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Sub No.16:– Amount of excess recoveries lying in Suspense Account – Decision -
Regarding

File No. EB2/ 07/TTD ECCS /2022

The TTD Employees Co-op Credit Society Ltd was established for serving TTD
employees. The staff of TTD enroll themselves as members of the Society by depositing
their Share Capital and Thrift amount. After becoming a regular member, needy
members are availing secured loans & Addl.HBL. The society raises monthly demand of
THRIFT and LOAN amount as per the consent given by the member i.e., no of
installment and amount of each installment to be recovered from their salary and send to
the concerned Drawing & Disbursing Officers. On receiving demand from the society,
the DDOs recover the demand amount of Thrift and loan amounts (Principal, interest and
penal interest, if any) and send the consolidated recovered amounts to the society. At
times, recoveries are not effected as per demand, i.e. either short recoveries are noticed
or sometimes, excess recoveries are noticed.

Such excess recoveries are made by the DDOs for the reasons that they prepare
pay bills even before receipt of consolidated monthly demand of particular institution from
the society or effecting recovery as in every month basing on previous month’s demand
even after clearance of loan amount by any particular loanee member and similarly
recovering amount even after cancellation of membership by any particular member.

As per procedure being followed in the society, any such excess recovered
amount which is meager i.e. less than Rs.2,000/- will be credited Thrift fund account of
such member whereas, if the excess recovered amount is more than Rs.2,000/-, it will be
refunded to the member by remitting to the salary account of the member during drawl of
salary during the month. The amount so recovered and received in excess to the
demand will be refunded whenever particular member notices the same and claim for
refund, subject to condition of furnishing Xerox copy of pay-slip and salary bank pass
book. The society is refunding the excess recovered amounts whose details are
available but could not refund the amounts when details are not forthcoming.

At present, the excess recoveries are noticed very less except in some rare
cases. While so, the unclaimed amounts of excess recoveries are lying in the society
under Suspense Account. The available registers were computerised and prepared the
list in which certain memberships were already cancelled.
As per the audited statement, the total amount of excess recoveries i.e. amount
due to the members is as follows.

S.No. Financial Year Due to Members (Excess recovered)
1 2003-04 21,55,518-53
2 2004-05 21,86,828-53
3 2005-06 22,08,527-53
4 2006-07 25,08,870-53
5 2007-08 26,61,441-53
6 2008-09 25,69,956-53
7 2009-10 27,52,701-43
8 2010-11 29,52,419-43
9 2011-12 32,24,789-63
10 2012-13 38,71,918-63

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