FinMin clears 29 investment proposals worth Rs 2.11 lakh cr

Of these, 3 proposals of Ministry of Power worth Rs 8,612 crore were cleared by the board in 2016

Expenditure Finance Commission (EFC) under Ministry of Finance cleared 29 proposals of various ministries involving expenditure of about Rs 2.11 lakh crore during the last year.

Besides, Public Investment Board (PIB) headed by Expenditure Secretary cleared 12 proposals involving expenditure of Rs 28,673 crore.

Of these, three proposals of Ministry of Power worth Rs 8,612 crore were cleared by the board during calender year 2016.

Proposals of Ministry of External Affairs and Ministry of Road, Transport and Highway involving investment of Rs 7,291 crore and Rs 6,461 crore, respectively, were also cleared, Department of Expenditure under Ministry of Finance said in its year-end review for 2016.

"During the period from January 1 to November 30, 2016, the EFC chaired by Expenditure Secretary recommended 29 investment proposals or schemes of various ministries and departments costing Rs 2,11,049 crore," it said.

With regard to Public Financial Management System (PFMS), it said, this web-based online software application has been fully implemented at the central government level for all plan and non plan scheme releases.

So far 18 lakh (approx) implementing agencies are registered on PFMS and the total number of beneficiaries bank accounts registered in PFMS till November 30 is 19.07 crore.

The primary objective of PFMS is to facilitate a sound Public Financial Management System for Government of India (GoI) by establishing an efficient fund flow system as well as a payment-cum-accounting network, it said.

It further said that PFMS treasury integration is currently operational in 12 states and integration process has been initiated in other states also.

It is expected to be completed by March 31, this year.

During the year, the Controller General of Accounts (CGA) has developed a risk based control framework in the form of Generic Internal Audit Manual to guide the internal audit engagements.

The manual not only explain the complexities associated with the internal audit functions but also facilitates the entire process by providing audit process, templates and guidelines, it said.

Talking about other achievements, Department of Expenditure said that the Centralized Public Grievances Redressal and Monitoring System (CPGRAMS) has been effectively implemented and of so far a total number of 4,475 out of 4,508 grievances have been successfully redressed/disposed.