment Program – Tranche 1 Prepared by Assam State Road Board, Government of Assam

For the Asian Development Bank Date received by ADB: 24 October 2018 The audited project financial statements are documents owned by the borrower. The views expressed herein do not necessarily represent those of ADB’s Board of Directors, Management, or staff. These documents are made publicly available in accordance with ADB’s Access to Information Policy and as agreed between ADB and Public Works Department, Government of Uttarakhand.

~UTSRQPONMLKJIHGFEDCBAK H E T A W A T A K A S H K U M A R & A S S O C I A T E S ihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

CHARTERED ACCOUNTANTS

R.Na 207, Kejriwal Bhawan,

Paltan Bazaar,

Guwahati -781008, Assam

Ph: 98644-06273, 2731114

MANAGEMENT LETTER

As mentioned in the notes to account, some of the packages under Pradhan Mantri Gram Sadak Yojana

(PMGSY) are funded by Asian Development Bank (ADB) and a single bank account is used for the purpose of both

ADB funded and other packages.

We are entrusted with the audit of PMGSY and our report thereon has been issued. Since, the auditing

exercise was conducted for PMGSY as a whole, hence our observations are also produced in the management letter

issued for PMGSY as a whole .

. That, for separate financial statements prepared for ADB, the expenditure figures were checked to establish

whether only the ADB funded packages are considered in these separate financial statements. Further, as apparent

from these separate financial statements, expenditures are incurred in excess of the grants received from MORO

towards ADB funded packages and the shortfall has been paid from other PMGSY grants.

Place: Guwahati

Date: 20.09.2018

(AkaS~~~partn~~'1<

Membership No : 066628

For Khetawat Akash Kumar & Associates

Chartered Accountants

Firm Registration No. 326578E

K H E T A W A T A K A S H K U M A R utsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA& A S S O C L 4 T E S ihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA


R.No 207, Kejriwal Bhawan,

Paltan Bazaar,


Ph: 98644-06273,2731114

INDEPENDENT AUDITORS' REPORT

Report on the Financial Statements

We have audited the accompanying financial statements of Project- PMGSY, ADB SRCIP-I, 2017-18,

financed by Asian Development Bank Loan No. 3611 - IND as implemented by Assam State Road Board

(ASRB) under Public Work Department, Government of Assam, which comprise Statement of Receipts and

Payments, Statement of Expenditure by category and financer, the Statement of disbursement and related

notes for the year ended as on 31st

March'2018.

Management's Responsibility for the Financial Statements

. Management is responsible for the preparation of these financial statements that give a true and fair view

of the ·financial position and financial performance of the project. This responsibility also includes

maintenance of adequate accounting records for safeguarding of the assets and for preventing and

detecting frauds and other irregularities; selection and application of appropriate accounting policies;

making judgments and estimates that are reasonable and prudent; and design, implementation and

maintenance of adequate internal financial controls, that were operating effectively for ensuring the

accuracy and completeness of the accounting records, relevant to the preparation and presentation of the

financial statements that give a true and fair view and are free from material misstatement, whether due

to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted

our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of

India. Those Standards require that we comply with ethical requirements and plan and perform the audit'

to obtain reasonable assurance about whether the financial statements are free from material

misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in

the financial statements. The procedures selected depend on the auditor's judgment, including the

assessment of the risks of material misstatement of the financial statements, whether due to fraud or

error. In making those risk assessments, the auditor considers internal financial control relevant to the

Company's preparation of the financial statements that give a true and fair view in order to design audit, .

procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on

whether the Company has in place an adequate internal financial controls system over financial reporting

and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of

the accounting policies used and the r.easonableness of the accounting estimates made by management, as

well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

our audit opinion.

K H E T A W A T A K A S H K U M A R utsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA& A S S O C L 4 T E S ihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA


R.No 207, Kejriwal Bhawan,

Paltan Bazaar,


Ph: 98644-06273, 2731114

Opinion

In our opinion, the financial statements present fairly, in all material respects, the sources and applications of

funds of Project for the year ended on si" March'18 in accordance with Government of India accounting

standards.

