Inland Waterways Authority of India (Amendment) Rules, 2020

MINISTRY OF SHIPPING
NOTIFICATION
New Delhi, the 13th July, 2020

G.S.R. 440(E).In exercise of the powers conferred by section 23 read with clause (g) of sub-section (2) of section 34 of the Inland Waterways Authority of India Act, 1985 (82 of 1985), the Central Government hereby makes the following rules further to amend the Inland Waterways Authority of India Rules, 1986 namely:-

1. (1) These rules may be called the Inland Waterways Authority of India (Amendment) Rules, 2020.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Inland Waterways Authority of India Rules, 1986 –

in rule 28, for sub-rule (2), the following sub-rule shall be substituted, namely:-

“(2) The Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts, including Balance Sheet, Income and Expenditure Account and Receipts and Payments Account in form C‑ 1 A, C-2A and C-3A, respectively”.

(b) Form C-1, C-2 and C-3 shall be substituted by form C-1A, C-2A and C-3A respectively.

[F. No. G-25020/3/201 6-IWT]
RAJAT SACHAR, Senior Economic Advisor

Note: The principal Rules were published in the Official Gazette of India, Extraordinary, Part II, Section 3, sub­section (ii), vide notification number G.S.R. 1275(E) dated 10^th December, 1986 and subsequently amended vide G.S.R. 551(E), dated 22^nd May, 192 and G.S.R. 449 dated 10^th October, 2002.

Form C-1A

[See rule 28 (2)]

INLAND WATERWAYS AUTHORITY OF INDIA

BALANCE SHEET AS AT 31st MARCH 20……

PARTICULARS	SCHEDULES	CURRENT YEAR	PREVIOUS YEAR
I. SOURCES OF FUND
(i) CORPUS/CAPITAL	3
(a)  CAPITAL U/S 11 (1) (C) OF IWAI ACT
(b) IWAI FUND U/S 19 OF IWAI ACT
(ii) RESERVES & SURPLUS	4
(iii) EARMARKED/ENDOWMENT FUNDS	5
(iv) NON CURRENT LIABILITIES AND PROVISIONS
(a) LONG – TERM BORROWINGS	6
(b) OTHER NON CURRENT LIABILITIES	7
(c ) LONG TERM PROVISIONS	8
(v) CURRENT LIABILITIES & PROVISIONS
(a) SHORT TERM BORROWINGS	9
(b) SUNDRY CREDITORS	10
(c) OTHER CURRENT LIABILITIES	11
(d) PROVISIONS	12
TOTAL
II. APPLICATION OF FUND
(i) FIXED ASSETS	13
(a) TANGIBLE ASSETS GROSS BLOCK
LESS: DEPRECIATION
(b) INTANGIBLE ASSETS GROSS BLOCK
LESS: DEPRECIATION
(c) CAPITAL WORK – IN – PROGRESS	14
(d) INTANGIBLE ASSETS UNDER DEVELOPMENT	14
(ii) NON CURRENT ASSETS, LOANS AND ADVANCES
(a) NON CURRENT INVESTMENTS	15
(b) DEPOSITS, LOANS AND ADVANCES	16
(c) OTHER NON CURRENT ASSETS	17
(d) MISCELLANEOUS EXPENDITURE ( to the extent not written off or adjusted)
(iii) CURRENT ASSETS, LOANS AND ADVANCES
(a) CURRENT INVESTMENTS	18
(b) INVENTORIES	19
(c) SUNDRY DEBTORS	20
(d) CASH AND CASH EQUIVALENTS	21
(e) DEPOSITS, LOANS AND ADVANCES	22
(f) OTHER CURRENT ASSETS	23
TOTAL
Note: (A) Significant Accounting Policy (B)Notes to accounts forms an integral part of the financial statements	1 2

Form C-2A
[See rule 28 (2)]
INLAND WATERWAYS AUTHORITY OF INDIA

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH, 20————

(Amount in Rs.)

