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EDC LIMITED GOVERNMENT OF GOA INVESTMENT & FINANCIAL CORPORATION DR.A.B. ROAD, PANAJI – GOA 403 001

EDC WELCOMES ALL GOVERNMENT OFFICIALS FOR A MEETING RELATED TO. LAND ACQUISITION DEPOSITS. EDC LIMITED GOVERNMENT OF GOA INVESTMENT & FINANCIAL CORPORATION DR.A.B. ROAD, PANAJI – GOA 403 001. EDC OVERVIEW.

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EDC LIMITED GOVERNMENT OF GOA INVESTMENT & FINANCIAL CORPORATION DR.A.B. ROAD, PANAJI – GOA 403 001

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  1. EDC WELCOMES ALL GOVERNMENT OFFICIALS FOR A MEETING RELATED TO LAND ACQUISITION DEPOSITS EDC LIMITED GOVERNMENT OF GOA INVESTMENT & FINANCIAL CORPORATION DR.A.B. ROAD, PANAJI – GOA 403 001

  2. EDC OVERVIEW EDC LIMITED IS A STATE LEVEL INVESTMENT & FINANCIAL CORPORATION BY GOVERNMENT OF GOA IN 1975 UNDER COMPANIES ACT 1956. FUNCTIONING UNDER COMPANIES ACT AND OTHER REGULATIONS. ACTIVITIES : • TERM LENDING TO SME/GOVT.DEPT. • CMRY SCHEME • INFRASTUCTURE FINANCE • SUBSIDIARY OPERATIONS • HOUSING AND VEHICLE SCHEMES • PATTO COMPLEX • TRAINING • CENTRE FOR EMPOWERMENT AND EXCELLENCE • SUBSIDY SCHEMES • LAND ACQUISITION DEPOSITS

  3. PROCESS FLOW DEPARTMENTS DEPOSIT RECEIPT Beneficiaries STATUS RECEIPT WITH FILE EDC PAYMENT CHEQUES LAND ACQUISITION CELL Income Tax Dept. REQUEST LETTER TDS

  4. DEPARTMENTS TO EDC • Project Name - Amount in Covering letter with MICR cheque in favour of “ EDC LIMITED “ • EDC Receipt with code • Consolidated Cheques – Breakup of Amounts – Project wise • No revision/modulation of Project Name. • Dept. Name & Address correctly mentioned. • Transfer of Project to other Dept. – Inform EDC • Deposit of Additional Amount – Inform EDC with EDC Code & Project Name. • Identify duplication of amount deposited/clubbing of projects. • Reconcile balance on 31st March every year and reply to EDC balance confirmation letters • Interest paid to GoG.

  5. EDC CODE NO.

  6. EDC CODE NO. DEPT. SR. NO. TALUKA WISE SR.NO.

  7. DEPARTMENT TO L.A. CELL • Receipt with file, etc. • Complete process of land Acquisition- Order/Advertisement • Details of cheques withdrawn/Amount paid/ Amount unpaid. • Reconciliation of balance – Project wise • On completion of project – Obtain refund from EDC if any. • Income tax matter – Obtain PAN Card copy/ I.T.process to be set.

  8. L.A. CELL TO EDC • Letters with Names/Amount with TDS • Letters to be Inward/outward – No bearers • Cheque Validity – 6 Months • Cheque cancelled – Inward - Acknowledgement • Receipt - Mention Opening/Closing balance alongwith Project name & EDC Code. • Mention correct Names/Amount • Cheque issued in 7 working days

  9. AVOID Cheque withdrawal by Bearer. Drawal of unsure payments. Modulation of Project Project Names (mention EDC Code) Expedition of cheque drawal (results in mistakes)

  10. INCOME TAX - TDS Section 194 LA, Payments greater than Rs.1.00 lakh per year. TDS on 10% on amount paid Obtain PAN of payee. Pay TDS online as per required form / process. File returns as required by I. T. Act. Issue TDS Certificates to payees.

  11. THANK YOU Empowering Enterprise in GOA

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