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Price Variation in Quoted Price and Actual Publisher Price

We have received sanction for purchase of 48 nos of books with an amount of Rs.5,38,000/- from our head quarters. Now problem is Supplier is supplied books only 40 nos for the amount of Rs.5, 20,000/; balance 8 nos of books is out of print. I checked books price, some of the books publishers price is varied from our supply order (publisher price proof attached in each book). At the time of quotation GOC rate was less than of the rate on the date of supply i.e. Nov, 2018. So, GOC Rate changes is acceptable.

Now, my question is price variation due to publishers prices increased for foreign currency books acceptable or not?

Does it will raise any auditing objection in future?

Please clarify.

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Permalink Reply by Munesh Kumar on December 12, 2018 at 20:56

Dear Madam, 

You may find answers in the following points,

  • If you have an order to buy the specified number of books(like 48 in your case) then you have to buy all of them.
  • In this case, you must confirm from multiple vendors and place the order with a vendor who offers a high discount, less supply time.
  • GOC conversion system is good as it is recommended by GOC Committee but in this kind of cases where the budget is closed(also seems lesser) libraries must adopt the bank (RBI) rate conversion system or ask vendors to quote princes only in Rupees.
  • If you are thinking that rest all eight books can't be purchased in left amount, I would suggest cancelling the order and calling a fresh quote or you can ask for more budget. 
  • If a purchase order is released, then the payment has to be made as per the purchase order prices. Any update in the purchase order such as the inclusion of taxes is subject to the approval of the purchase order issuing authority.
  • Auditor's audit remarks depend on the rules if no rules then universally acceptable logic.

But, you must be having some terms and conditions, supplied by your headquarter for expending the sanctioned amount refer them or contact headquarter and update them regarding the situation.

Thank you.

Permalink Reply by Baby Kamala M on December 13, 2018 at 0:58
Sir,
Thank You For your reply. I contacted my Head Quarter regarding that issues. They said additional sanction asked for excess amount of 40 books. Thank you sir.

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