Other Reporting Responsibilities

We also report that,

I. No proceeds of the loan have been received till 31-03-2018. However, the expenditure reflected in the

financial statements are found to be incurred for the purpose as per ADB loan agreements.

11. . Financial Covenants in the loan agreements have been complied with.

Ill.

i.

a.

b.

ii.

With respect to SOEs, adequate supporting documentation has been maintained to support

claims to the Asian Development Bank for reimbursements of expenditures incurred; and

Expenditures are eligible for financing under the Loan Agreement.

No Imprest Accounts are maintained in the state and hence no comments are made thereon.

Place: Guwahati

Date: 20.09.2018

Annexure 1

Executing Agency- Public Work Department, Government of Assam

Implementing Agency-Assam State Road Board (ASRB)

Project- PMGSY,ADB SRCIP-I,2017-18

loan No. 3611- IND

Statement of Receipts and Payments

Report for the year ended on 31-03-2018

in (INR) '000

During the current During the previous Cumulative Project

Particulars Note Referenceyear year to date

for 12 month for 12 monthAs at 31-03-2018

period period

Opening Balance (A)ihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA - - -

Receipts

Fund received from Government 4 - - -ADB Loan 6

ADB Grant 6

Co-Financier 1 7

Co-Financier 2 8

Beneficiary Contribution (if any) 9

Other receipts 10

Total Receipts (B) - - ·

Total (C=A + B) - - -

Payments

Investment Costs

Civil Works . 3,644 - 3,644

Mechanical and Equipment

Environment and Social Mitigation11

Consultants

a. Project Management

b. Capacity Development

Others

Sub Total (D) 3,644 - 3,644

Recurrent Costs

Salaries

Accomodation 12

Equipment Operation and Maintenance

Others

Sub Total (E) . - ·

Total Payments

Financing Charges During Implementation (F) 13 . . ·

Total Project Cost (G=D + E + F) 3,644 - 3,644

Closing Balance (C-G) (3,644) - (3,644)UTSRQPONMLKJIHGFEDCBA

* T h e a b o v e d e f ic i t a m o u n t is m e t o u t o f o th e r P M G S Y F u n d s

Notes form an Integral part of these financial statements

In terms of our report of even date

.. ~ ..Empowered Officer ASRB

A~,,~~dlCDffi'ii~,t.}~~ti-3

ASSAM

Chandrnarl,G"~h"~\ 'Vi

Financial Contrsller


Charte~d Accountv(AkashKr. ~

Partner

Memb rship No. 066628


Date: 20-09-2018

Place: Guwahati

Annexure 2



Project- PMGSY, ADB SRCIP-I, 2017-18

Loan No. 3611- IND

Statement of Expenditure by Category and Financiers


in (INR) '000

ADB Co-Financier Government

Percentage of Actual Expenditure Actual ExpenditureTotal

ParticularsActual

ExpenditureFinancing Amount % Amount % Amount %

1 2ihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA3 4 5 6 7 8

Investment Costs

Civil Works 41.98% 1,530 41.98% - - 2,114 58.02% 3,644

Mechanical and Equipment -

Environment and Social Mitigation . -

Consultants -

a. Project Management -

b. Capacity Development -

Others -

Sub Total (A) 1,530 - 2,114 3,644

Recurrent Costs

Salaries -

Accomodation -

Equipment Operation and Maintenance -

Others -

Sub Total (B) . - - - -

Total Cost (C=A+B) 1,530 - 2,114 3,644

% Total Project Cost 0.02% 0.02% 0.04%

Total Project Cost for the year 2016-17 - - -



E~~~

. Assam.Chandmari,Gu ••••• 3 ... ' . . . C'himdmari, Guwahati - 3';


