Government to universalise the use of Public Financial Management System

NEW DELHI: The government has decided to universalise the use of Public Financial Management System ( PFMS) for all transactions or payments under the Central Sector Schemes, as it looks to facilitate just-in-time releases and monitor the usage of funds including information on its ultimate utilization.

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 utilization.

"The implementation plan covers the complete universe of Central Sector Schemes," a finance ministry statement said on Friday.

The Department of Expenditure has issued detailed instructions to ministries to integrate their systems and applications with the PFMS.

Central ministries and departments have been directed to complete the full roll-out of PFMS by 31stOctober, 2016, and for all grantee institutions by 31st March 2017

The Central Project Monitoring Unit of PFMS will assist the ministries in registration of Implementing Agencies for the Central Sector Schemes, the statement said.