Finmin Order – Monitoring Union Government Guarantees

This memorandum, dated September 11th, 2023, issued by the Ministry of Finance, Department of Expenditure, Office of Controller General of Accounts, addresses the matter of guarantees provided by the Union Government. It refers to a previous communication from the Budget Division and discusses amending provisions in the Civil Accounts Manual related to Sovereign Guarantees.

Statement showing Guarantees given by the Union Government

F.No TA 2-03001/3/2023 TA-CGA (e-12976)/360
Government of India
Ministry of Finance
Department of Expenditure
Office of Controller General of Accounts

Mahalekha Niyantrak Bhawan,
GPO Complex, -Block, INA, New Delhi- 110023
Dated, the 11th Sept, 2023.


Subject: Statement showing Guarantees given by the Union Government-reg.

Reference is invited to the Budget Division, DEA, MOF OM No.12(10)-B(SDY/2023 dated 25th July, 2023 on the above cited subject,

  1. The proposal of the Budget Division for amendment of provisions contained in para 10.10.4 of Civil Accounts Manual has been considered by this Office to enable Pr.CCAs/CCAs/CAs(ic) to maintain all records related to the Sovereign Guarantees and assist the Financial Advisors (FAs) in discharge of the responsibilities as envisaged in the Rule 280(i1) of GFR, 2017. A copy of the Correction slip to CAM issued in this regard 1s attached for your reference (copy enclosed).
  2. In this regard, it is stated that as per the existing practice, a copy of the Guarantee agreement is not endorsed to Pr.AO of Ministries/Departments concerned. The Budget Division is therefore, requested to issue an Advisory to Administrative Division of Ministries/Departments which deals with the proposal relating to Sovereign Guarantees on Government account to send the documents listed below to their Pr.AOs on regular basis for reporting, monitoring and review of Guarantees and maintenance of Guarantee information in GFR 25 and IGAS-1. This will enable Pr.AOs to furnish the requisite information to office of CGA for inclusion in Union Government Finance Accounts:

3.1 Copy of the Guarantee agreement containing terms and conditions for checking correctness of calculations of the guarantee fee. Schedule of guarantee fee receivable and received

3.2 Class, sector of Guarantee.

3.3 Details of Joan indicating purpose and amount etc.

3.4 Repayment, schedule of loans

3.5 Rate of Guarantee fee per annum

3.6 Copies of other related documents while updating GFR 25 (outstanding Principal, interest the end of the period).

3.7 Inputs/information as per the prescribed format of ‘IGAS-1:Guarantees given by the Central Government’

This issues with the approval of the Controller General of Accounts.

(Parul Gupta)
Dy. Controller General of Accounts (TA)


PDF Link

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.