General Financial Rules 2017 Quiz | General Financial Rules 2017 Objective Type Questions and Answers

(i) losses due to theft or fraud

(ii) losses due to neglect

(iii) anticipated losses on account of obsolescence of stores or of purchases in excess of requirements

(iv) losses due to damage

i. Surplus or obsolete or unserviceable goods of assessed residual value above Rupees 2,00,000 should be disposed of by either obtaining bids through advertised tender or public auction.

ii. For surplus or obsolete or unserviceable goods with residual value less than Rupees 200000, the mode of disposal will be determined by the competent authority

iii. Certain surplus or obsolete or unserviceable goods such as expired medicines, food grain, ammunition etc., which are hazardous or unfit for human consumption, should be disposed of or destroyed immediately by adopting suitable mode so as to avoid any health hazard and/or environmental pollution and also the possibility of misuse of such goods.

iv. Surplus or obsolete or unserviceable goods, equipment and documents, which involve security concerns (e.g. currency, negotiable instruments, receipt books, stamps, security press etc.) should be disposed of/ destroyed in an appropriate manner to ensure compliance with rules relating to official secrets as well as financial prudence.