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TMI Blog47th Civil Accounts Day to be celebrated tomorrow in New DelhiX X X X Extracts X X X X X X X X Extracts X X X X ..... 47th Civil Accounts Day to be celebrated tomorrow in New Delhi - News and Press Release Dated:- 28-2-2023 - News - The 47 th Civil Accounts Day will be celebrated here tomorrow to mark the foundation of Indian Civil Accounts Service at Dr. Ambedkar International Centre, Janpath, New Delhi. Union Minister of State for Finance Shri. Pankaj Chaudhary will be the Chief Guest on the occasion.Union F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inance Secretary Dr T.V. Somanathan will also address audience during the celebrations. The Indian Civil Accounts Service (ICAS) was constituted in 1976, consequent to a historical reform in public financial administration when the maintenance of Accounts of the Union Government was separated from that of Audit. Consequently, the Comptroller and Auditor General of India was divested with this r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esponsibility. Two Ordinances i.e., the Comptroller and Auditor General s (Duties, Powers and Conditions of Service) Amendment Ordinance, 1976 and Departmentalisation of Union Accounts (Transfer of Personnel) Ordinance, 1976 were promulgated by the President of India on March 1, 1976 to initiate the process of separation of accounts from audit and paving the way for departmentalised accounts. Cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equently, every year on 1 st of March, organization celebrates its foundation day. The Controller General of Accounts is the Principal Accounting Advisor to the Government of India and oversees the payment and accounting system of the country. The organisation ensures financial accountability through accounts and assists the executive in informed decision making. Since its inception the Indian ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Civil Accounts Organisation has steadily grown in stature and now plays an important role in strengthening of governance through excellence in the management of public finances of the Union Government. The mission of the organisation is to administer an effective, credible and responsive system for budgeting, payment, accounting and pension disbursements. The aim has been to provide a world class ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and robust Government wide integrated financial information system and Decision Support System (DSS) in the Ministries. Besides, the organisation has strived to develop a new paradigm of Internal Audit for improved transparency and accountability. The organisation has accorded top priority to the promotion of professional integrity and competence through a dedicated and motivated work force. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Civil Accounts Organisation over the years have travelled a long way from manual to electronic system. Public Financial Management System (PFMS) a web-based portal which started as a Plan Scheme Monitoring System has now expanded to cover various dimensions of Public Financial Management of the Government. PFMS under its new avatar has evolved as a key to financial administration in the countr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y. Value added services for the Government such as Direct Benefit Transfers, processing of GST refunds, monitoring of funds released to states through treasury integration, automating non-tax receipts through Non-Tax Receipt portal etc. have been provided by PFMS. The PFMS has emerged as a major enabler of public financial management reform in the country. PFMS has ensured integration of daily, mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nthly and annual accounting processes for real time value added financial reporting of Union Government and has facilitated formulation of Government policies/programs and their execution. The PFMS has reformed the cash and debt management of the country through its new initiatives such as Treasury Single Accounts (TSA) System for other central expenditure, Central Nodal Agency (CNA) mechanism ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for Central Sector Scheme and Single Nodal Agency (SNA) for Centrally Sponsored Schemes. The staggered and Just in Time release of funds has improved the cash management in the country and has helped in reducing the borrowing costs. PFMS has ensured integration and streamlining of fund flow from Central and State Governments and to the implementing agencies and ensuring better delivery of end ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tcomes in the schemes. The revision of Receipt and Payment Rules has facilitated the implementation of e-bill system, implementation of Treasury Single Accounts System and modification of funds flow in Central Sector and Centrally Sponsored Schemes has re-engineered the financial administration of the schemes and has ensured transparency and accountability in the system. The internal audit func ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion performed by Civil Accounts Organisation adds value to the executive wing by a systematic evaluation of processes and systems and helps in strengthening controls in the organisation. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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