MINISTRY OF LAW AND JUSTICE
(Department of Legal Affairs)
NOTIFICATION
New Delhi, the 21st June, 2022
G.S.R. 464(E).— In exercise of the powers conferred by clause (f) of sub-section (2) of section 30 read with sub-section (1) of section 26 of the New Delhi International Arbitration Centre Act, 2019 (No. 17 of 2019) the Central Government hereby makes the following rules relating to the annual statement of accounts, including the balance sheet of the Centre, namely:—
1. Short title and commencement. – (1) These rules may be called the New Delhi International Arbitration Centre (Form of Annual Statement of Accounts) Rules, 2022.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. Definitions– (1) In these rules unless the context otherwise requires,-
(a) ‘Act‘ means the New Delhi International Arbitration Centre Act, 2019;
(b) ‘Centre’ means the New Delhi International Arbitration Centre established and incorporated under section 3;
(c) ‘Form’ means form annexed to these rules;
(d) ‘Fund’ means the Fund of the Centre to be maintained under section 25 of the Act;
(e) ‘Schedule’ means the Schedule annexed to these rules;
(f) ‘Year’ means a financial year beginning on 1st day of April and ending on 31st day of March of the immediately following year.
(2) All other words and expressions used herein but not defined shall have the same meanings respectively assigned to them in the Act.
3. Maintenance of accounts and records.- The Centre shall maintain its accounts and prepare its annual statement of accounts, balance sheet, receipt and payment account and income and expenditure statement in the Forms of financial statements as specified in Forms ‘A‘, ‘B‘ and ‘C‘ and Schedules 1 to XXIII annexed to these rules.
4. Incurring of Expenditure by the Centre.- The Centre shall follow the provisions of General Financial Rules, 2017 while incurring or authorising any expenditure.
5. Preparation and submission of annual statement of accounts of the Centre.-
(i) At the end of every financial year, the Centre shall prepare its annual statement of accounts, balance sheet, receipt and payment account and income and expenditure statement in Forms ‘A‘, ‘B‘ and ‘C‘ and the Schedules I to XXIII annexed to these rules.
(2) The annual statement of accounts balance sheet, receipt and payment account and income and expenditure statement of the Centre along with the Schedules I to XXIII shall be authenticated by the Chief Executive Officer of the Centre or the Chairperson of an Audit Committee constituted with the approval of Chairperson of the Centre for this purpose.
(3) The Accounts statements shall then be approved by the Chairperson of the Centre and forwarded to the Comptroller and Auditor General of India, for the purposes of audit, within three months of the end of the financial year.
(4) The duly audited annual statement of accounts and balance sheet of the Centre as certified by the Comptroller and Auditor General of India along with the audit report thereon for every financial year shall be forwarded by the Centre to the Central Government for laying before both the Houses of Parliament.
[F.No. A-60011/97/2019-Admn.III(LA)(Pt.1)]
SUNITA ANAND, Jt. Secy. & Legal Adviser
