Provisional Accounting Procedure for PMJJBY & PMSBY

Provisional Accounting Procedure for

“Pradhan Mantri Jeevan Jyoti Bima Yojna” (PMJJBY) 

      As per Standard Operating Procedure for the new scheme “Pradhan Mantri Jeevan Jyoti Bima Yojna” (PMJJBY) issued from Financial Services Division of this Directorate vide Note bearing No. F. No.116-19/2015-dated 01.09.2015 received through FS Division case file No. F. No.116-19/2015 and other records relating thereto, the following Heads of Accounts/Accounting Procedure for the Scheme called “Pradhan Mantri Jeevan Jyoti Bima Yojna” (PMJJBY) to classify the transactions are proposed to be allotted/formulated as under. 

2.  When the amount is withdrawn by Postmaster from Saving Account of the Customer.  

(i) Major Head-            8446-Postal Deposits 

Sub-Major Head-             00- Postal Deposits 

Minor-Head                    102-Other Postal Deposits 

Sub   Head                      - 09-Gross Amount withdrawn from Saving Account of Customer under Pradhan Mantri  Jeevan Jyoti Bima  Yojna (PMJJBY)                                         

Detailed Head                - 01- Gross Amount withdrawn from Saving Account of   Customer under Pradhan Mantri  Jeevan Jyoti Bima  Yojna (PMJJBY) (Cr) (Rs. 330/- per Enrolment Form) 

                              Deduct-02- Amount to be remitted to LIC on account of   Pradhan  Mantri  Jeevan Jyoti Bima Yojna (PMJJBY) (Dr) (Rs. 289/-  per Enrolment Form)                                    

                             Deduct-  03-Income of DoP and DoP share on  account of Pradhan  Mantri   Jeevan Jyoti Bima  Yojna (PMJJBY)(Rs.41/-)                                           

                             (To be transferred to 1201-Postal Receipts /DoP share on  account  of Pradhan Mantri   Jeevan Jyoti Bima Yojna (PMJJBY)                                                

(ii) Major Head            1201-Postal Receipts 

Sub-Major Head-             00- Postal Receipts 

Minor-Head                    800-Other Postal Receipts 

Sub & Detailed Head-      57-Income/Share of DoP on account  Pradhan Mantri  Jeevan Jyoti Bima Yojna (PMJJBY)(Rs. 41/-) 

Deduct- 01- Incentive payable to staff entrusted with the  work of Pradhan Mantri   Jeevan Jyoti Bima Yojna (PMJJBY) (Dr)  

3.   Accounting Procedure: Role of different units of the Department relating to the Scheme as far as accounting procedure is concerned, is furnished below. 

i)      Role of Sub Post Offices/Head Post Offices:     

(a) On close of each day, the Sub Post Offices/HOs will account for the amount withdrawn @ Rs. 330/- per Enrolment Form from the Saving Account of the Customer on the Receipt side of the Sub Office/HO Summary and SO/HO Cash Book distinctly indicating “Withdrawal on account of Pradhan Mantri  Jeevan Jyoti Bima Yojna (PMJJBY) Premium. Similarly, amount to be remitted to LIC @ 289/-per per Enrolment Form should be accounted on payment side of the SO/HO Summary and Cash Book. At the end of each month, progressive totals under this Head should be intimated to HOs/Divisional Head by SO/HOs respectively. Rs. 41/- being Income share of DoP on account of incentive payable to Postal staff entrusted with the work of Pradhan Mantri  Jeevan Jyoti Bima Yojna (PMJJBY) and other expenses relating thereto will be retained by HO for making payment of incentive and other expenses.

(b) For this purpose, HO will prepare a monthly schedule as prescribed in Annexure-A in triplicate showing the details of amount withdrawn from the Saving Bank Account of the Customer, amount to be remitted to LIC and share of DoP to be retained at HPO and he will ensure that total of column 3&4 of the Annexure is tallied with column 2 and send a copy of the same to its Postal Accounts Office along with Cash Account, another copy to its Divisional Office and retaining third copy as office record.

