Dear Sirs,
I work in a Private University in its HR Dept; interventions are a difficult thing here. Many of the procedures followed are rudimentary. One such thing is the use of ACQUITTANCE ROLL.
As far as I understand and my knowledge goes, it is no more relevant in todays times with accounting procedures having totally overhauled through electronic remittance of salary and disbursal through banks.
I seek your advise on this as I try to do away with the Acquittance Roll.
Thanks and regards
Jeevachandran

From India, Delhi
Dear Jeevachandran,
Your observation may be partly correct in view of the ease and comfort of the electronic financial transactions and changes in accounting procedures accordingly. However, legal compliance is altogether different. For example, the Payment of wages Rules,1936 require maintainence of wages register and issue of wages slips to employees. Moreover, sec.6 of the PW Act,1936 requires payment of wages in current coins only and mandates other modes like cheques or electronic transfer only with the written authorisation of the employees. Aquittance Rolls being the hard copy of the disbursement of salary/wages, they are safe from electronic hazards. After all, your hands are the best and ultimate weapon in the physical combat when you lose all other armour!

From India, Salem
I may be wrong, but Corporate Governance does not require such signed copes be preserved. Also, as I know accounting norms set by the "Institute of Chartered Accountants" also exempt corporates on this. I may please be corrected if I am wrong.
Regards,

From India, Pune

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