.Chartered ACCOU

V(AkaSh~r. ~

Partner

Memb rship No. 066628

Firm Registration No. 326S78E

Date: 20-09-2018

Place: Guwahati

I!utsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA Annexure 3




Loan No. 3611 - IND

Statement of Disbursal


Details of disbursement by method are given below:

in (INR) '000

Statement of Disbursement Note Current Year Prior YearCumulative Project

to date

ADB Fund claimed during the year

Reimbursement 6.1 - - -Imprest Fund 6.2

Direct Payment . 6.3

Commitment Letter 6.4

Sub Total (A) - - -

Total Expenditure made during the year (B) 3,644 - 3,644

Less: Expenditure not yet claimed (e) 1,530 - 1,530

Borrower's Share (D) 2,114 - 2,114

Total Eligible Expenditure claimed (B-C-D=E=A) (E) - - -

.Notes form an Integral part of these finanCial statements


.LEt¥RW6~~PeWM~~)/

Assam, Chandmari, GuwA~§j(M

Chandmari, Guwahati - 3


Chart red Accountantsx..(Akash K

Part r

Membership No. 066628


Date: 20-09-2018

Place: Guwahati

F;n,"'~~ Vf,dtlfi!f~_ MItB

0/0 The ChiefEIl'IlDfA6~ (R)

Assam. Chandmari, Ghy-3

Annexure 4

Name of the country - INDIA

Executive Agency - Public Wark Department, Gavernment of Assam

Implementing Agency - Assam State Raad Baard (ASRB)

Project-ihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBAProject- PMGSY, ADB SRClP-I, 2017-18, financed by Asian Develapment Bank Laan No. 3611 -

IND

NOTESTO THE FINANCIAL STATEMENTS FORTHE YEAR ENDED 31st MARCH,2018

1. PROJECTNATURE AND ACTIVITIES

Description of the project- Pradhan Mantri Gram Sadak Yajana (PMGSY) is a central gavernment

scheme far canstructian af rural roads and ADB has financed same of its batches.

Nature of Activities - Canstructian af Rural Raads.

Location- All parts Of the state of Assam

2. STATEMENT OF COMPLlENCE

These financial statements have been prepared in accardance with terms of reference (TOR)

conveyed by Gavernment of India/Ministry of Finance/Department of Ecanamic Affairs. This refers

to. the cash basis of accounting applied with due regard to. the General Financial Rules, PWD Cades,

Treasury Cades, and similar rules and cades as are in effect and applicable to. the aperatian of the

praject.

3. SIGNIFICANT ACCOUNTING POLICY

3.1 Financial Statement

This camprises of the Statement of Receipts and Payments, the Statements of Expenditure by

Categary and Financier,the statement af Disbursement and related nates appendices to. the

financial statements.

3.2 Basic of Measurement

Financial statements have been prepared under the histarical cast canventian and an cash basis of

accaunting.

3.3 Change of accounting policies-

These Financial statementshave been prepared in accardance with terms of reference (TOR)

canveyed by Gavernment Of India /Ministry of Finance/Department af Ecanamic Affairs. No.

Changes are made in the accaunting palicies.

3.4 Fund Flow Mechanism .

The ASRB is fallo.wing the principle of maintaining anly ane Bank Accaunt apened with a

scheduled bank in the name of SRRDA (Assam) in which all the funds received fram the

Gavernment of India and Gavernment of Assam are credited. Thereafter, the Programme

Implementatian Units (PlUs) submit the demands far funds to. the SRRDA and the autharisatians

are issued at the SRRDA, thereafter, based an the approved autharisatians, the PlUs make e-

payment thraugh an line partal of Central Ga~OMMAS.UTSRQPONMLKJIHGFEDCBAR > : : . . - - - - - - . . . . / ' et

llt/\ \ .: ~

rtered ~Q) A\:;cauntants 5?

~ I ~t» : C:>

* *G'lIwaha\\~

-

3.5 Advance and other receivables

Advances as and when paid are considered as expenditure in the SOE and any recovery in the

interim payment certificate, the net amount paid after recovery are considered as expenditure.

However as per the PMGSY accounts manual, advances are separately accounted and the same is

not considered as expenditure as and when paid. At the time of bill submission, gross bill value

before recovery of advances is considered as expenditure.

3.6 Cash and cash equivalents

All payments are made through bank only. No cash balance is maintained.

3.7 Accrued and other liabilities

There are nomajor liabilities accrued during the year that have not been considered as

expenditure in SOE

3.8 Income

There is no income to be recognized.

