Published on: January 7, 2022

PUBLIC FINANCE MANAGEMENT SYSTEM(PFMS)

PUBLIC FINANCE MANAGEMENT SYSTEM(PFMS)

Wekiwa Springs NEWS

http://sasonandpobi.com/category/reviews/home-decor/ PFMS Division of Office of Controller General of Accounts (CGA) under Ministry of Finance organized a workshop on Public Finance Management System (PFMS) to generate awareness among the officials on the functioning and achievements of the system at Jaydev Bhawan in Bhubaneswar.

WHAT

  • Electronic fund tracking mechanism
  • Compiles, collates and makes available in real-time, information regarding all government schemes.
  • Significantly provide government real-time information on resource availability and utilisation across schemes.
  • Allow government expenditure to adopt a Just-in- Time (JIT) approach, with payments made only when they are needed.

HOW WILL IT BENEFIT GOVERNMENT

  • Promoting transparency and bringing about tangible improvements in overall Central Government Financial Management as well as implementation of various Central Government Schemes across the country.
  • Help in complete tracking and monitoring flow of funds to implementing agencies and ensuring timely transfer of funds.
  • Ascertain actual status of utilization of funds by multiple implementing agencies of central and the state governments.
  • Cut need for paper work and in long way help in monitoring and tracking of any unnecessary parking of funds by implementing agencies, thus minimising cases of delay and pending payments to large extent.
  • Help to plug leakages in system and help to manage and maintain data that government can use to develop more scientific approach.