Procedure followed in Decision
Making process including Channel of Supervision and Accountability
of BIS funds
Procedure followed in decision
Rule 17E of Bureau of Indian
Standards Rules, 1987, provides that Moneys belonging to the BIS Fund may, with
the approval of the Director-General or any other Officer authorized in this
behalf, be invested in the form and modes as specified under sub section (5) of
section 11 of the Income-tax Act, 1961(113 of 1961) for investment of income
derived from Property held under trust wholly for charitable or religious
purposes. Towards its achievement, the following procedure is being followed:
The investment is made as per
investment policy guidelines approved by Financial Committee/Executive
Committee and in accordance with provisions of section 10(23)© of the
Income-tax act as applicable from time to time.
A Fund Manager is appointed by
BIS to provide portfolio fund management services to BIS on
As and when surplus funds are
available, Cash section seek the advice of the Fund Manager within the
The Accounts Department after
examination of the recommendations of the Fund Manager submits the proposal
to Investment Cell which consists of Director (Finance) and Director
Investment Cell, submits its
recommendations to Investment Committee.
The Investment Committee
consists of Sc. G & Chief (Certification), Sc. G & Chief (Standardization) &
DDGA as Member and DDGF as Chairman.
The Investment Committee gives
its recommendations to DDGF. In case, the Investment Committee does not
accept the advice of Fund Manager, it records the reasons for the same
before giving its recommendations to DDGF. The Investment is approved by
DDGF who has been delegated with the powers to approve the same.
Investment made is reported
to Financial Committee/Executive Committee of the Bureau as and when their
meetings are held.
of Supervision and accountability:
Dealing Asstt. =>
Section Officer (Cash) => DF => Investment Cell Consisting of DF & DAC
=> Investment Committee => DDGF => Reporting to FC/EC