Ranchi, Aug. 5: Development Commissioner-cum-Additional Chief Secretary, Finance and Planning, Amit Khare said that the Finance Division of the state government is going to implement Public Finance Management System (PFMS).
From beginning to end, all financial processes like tracking, monitoring, account, reconciliation and making report of every type are included. This is a due, simple and important means for managing funds for any project through which, one can know fund release or fund utilization.
Khare said that under this system, Just-in-Time Releases and last mile fund utilization can be done. PFMS will be implemented in all central help and central sustainable schemes form immediate effects. At the same time, it will help in direct benefit transfer. He said that for its successful implementation, the following timeframe has been fixed for concerned departments to take steps:
1. Immediate mapping/configuration in PFMS of all central help and central sustainable schemes before August 16.
2. Registration of all Implementing Agencies (IAs) which receive funds from the above mentioned schemes and utilize them with PFMS system before August 16, 2016.
3. For all the already registered implementing agencies, the use of PFMS Expenditure, Advances and Transfer system before October 31, 2016 will be mandatory.
Additional chief secretary Amit Khare said that institutions getting grants must be connected with PFMS system and abide by the above mentioned points. The departments already connected with computer system will be connected with PFMS.
All departments have been given necessary directives for this. The Union Ministry of Finance is also providing the state govt. all technical helps in implementing PFMC.
It should be noted that all the treasuries of Jharkhand government have been already computerized and the New Treasury Code with Cyber Treasury has also been implemented from 01/04/2016.
He said that implementation of PFMS and Direct Benefit Transfer will prove to be crucial in Financial System.