(ii)    Role of Nodal Head Post Office: 

 The Sansad Marg Head Post Office which has been nominated as the Nodal Office under the Scheme will watch the credit of amounts received from various Head Post Offices of Delhi Circle and from the HOs of the rest of the country through System generated statements, consolidate the same and arrange to remit the same to LIC under Pradhan Mantra Jeevan Jyoti Bima Yojna(PMJJBY) and send its details to FS Division of Postal Directorate for monitoring purpose and DAP Delhi for record in the prescribed schedule in Annexure-B showing Circle-wise details. 

(iii)  Role of Postal Accounts Offices: 

(a) At the end of the month, on receipt of the Cash Accounts Return along with the supporting documents and monthly schedule as prescribed in Annexure-A, relating to the scheme from the Head Post Offices, the PA Section of Postal Accounts Office will verify the figures and ensure that they tally and then book the amount under the Head 8446-00-102-09-01 Gross Amount withdrawn from Saving Account of Customer under Premium Pradhan Mantri Jeevan Jyoti Bima Yojna(PMJJBY) (Cr.),amount to be remitted to LIC under 8446-00-102-09-01-Deduct-02, DoP share as Deduct -03 to be transferred to 1201-00-800-57-and Deduct-01 there under as Incentive paid to the staff engaged in the  work of the Scheme and other expenditure related thereto. 

 (iv)  Role of Nodal Circle Postal Accounts Office: 

  PAO Delhi, on receipt of Cash Accounts Returns along with the statements/schedule as prescribed in Annexure-A of Premium withdrawn from Saving Accounts of the Customers of Delhi Circle he will verify the same from the system generated statements the amount of premium to be remitted to LIC through Postmaster Sansad Marg, HO and DoP share to be retained by HPO. He will ensure that they are tallied with the figures received through schedules/returns. Similarly, PAO Delhi will verify the figures received through schedule as prescribed in Annexure-B from the Sansad Marg HPO and ensure that they are tally.

 (v) Role of Divisional /Regional/Circle Office and FS Division will be as stated in SOP except that Role of DDG(PAF) will be restricted to booking of amount figures of premium collected, Premium remitted to LIC and amount spent on account of payment of Incentive and other expenses by various offices.

Annexure-A

Monthly Schedule showing details of amount withdrawn from Saving Bank Account of the Customers and to be remitted to LIC under “Pradhan Mantri     Jeevan Jyoti Bima Yojna (PMJJBY)” in respect of ------------------------Head Post Office for the month of -----------------------

Sl. No. & Date	Amount withdrawn from Customer Saving Bank Account as Premium under PMJJBY @ Rs. 330/-per Enrolment Form	Amount to be remitted to LIC @ Rs. 289/-per Enrolment Form	Share of DoP to be retained at HPO @ Rs. 41/- per Enrolment Form	Remarks if any
1.	2.	3.	4.	5.

Note: It must be ensured that total of column 2 should be agreed to total of column 3&4 and there should be no variation at any cost.

Signature of Head Postmaster

& Office Seal

Copy to: 1. PAO concerned.

                2. Divisional Office concerned

Annexure-B

Monthly Schedule showing Circle-wise details of amount remitted to LIC under “Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY)” by  Sansad Marg Nodal Head Post Office for the month of ------------------------------.

Sl. No. &	Name of Circle	Amount received from different HPOs of the concerned Circle @ Rs. 289/-per Enrolment Form	Amount remitted to LIC -@ Rs. 289/-per Enrolment Form	Remarks if any
1.	2.	3.	4.	5.

Note: It must be ensured that total of column 3 should be agreed with column 4 and there should be no variation at any cost.

Signature of Head Postmaster

Sansad Marg HO & Office Seal

Provisional Accounting Procedure for

“Pradhan Mantri Suraksha Bima Yojna” (PMSBY). 

      As per Standard Operating Procedure for the new scheme “Pradhan Mantri Suraksha Bima Yojna” (PMSBY) issued from Financial Services Division of this Directorate vide Note bearing No. F. No.116-19/2015-dated 01.09.2015 received through FS Division case file No. F. No.116-19/2015 and other records relating thereto, the following Heads of Accounts/Accounting Procedure for the Scheme called “Pradhan Mantri Suraksha Bima Yojna” (PMSBY) to classify the transactions are proposed to be allotted/formulated as under. 

