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(v) The accounts of the Fund will be closed on the last day of the month. The annual closing ofthe account will be on 30tr June of each financial year.
6.
INVESTMENT COMMITTEE.COMPOSITION AND TORS
a)b)c)d)e)
Secretary of the National Heritage and Culture DivisionConcerned Joint Secretary National Heritage and Culture DivisionJoint Secretary (Expenditure) of the Finance DivisionConcerned Deputy Secretary of National Heritage and Culture DivisionConcerned Section Officer of National Heritage and Culture Division
ChairmanMemberMemberMemberSecretary of theCommittee
(i) The Investrnent Committee will make recommendations to the Steering Committee for investnentof seed money of the "Federal Govemment Artist Welfare Fund".(ii) The Investrnent Committee will recommend the seed money for investnent in the best Fofitableschemes in Govemment approved securities in accordance with the Finance Division's O.M dated02-07-2003.(iii) The Investment Committee may monitor the profit on the investment of the seed money at leasttwice in a year.
7. RECO
NCILIATION
(r) The account of the Federal Govemment Artists Welfare Fund shall be reconciled by theNational Heritage and Culture Division on monthly basis with Accountant General PakistanRevenues as per provisions of APPM.(ii) The balance in the fund will be reported by the bank on monthly basis, Bank will intimatedate-wise amount of receipts, and payments from the account to the National Heritage andCulture Division for reconciliation.
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9
10.
The fund and donations to the Fund shall be exempted from all kinds of Taxes.
AUDITThe Federal Govemment Artists Welfare Fund and expenditure there from is subject to audit by theAuditor General of Pakistan. However, intemal check against waste and fraud shall also be carriedout in every financial year as per directions contained in GFR'The objectives, Source of firnding, TORs and composition of Steering Committee approved by theprime Minister to manage the Federal Govemment Artists welfare Fund are added asAnnex-I.
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