3.9 Foreign currency transaction and translation

(a) Function and presentation currency

Items included in the financial statements of the project are measured using the currency of the

primary economic environment in which the entity operates (the functional currency), which is

the Indian Rupee (INR)

(b) Transactions and balances - No transactions in foreign currency.

3.10 Allocation of common Costs

No common costs are allocated to different output/activities.

3.11 Interest Expenses and Financial Charges

No financial charges & interest have been allocated to the project by the borrower.

4. Funds Received from the Government

ParticularsCurrent Year Prior Year

Cumulatlv •.•v...-.to

date

Government Counterpart funding

Amount Reirnbursable

Gov_ihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA''''' .-

Total

•

5. Date of Authorisation

These financial statements have been authorized for issue by the Empowered Officer of Assam State

Road Board (ASRB) onihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA20-09-2018

For Assam State Road Board

.~

{D.sa~

Empowered Officer

Empowered Officer ASRB

Assam,Chandmari,Guwahati-3t-..

Place: Guwahati

Date: 20.09.2018

(B.K. Seal)

inancial Co~troller

Chief Accoun-s Ofheer ASRB

0/0 The Chief Engineer PWD (R)

Assam. Chandmari, Ghy-3

As per our Report of even date attached




(Akas)\t.r.~Partner


Annexure 5

Name ofthe country -INDIA

Executive Agency - Public Work Department, Government of Assam

Implementing Agency - Assam State Road Board (ASRB)

Project- Project- PMGSY, ADB SRClP-I,ihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA2017-18, financed by Asian Development Bank Loan No. 3611 -

IND

6. Funds Received from ADB

Date of Loan Agreement 30-01-2018

Loan effectiveness Date 30-04-2018

Key Terms and Conditions Loan taken by Gal for rural road construction under PMGSY&

executed by 5 states including Assam

Disbursement Schedule As per LDH of ADB by reimbursement method

Commitment Fees 0.15% p.a.

Interest Rates LlBOR based lending facility

In (INR),OOO

ADB Source of Funds - Method of Note During the During the Cumulati~.

Withdrawal reference Current Year Previous Year Pro~udte

ADB Loan ------- •.....

- By Reimbursement Method ~- By Imprest Account ---------- By Direct Payment ------- ,....

- By Commitment Procedure ....•••••••••.I--""""'

ADB Loan Total ----------ADBGra~

AI~oan and Grant TotalUTSRQPONMLKJIHGFEDCBA

• A s m e n t io n e d in th e n o te s to a c c o u n ts , G o v tO f I n d ia p r o v id e s g r a n ts to th e s ta te a s a

w h o le a n d h e n c e th e a b o v e d e ta i l s c o u ld n o t b e fu r n is h e d


For Assam State Road Board For KhetawatAkash Kumar & Associates



~(D. Saharia)

~. Empowered Officer. Fi~ancial Controller

Empowered Officer ASRB .'. Chl~f Accounoa Ofhcer ASRB

Assam,Chandmari,Guwahati-3 C/o The ChlefEngineer PWD(R)Assam. Chandmari. Gby-3

Place: Guwahati

Date: 20.09.2018

{Akash Kr.

Par£er


Annexure 6

Name of the country - INDIA

Executive Agency - Public Work Department, Government of Assam

Implementing Agency - Assam State Road Board (ASRB)

Project- Project- PMGSY, ADB SRClP-I, 2017-18, financed by Asian Development Bank Loan No. 3611 -

IND

6.2 Reconciliation of the Imprest Account and the Bank Statement is given below:

STATEMENT OF IMPREST ACCOUNT

FORTHE YEAR ENDED 31-03-2018

In (INR),OOO

Prior Year Current Year

Balance brought forward from previous period ./ihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

./'

Add: ~UTSRQPONMLKJIHGFEDCBAV

- Advance ./'

- Replenishment received during the year ./'

- Interest earned ~ "Sub Total (A) ~./'

Deduct: ~ ~

Payment made during the year /- Replenishment/Liquidation ./'

- Expenditure yet to be cla~

~

Amount refunded du~he year

/Closing B~e (B)

/As per bank statement (Copy attached)