PARTICULARS	SCHEDULE S	CURREN T YEAR	PREVIOUS YEAR
I. INCOME
(a)  REVENUE GRANTS/SUBSIDIES
– FROM CENTRAL GOVERNMENT
– FROM STATE GOVERNMENT(S)
– INTERNATIONAL ORGANIZATIONS
– OTHERS (SPECIFY)
(b)  TRANSFERRED FROM IWAI FUND
(c) OTHER INCOME (NATURE TO BE SPECIFIED)
TOTAL INCOME (A)
II. EXPENDITURE
(a) OPERATIONAL & MAINTENANCE EXPENSES	24
(b) PERSONNEL & ADMINISTRATIVE EXPENSES	25
(c) FINANCE CHARGES	26
(d) DEPRECIATION	13
(e)   SUBSIDIES
(f)   EXPENDITURE ON GRANT, SUBSIDIES ETC.
TOTAL EXPENDITURE (B)
EXCESS OF INCOME OVER EXPENDITURE/EXCESS OF EXPENDITURE IF IT EXCEEDS INCOME (A-B)
ADD/LESS: PRIOR PERIOD ITEMS	27
ADD/LESS: EXTRAORDINARY ITEMS
ADD/LESS: TRANSFER TO/FROM SPECIAL RESERVES (NATURE TO BE SPECIFIED )
ADD/LESS: TRANSFER TO/FROM GENERAL RESERVE
BALANCE BEING SURPLUS/ (DEFICIT) TRANSFERRED TO IWAI FUND
Note: (A) Significant Accounting Policy (B)Notes to accounts forms an integral part of the financial statements	1 2

Form C-3A
[See rule 28 (2)]

INLAND WATERWAYS AUTHORITY OF INDIA

RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31st MARCH 20__

(Amount in Rs.)

