Question
Consider the following statements regarding the "Public Finance Management System (PFMS)":
Select the correct answer using the code given below:
- It comes under the office of Controller General of Accounts, Ministry of Finance
- It comes under the Department of Expenditure, Ministry of Finance
- It is an end to end online solution for processing payments, reconciliation and reporting of central schemes
- It tracks fund utilization up to the last mile for central schemes
Select the correct answer using the code given below:
Answer: Option B
Answer: (b)
The Public Finance Management System (PFMS) comes under the office of Controller General of Accounts, Ministry of Finance. It is an end-to-end online solution for processing payments, tracking, monitoring, accounting, reconciliation and reporting.
The Centre has integrated the treasuries of almost all states into the PFMS to track fund utilization up to the last mile as well as transfer funds “just-in-time” for central schemes.
Integration of State treasuries has virtually wiped out the indefinite parking of central funds at the state level.
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Answer: (b)
The Public Finance Management System (PFMS) comes under the office of Controller General of Accounts, Ministry of Finance. It is an end-to-end online solution for processing payments, tracking, monitoring, accounting, reconciliation and reporting.
The Centre has integrated the treasuries of almost all states into the PFMS to track fund utilization up to the last mile as well as transfer funds “just-in-time” for central schemes.
Integration of State treasuries has virtually wiped out the indefinite parking of central funds at the state level.
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