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Public Finance Management System to Help Monitor Welfare Funds
October 28 , 2017
2396 days
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- Finance Minister Arun Jaitley said that the mandatory use of Public Finance Management System (PFMS) will help monitor the flow of funds to beneficiaries of different government welfare schemes.
- PFMS, with the capability of providing real time information on
- Resource availability
- flows and actual utilization
- It has tremendous potential to improve programme/financial management, reduce the float in the financial systems by enabling ‘just in time’ releases and also the Government borrowings with direct impact on interest costs to the Government.
- PFMS will progress towards a Government wide Integrated Financial Management System (GIFMIS) – as a comprehensive Payment, Receipt and Accounting System.
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