PARTICULARS	CURRENT YEAR	PREVIOUS YEAR
RECEIPTS
(I) OPENING BALANCE
(a) CASH IN HAND
– INR
– FOREIGN CURRENCY
(b) STAMPS IN HAND
(c) CASH WITH BANK
(d) SHORT TERM DEPOSIT WITH BANK
(e) REMMITANCE IN TRANSIT
(II) GRANTS RECEIVED
(a) FROM CENTRAL GOVERNMENT
(b) FROM STATE GOVERNMENT
(c) INTERNATIONAL ORGANIZATIONS
(d) OTHER GRANTS (NATURE TO BE SPECIFIED)
(III) RECEIPT FROM BORROWINGS
(a) FROM BONDS/SECURITIES
(b) FROM LOANS
(c) FROM OTHERS (NATURE TO BE SPECIFIED)
(IV) INTERNAL RECEIPTS
(a) RENT RECEIVED
– RENTAL INCOME (BUILDING)
– RENTAL INCOME (OTHER TO BE SPECIFIED)
(b) INTEREST INCOME RECEIVED
– INTEREST ON SHORT TERM DEPOSITS
– INTEREST ON STAFF ADVANCE
– INTEREST ON MOBILISATION ADVANCE
– OTHER INTEREST RECEIVED (TO BE SPECIFIED)
(c) OTHER INTERNAL RECEIPTS (NATURE TO BE SPECIFIED)
– INCOME FROM INVESTMENTS
– CONSULTANCY CHARGES
– WATERWAY USES CHARGES
– BERTHING CHARGES
– TOWAGE CHARGES
– PILOTAGE CHARGES
– TERMINAL CHARGES
– TRANSIT SHED CHARGES
– MOVEMENT OF OVER DIMENSIONAL CHARGES (ODC)
– CRANE (INCLUDING PONTOON CRANE) HIRE CHARGES
– CONTAINER CRANE CHARGES
– FORK LIFT CHARGES
– ELECTRIC SUPPLY TO THE VESSEL
– WHARFAGE
– DEMURRAGE
– SALE OF TENDER FORMS
– PROTOCOL FEES
– SALE OF NAVIGATION CHARTS
– VESSELS HIRE CHARGES
– HOSTEL ETC CHARGES
– TUTION FEES
– UNIFORM CHARGES
– RECEIPTS ON SALE OF FIXED ASSETS
– SECURITY DEPOSITS RECEIVED
– EARNEST MONEY RECEIVED
– RECOVERY OF ADVANCES
– RECEIVED FROM DEBTORS
– RECEIVED FROM NPS TRUST
– MISCELLANEOUS RECEIPTS
TOTAL
PAYMENTS
(I) EXPENDITURES
(a) OPERATIONAL AND MAINTENANCE EXPENSES
(b) PERSONNEL EXPENSES
(c) FINANCE CHARGES
(d) PRIOR PERIOD EXPENSES
(II) REPAYMENTS OF BORROWINGS
(a) REPAYMENTS OF BOND/SECURITIES
(b) REPAYMENTS OF LOAN
(III) INVESTMENTS & DEPOSITS MADE
(a) OUT OF EARMARKED FUNDS.
(b) OUT OF OWN FUNDS.
(IV) EXPENDITURE ON FIXED ASSETS & CAPITAL WORK-IN-PROGRESS’
(a) PURCHASE OF FIXED ASSETS
(b) EXPENDITURE CAPITAL WORK-IN-PROGRESS’
(V) PAYMENTS OF LOAN & ADVANCE
(a) HOUSE BUILDING ADVANCE
(b) DEPARTMENTAL ADVANCE
(c) TRAVELLING ADVANCE
(d) LTC ADVANCE
(e) MEDICAL ADVANCE TO STAFF
(f) PERSONAL COMPUTER (P.C) ADVANCE
(g) OTHER ADVANCE TO STAFF
(h) ADVANCE TO SUPPLIERS & CONTRACTORS
(VI) REFUND OF UNUTILISED GRANTS/ SUBSIDY
(a) TO THE GOVT. OF INDIA
(b) TO THE STATE GOVT.
(c) TO OTHER PROVIDERS OF FUNDS
(VII) OTHER PAYMENTS
(a) REFUND OF SECURITY DEPOSIT
(b) REFUND OF EARNEST MONEY
(c) SECURITY DEPOSIT PAID
(d) DUTIES AND TAXES PAID
(e) PREPAID EXPENSES
(f) PAYMENT TO MINISTRY OF SHIPPING (INTERNAL RECEIPT)
(g) PAYMENT OF PENSION CONTRIBUTION
(h) PAYMENT ON BEHALF OF THIRD PARTY
(i) PAYMENT ON GPF CONTRIBUTION
(j) PAYMENT ON GPF ADVANCE RECOVERY
(k) PAYMENT OF WITHELD TAXES
(l) PAYMENT TO CONTRACTORS & SUPPLIERS
(m) PAYMENT OF BOND RELATED EXPENSES
(n) PAYMENT OF VERIOUS RECOVERIES TO RELATED DEPARTMENTS
(VIII) CLOSING BALANCE
(a) CASH IN HAND
– INR
– FOREIGN CURRENCY
(b) STAMPS IN HAND
(c) CASH WITH BANKS
(d) SHORT TERM DEPOSIT WITH BANK
(e) REMMITANCE IN TRANSIT
TOTAL

SCHEDULE -1 SIGNIFICANT ACCOUNTING POLICIES

1. Basis of Preparation of Financial Statements. – The financial statements shall be prepared in accordance with Indian Generally Accepted Accounting Principles under the historical cost convention on the accrual basis and the applicable accounting standards issued by the Institute of Chartered Accountants of India except otherwise reported, as these accounting policies and standards have been consistently applied.

2. Credit to, and debit from fund.- (1) The following shall be credited into the Fund, namely:-

(a) any grants received from the Government(s) for acquiring assets, development and maintenance of infrastructure facility;

(b) all fees, charges and other internal receipts received by the Authority;

(c) all sums received by the Authority from such other sources as may be decided upon by the Central Government;

(d) any other grants received by the Authority; and

(e) any surplus of Income and Expenditure Account.

(2) The following shall be debited from the Fund, namely:-

(a) any amount payable to the Government of India as per their instructions;

(b) amount equivalent to depreciation on fixed assets which are purchased out of grants;

(c) book value of fixed assets, which is sold or written off during the year and the assets that have been purchased earlier out of grant;

(d) any deficit of Income and expenditure Account.

3. Treatment of Grants. – (1) Government grants related to revenue used for personnel and general administrative expenses and any other grants specified as revenue grants shall be recognised in the Income and Expenditure Accounts as revenue grants.

