GOVERNOR INAUGURATES INTEGRATION OF CHANDIGARH TREASURY WITH PUBLIC FINANCE MANAGEMENT SYSTEM
Author(s): City Air NewsCHANDIGARH, OCTOBER 3, 2016: The Punjab Governor and Administrator, UT, Chandigarh, Shri V.P.Singh Badnore today inaugurated the integration of the Chandigarh Treasury office with the Public Financial Management...
CHANDIGARH, OCTOBER 3, 2016: The Punjab Governor and Administrator, UT, Chandigarh, Shri V.P.Singh Badnore today inaugurated the integration of the Chandigarh Treasury office with the Public Financial Management System (PFMS) at Punjab Raj Bhavan. Other dignitaries present at the occasion were Sh.Parimal Rai, Adviser to Administrator, Mr.M.P. Singh, Additional Chief Secretary to Governor, Mr.Sarvjit Singh, Finance Secretary, Ms Sofia Dahiya, Joint controller General of Accounts, Mr.Jatinder Yadav, Special Secretary Finance, Mr.Rajiv Tewari, Treasury Officer and other senior officials of the UT, including the UT NIC team headed by Mr.Vivek Verma, SIO.
Giving more details regarding the system, Ms Sofia Dahiya, Joint controller General of Accounts, said that PFMS, administered by the Controller General of Accounts, D/o Expenditure, M/o Finance, Government of India, is a transformational Public Financial Management (PFM) project. It provides an end to end solution for processing payments electronically, tracking, monitoring, accounting, reconciliation and reporting of transactions. The system provides scheme managers a unified platform for tracking releases of funds to implementing agencies and monitoring their last mile utilisation.
She said the objective of the Government of India (GOI) is to promote fiscal discipline through an effective Public Financial Management System in both the Union and State Governments. Realtime electronic payments, faster credit to beneficiary accounts and availability of transactional data for management analysis promotes sound PFM and good Governance, the Governor said.
The integration would result into real time electronic data exchange between the two systems that will enable the Chandigarh Treasury to make real time electronic payments to beneficiaries through the banking system.