The Public Financial Management System (PFMS), administered by the Department of Expenditure, is an end-to- end solution for processing payments, tracking, monitoring, accounting, reconciliation and reporting. It provides the scheme managers a unified platform for tracking releases and monitoring their last mile utilisation.
The Finance Ministry has directed all the ministries to bring central sector schemes on the PFMS platform. Registration on the system has been made mandatory for implementing agencies receiving and utilising CSS funds.
"The complete monitoring of these schemes (CSS) will require mandatory registration of all implementing agencies (IAs) on PFMS and mandatory use of Expenditure, Advance & Transfer (EAT) module of the PFMS by all IAs, the Finance Ministry said in a statement.
Prime Minister Narendra Modi recently had emphasized the need for improved financial management in implementation of central plan schemes so as to facilitate just-in-time releases and monitor the usage of funds including information on its ultimate utilisation.
The statement said that central ministries or departments have been directed to complete the full roll-out of PFMS in respect of the ministry/department and attached/ subordinate offices by October 31, 2016, and for all grantee institutions by March 31 2017.
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