• A s m e n t io n e d in th e n o te s to a c c o u n ts , G o v tO f I n d ia p r o v id e s g r a n ts to th e s ta te a s a

w h o le a n d h e n c e th e a b o v e d e ta i l s c o u ld n o t b e fu r n is h e d

6.2.1 Information with respect to the USihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA$ equivalent notational amount held at the RBI in respect of

the above imprest account balance could not be furnished

6.3 No payments are made directly by ADB

6.4 No payments made through commitment procedure

6.5 No Grantsare received during the year.

For Assam State Road Board

~f~(D. Saharia)

", , Empowered Officer. Financial Controller

Empowered Officer ASRB. Chief Accouncs Ofhcer ASRB

Assam.Chandmari.Guwahatl-~io The Chief Engineer PWD (R)

, Place: Guwahati A3~m. Chandmari, Ghy-3

Date: 20.09.2018


For KhetawatAkash Kumar & Associates



Annexure 7

Executing Agency- 'Public Work Department, Government of Assam


Project- PMGSY, ADB SRCIP-I,2017-18

loan No, 3611 - IND

Notes to the Financial Statements

for the year ended on 31-03-2018

6.6 Details of disbursement claimed under Statement of Expenditure (SOE) Procedure are given below

DISBURSEMENTCLAIMED UNDER STATEMENT OF EXPENDITURE(SOE) PROCEDURE

FORTHE YEAR ENDEDON 31-03-2018

in (INR) '000

Net EligibleImp rest Fund Total Disbursement

W/ANo. SOESheet No. Category Total Amount Paid ADB Financing %Amount

Replenished/liquid UsingSOEExpenses Reimbursed

ated Procedure

2 3 4 5 6 (4X5) 7 8 7+8=9

0001 1 Civil Works 3,644 41.98% 1,530ihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA -

2 Mechanical and Equipment - -

0002 1 Consultants -

2 Salaries - -

3 Accomodation - -

0005 1 Environment and Social Mitigation - -2 Equipment Operation and Maintenance - -

Total 3,644 1,530 - - -

Total for Prior Year - -UTSRQPONMLKJIHGFEDCBA

* A D B r e im b u r s e m e n ts i s r e c e iv e d b y G o v t o f I n d ia a n d n o in fo r m a t io n is a v a i la b le a n d h e n c e th e a b o v e ta b le d e ta i l s c o u ld n o t b e f i l le d

Date: 20-09-2018

Place: Guwahati

rh, .~"'~' .

Empowered Officer ASRB

AS~o~~r~'lIHljJ~ati-3 '

ASSAM


A",""'IC;~~(ASRB)& Sen. Fin.~dvisor

PWD,ASSAMChief Accoun~ Ofhcer ASRB

0/0 The Chief Engineer PWD (R)

Assam, Chandrnan, GhY-3 "




Chart~eredACCOU~

l.Ai(Akash wat)

Partn

Mem ership No. 066628


r 'jihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA Annexure 8




Loan No. 3611 - IND

Notes to the Financial Statements

for the year ended on 31-03-2018

in (lNR) '000

Particulars Current Year Prior YearCumulative Project

to date

Fund Received - - -

~·Empow~erASRB

t.tM~~~b~Y(~MfjtASSAM


i n a n c la l c o : r(ASRB)& Sen. Fin. A~visor

C h ie f Accoun~,&,Iil~~

Djo The ChiefEngineerPWD(Ill

Assam, C p < J 1 )Q m a r i , ~trt·J



(Aka~~~

partl~

Membership No. 066628


.Date: 20-09-2018

Place: Guwahati

..

rLKJIHGFEDCBA -

' 'Z C : : jihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

Annexure 9

Executing Agency-Public Work Department, Government of Assam



Loan No. 3611- IND

Statement of Appropriation Vs Actual

For the Current year ended on 31-03-2018 For the Prior year ended on 31-03-2017 Cumulative from beginning of the Project till date

Budgeted Actual Utilization Budgeted Actual UtilizationVariance

Budgeted Actual UtilizationVarianceCost Categories Variance

Expenditures Expenditures Percentage Expenditures Expenditures Percentage Expenditures Expenditures Percentage

INR '000 INR '000 % INR '000 INR '000 INR '000 % INR '000 INR '000 INR '000 % INR '000

Investment Costs

Civil Works 3 ,6 4 4 3 ,6 4 4 100% - 0% - 3 ,6 4 4 3 ,6 4 4 100% -

Mechanical and Equipment

Environment and Social Mitigation

Consultants

a. Project Management

b. Capacity Development

Others. .