2.  When the amount is withdrawn by Postmaster from Saving Account of the Customer.  

(i) Major Head-            8446-Postal Deposits 

Sub-Major Head-             00- Postal Deposits 

Minor-Head                    102-Other Postal Deposits 

Sub   Head                      - 10-Gross Amount withdrawn from Saving Account of  Customer under Pardhan Mantri Suraksha Bima Yojna (PMSBY)                                    

Detailed Head              - 01- Gross Amount withdrawn from Saving Account of Customer  under Pardhan Mantri  Suraksha Bima Yojna (PMSBY) (Cr)(Rs. 12/- per Enrolment Form) 

                             Deduct-02- Amount to be remitted to NIC on account of  Pardhan  Mantri  Suraksha Bima Yojna ( PMSBY) (Dr)(Rs. 12/-)                                  

                                   

 (ii) Major Head            1201-Postal Receipts 

Sub-Major Head-             00- Postal Receipts

Minor-Head                    800-Other Postal Receipts 

Sub & Detailed Head-      58-Share of DoP  to be received from NIC on account of  Incentive payable to staff entrusted with the work of   Pardhan Mantri Suraksha Bima Yojna( PMSBY)  and other  expenses relating thereto. (Cr) 

Deduct- 01- Incentive payable to staff entrusted with the work of Pardhan Mantri  Suraksha Bima Yojna  (PMSBY)  and other expenses relating thereto. (Dr)  

3.   Accounting Procedure: Role of different units of the Department relating to the Scheme as far as accounting procedure is concerned, is furnished below. 

i)      Role of Sub Post Offices/Head Post Offices:    

 (a)   On close of each day, the Sub Post Offices/HPOs will account for the amount withdrawn @ Rs. 12/- per Enrolment Form from the Saving Account of the Customer on the Receipt side of the Sub Office/HO Summary and SO/HO Cash Book distinctly indicating “Pardhan Mantri Suraksha Bima Yojna (PMSBY) Premium ”. Similiarly, amount to be remitted to NIC @Rs. 12/- per Enrolment Form should be accounted on payment side of the SO/HO Summary andCash Book. At the end of each month, progressive totals under both this Head should be intimated to HO/Divisional Head by SO/HO respectively. Rs. 02/ being share of DoP on account of Incentive payable to staff entrusted with the work of Pardhan Mantri Suraksha Bima Yojna (PMSBY) and other expenditure related thereto will be credited by NIC later on in the Bank Account of Postmaster Sansad Marg HPO at the closing of the month from which payment of Incentive and other expenses relating thereto will be made.  Postmaster Sansad Marg HPO will intimate circle-wise receipt of funds to PAO Delhi. It may please be ensured that no payment of incentive is made until the amount is transferred from NIC to PAO Delhi.

(b) For this purpose, HO will prepare a monthly schedule as prescribed in Annexure-A in triplicate showing the details of amount withdrawn from the Saving Bank Account of the Customer, amount to be remitted to NIC. He will ensure that total of column 3 of the Annexure is tallied with column 2 and send a copy of the same to its Postal Accounts Office along with Cash Account, another copy to its Divisional Office and retaining third copy as office record

(ii)    Role of Nodal Head Post Office: 

The Sansad Marg Head Post Office which has been nominated as the Nodal Office under the Scheme will watch the credit of amounts received from various SOs/Head Post Offices of Delhi Circle and from the HOs of the rest of the country through System generated statements, consolidate the same and arrange to remit the same to NIC  under Pardhan Mantri Suraksha Bima Yojna (PMSBY) and send its details to FS Division of Postal Directorate, DAP Delhi for record in the prescribed schedule in Annexure-B showing Circle-wise details. However, he will monitor the credits to be received from NIC at the close of the month on account of DoP share i.e. Incentive payable to staff entrusted with the work of Pardhan Mantri Suraksha Bima Yojna (PMSBY) and other expenses relating thereto, prepare schedule as prescribed in Annexure-C of crediting of DoP share of various Circles to PAO Delhi for its onward issuance of Circle-wise ATCs to concerned PAOs by PAO Delhi.

