September 19, 2017 by admin

CoA sends draft resolution to state units for fund release

New Delhi, September 19
The Committee of Administrators (CoA) has instructed all the state units to sign a draft resolution prepared by them in order to get funds for hosting India’s international matches this season.
India are playing an unprecedented 23 international matches including 11 ODIs, 9 T20Is and 3 Test matches against Australia, New Zealand and Sri Lanka.
Already some of the state units have written to CoA that they are facing a funds crunch as they have not received grants from BCCI. Knowing well that it could be a pressure tactic from the defiant state units, CoA has made it clear that non-compliance with regards to the Lodha Committee reforms means that they won’t get the funds. As far as the payments to various third parties — goods and services providers and vendors — are concerned, BCCI will make direct payments and also have the corresponding amounts debited from each unit’s suspense accounts.
The definition of suspense account goes like this: “A suspense account is an account in the general ledger in which amounts are temporarily recorded. It is used because the proper account could not be determined at the time that the transaction was recorded.”