Sub Total 3,644 3,644 - - - - 3,644 3,644 -

Recurrent Costs

Salaries -

Accomodation

Equipment Operation and Maintenance

Others -.-

Sub Total - - - - - - - - -

Total Payments 3,644 3,644 - - - - 3,644 3,644 -

Financing Charges during implementation

Total Project Cost 3,644 3,644 - - - - 3,644 3,644 , -

Grand Total of Expenditures in USD

C i2~ ',. "Empo~d OHlcer(ASRB)I

Empowered OfficerAB,.

Assam,atI~~all.3 .

Annexure 10'

Executing Agency- Public Work Department, Government of AssamLKJIHGFEDCBA

~ R ) 'O O O


Project- PMGSY,ADB SRCIP-I,2017-18

loan No. 3611- IND

Expenditure by Output Components

Unallocable Common Costs Output 1 Output2~ Total Expenditure

Cost Categories Prior YearCum to Prior

Cum to Date prior~~nt

Cum to Date Prior YearCurrent Cum to

Current Year Current YearDate Year Year Year Date

Investment Costs

->V

Civil Works -

Mechanical and Equipment -

Environment and Social Mitigation

/-

Consultants -

a. Project Management .> -

b. Capacity Development .> -

Others . -

Sub Total (A)~ - - .' -

Recurrent Costs

/i"

Salaries -

Accomodation -

Equipment Operation and Maintenance -

Others -

Sub Total (B) - - - -

Total Cost (C= - - - -

~%T al Project Cost

.Ci2E ~ e d r& 1 I r t e i (M ~ P 3

AssamIChandmari,G~~~i_3 .••.. . . Chandmari, Guwahati- 3 ..

*The abov~ tab~ot applicable

a n c la l C O " " ~

(~RB)& Sen. F~~~visor

PWD,ASSAM

Chlt'f Accou •.•• Ofhcer ASRB

0 /0 T h e C h l" ~ r P " - ' . ' . - : )

A s s a m , ~n~jlri, G41y.3

ASSAM STATE RQAD BOARD (ASSAM)

Other notes to account

For the Year ended 31LKJIHGFEDCBAs tMarch' 2018

It is to be noted that the ASRB is the implementing agency for works under Pradhan Mantri

Gram Sadak Yojana (PMGSY) for the state of Assam. Under PMGSY, some of the "batches"

sanctioned by Ministry of Rural Development (MORD) are financed by Asian Development

Bank (ADB).

ASRB doesn't get direct funding from ADB. All the grants received by ASRB are released by

the MORD. While releasing the grants, MORD mentions the details of the "batch" against

which the grants are released and if the same pertains to the batch financed by ADB, the

same is considered at grants received by ADB for the purpose of these financial statements.

All the grants received towards ADB financed "batches" are shown as funds received from

Government itself and the same is not divided between ADB grant and Government

Counterfunding.

Further, since PMGSY. as a whole is a centrally sponsored programme, no separate bank

accounts are maintained for the grants received for ADB financed works. All the funds are

accumulated at one place and payments are issued therefrom.

A consolidated list of payments along with package numbers is maintained in the state and

the packages financed by ADB out of the same are filtered out to arrive at the expenditure

figures for the purpose of these financial statements.

It may so happen that the expenditures made towards ADB financed works exceed the

grants released by MORD towards ADB sanctioned "batches". The excess amount of

expenditure is met out of the surplus grants received from MORD for other "batches".

For the maintenance of records and book keeping, MORD has issued a detailed guideline

under PMGSY and the same are followed in the state of Assam and hence the audited

financial statements for PMGSY as a whole may also be referred.

Documents

IND: Second Rural Connectivity Investment Program – Tranche 1 · (PMGSY) are funded by Asian Development Bank (ADB) and a single bank account is used for the purpose of both ADB