 (iii)  Role of Postal Accounts Offices: 

(a) At the end of the month, on receipt of the Cash Accounts Return along with the supporting documents relating to the scheme from the Head Post Offices, the PA Section of Postal Accounts Office will book the amount under the Head 8446-00-102-10-01 Gross Amount withdrawn from Saving Account  of Customer and remitted to NIC under Deduct-02- under Premium Pardhan Mantri Suraksha Bima Yojna (PMSBY) (Cr.). Also, on receipt of ATCs from PAO Delhi (Nodal PAO), of the amount of DoP share received at Sansad marg HPO from NIC for whole of the country, on account of Incentive payable to the staff engaged in the work of the Scheme and other expenditure related thereto will acknowledge and accept the same and will classify it under 1201-Postal Receipts and then expenditure as Deduct-01. PAO Delhi will receive the amount booked under1201-00-800-58 share of DoP on account of Pardhan Mantri Suraksha Bima Yojna (PMSBY). 

 (iv)  Role of Nodal Circle Postal Accounts Office: 

 PAO Delhi, on receipt of Cash Accounts Returns along with the statements/schedule as prescribed in Annexure-A of Premium withdrawn from Saving Accounts of the Customers of Delhi Circle, he will verify the same from the system generated statements the amount of premium to be remitted to NIC through Postmaster, Sansad Marg HO and will ensure that they are tallied with the figures received through schedules/returns. Similarly, PAO Delhi will verify the figures received through schedule as prescribed in Annexure-B from the HPOs of rest of the country and ensure that they are tally. Simultaneously, on the basis of schedule as prescribed in Annexure-C, received from Postmaster Sansad Marg HPO, he will transfer the Circle-wise DoP share @ Rs. 2/- per Enrolment Form to respective Circle PAOs by issuing Circle-wise ATCs for the amount to be spent on payment of incentive to staff entrusted with the work of Pardhan Mantri Suraksha Bima Yojna (PMSBY) and accept the acknowledged ATCs from respective Circle PAOs and monitor the same. 

(v) Role of Divisional/Regional/Circle Office and FS Division will be as stated in SOP except that Role of DDG (PAF) will be restricted to booking of amount figures of premium collected, Premium sent to NIC and amount of DoP share received from NIC and spent on incentive and other expenses. 

Annexure-A

Monthly Schedule showing details of amount withdrawn from Saving Bank Account of the Customers and to be remitted to NIC under “Pradhan Mantri    Suraksha Bima Yojna (PMSBY)” in respect of ------------------------- Head Post Office for the month of ------------------------

 

Sl. No. & Date	Amount withdrawn from Customer Saving Bank Account as Premium under PMSBY @ Rs. 12/-per Enrolment Form	Amount to be remitted to NIC @ Rs. 12/-per Enrolment Form	Remarks if any
1.	2.	3.	4.

Note: It must be ensured that total of column 2 should be agreed to column 3 and there should be no variation at any cost. 

Signature of Head Postmaster

& Office Seal

Copy to: 1. PAO concerned.

                2. Divisional Office concerned

Annexure-B

Monthly Schedule showing Circle-wise details of amount remitted to NIC under “Pradhan Mantri Suraksha Bima Yojna (PMSBY)” by  Sansad Marg Nodal Head Post Office for the month of ------------------------------.

Sl. No. & Date	Name of Circle	Amount received from different HPOs of the concerned Circle @ Rs.12/-per Enrolment Form	Amount remitted to NIC -@ Rs. 12/-per Enrolment Form	Remarks if any
1.	2.	3.	4.	5.

Note: It must be ensured that total of column 3 should be agreed with column 4 and there should be no variation at any cost. 

Signature of Head Postmaster

Sansad Marg HO & Office Seal

Copy to: 1. PAO Delhi.

                2. F.S. Division Postal Directorate.

Annexure-C

 

Monthly Schedule showing Circle-wise details of amount on account of DoP share received from NIC to be intimated by Sansad Marg Nodal HPO  to PAO Delhi for crediting to other PAOs through ATCs under “Pradhan Mantri Suraksha Bima Yojna (PMSBY)” for the month of ------------------------------.

 

Sl. No. & Date	Name of Circle	Share of DoP received from NIC for payment of incentive to staff of the concerned Circle @ Rs.2/-per Enrolment Form	Remarks if any
1.	2.	3.	4.

 

Signature of Head Postmaster

Sansad Marg HO & Office Seal

Copy to: 1. PAO Delhi.

                2. F.S. Division Postal Directorate.