(2) The Government grants related to acquisition of assets, development and maintenance of infrastructure and other related activities shall be credited to the Fund and Deferred Income Method of accounting shall be adopted for such grants.

4. Manner of accounting of fixed assets. – The following manner shall be adopted for accounting of fixed assets, namely:-

(a) any fixed asset, including property, plant and equipment shall be assessed initially at the cost of acquisition or construction which shall also include any cost directly attributable to bringing the assets to the location or condition necessary for it to be capable of operating in the manner intended;

(b) after deducting accumulated depreciation or amortization and accumulated impairment losses, if any, from the initial assessed cost of fixed assets, the net cost shall be carried forward to the next year;

(c) property, plant and equipment shall be capitalised on the date of transfer of ownership or the date of putting it to use, whichever is earlier;

(d) cost of material, construction or erection charges and other expenses incurred for the construction of fixed assets shall be shown as Capital- Work-in-progress based on progress of construction or erection work till the date of capitalisation;

(e) depreciation shall be –

(i) charged on straight line method of depreciation;

(ii) provided at the rates and in the manner specified in Schedule II of the Companies Act 2013 (18 of 2013) using the useful lives and residual values as basis, except where the useful life of the asset is otherwise specified by the Authority;

(iii) provided on the pro-rata time proportion basis in case of the new assets acquired or disposed of during the year;

(f) intangible assets shall be amortized over their respective individual estimated useful lives on straight line method, commencing from the date when such asset is available to the Authority for it’s use, but not exceeding a period of ten years.

5. Inventory valuation – Inventories such as stores, spares and tools, including machinery spares shall be valued at cost.

6. Revenue Recognition – All revenue shall be recognised on accrual basis.

7. Investment – Investments classified as “long term Investments” shall be carried at cost and provision for decline, other than temporary, have been made in carrying cost of such investments.

8. Lease – Lease rental shall be booked as expenditure as per lease terms.

9. Retirement benefits – Provision for all employee’s benefits shall be created as per applicable Accounting Standard-15.

10. Prior period item – The details of prior period items, being income or expenditure of more than rupees 25000/- which arise in the current period as a result of errors or omissions in the preparation of the financial statements of one or more prior periods shall be separately disclosed in the statement of income and expenditure account in such manner that their impact on the current surplus or deficit can be perceived in accordance with the provisions of applicable Accounting Standard.

11. Treatment of expenditure – (1) Expenditure on hydrographic survey, studies including feasibility study, detailed project report, environmental impact assessment and social impact assessment, bandalling, bottom‑ paneling, dredging, operation and maintenance of terminals, temporary structure in channel marking, maintenance of vessels and such other expenditure shall be treated as revenue expenditure.

(2) Expenditure on creation of permanent structures in channel marking, terminal construction and land, cost of vessels, survey launches, tugs, barges, dredgers, and such other expenditure shall be treated as capital expenditure.

(3) Salary, wages and other administration expenses incurred on various projects of waterways shall be allocated to respective waterways as per deployment.

12. Provision for bad or doubtful debts – Provision for bad and doubtful debts shall be recognised on the basis of management estimates which may be based upon the past experience of the management and any event or dispute arising with the debtors.

13. Contingent liabilities and contingent assets – (i) A provision shall be recognised if, as a result of a past event, the authority has a present legal obligation that can be estimated reliably, and it is probable that an outflow of economic benefits shall be required to settle the obligation;

(ii) provisions shall be determined by the best estimate of the outflow of economic benefits required to settle the obligations at the reporting date;

(iii) where no reliable estimate can be made, a disclosure shall be made as contingent liability;

(iv) a disclosure for a contingent liability shall also be made when there is a possible obligation or a present obligation that may, but probably may not, require an outflow of resources;

(v) contingent assets shall neither be recognised nor disclosed in the financial statements.

14. Foreign currency transactions – Foreign exchange transactions relating to purchase or acquisition of, or in relation to, fixed assets, goods and services shall be accounted for at the exchange rates prevailing as on the date of such transaction.

SCHEDULE -2 “NOTES TO ACCOUNTS SHALL FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS”

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