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Hry govt to establish new Non-Banking Financial company: FM

Press Trust of India 

The government will establish a new Non-Financial Company to act as an in-house of surplus funds of public enterprises, autonomous bodies and other state entities.

The company--State Financial Services Ltd--is expected to become operational in the first quarter of 2018-19, the state Minister Capt Abhimanyu said here today.

He said the had decided to restructure its and Audit cadre, to promote highest standards of professional competence in areas of accounting and auditing.

"For this purpose, the of India, Chandigarh, is conducting a study. This will facilitate the cadre to do their job in a more professional manner and eventually result in better management of state finances in government departments as well as public sector enterprises," he said in an official release here.

He said the had set up the 'Swarna Jayanti Institute for Fiscal Management' to provide structured training and research programmes for government officers and officials in the areas of public policy, and financial administration, with specific focus on taxation, budgeting, financial planning, audit and accounts management procedures and policy issues.

Abhimanyu said, a Sustainable Development Goals (SDG) was being set up as a part of the institute with the support of United Nations Development Programme, to implement 'Vision 2030' based on the SDG in

To promote financial discipline, he said the would make a major procedural change by allowing departments and public sector undertakings including autonomous bodies to operate only one or two major accounts with effect from April 2018.

This means that all remaining accounts would have to be consolidated into one or two accounts for efficient utilisation of funds by every department, board, corporation, authority, he added.

He said the has made considerable progress in Treasury Management through implementation of Integrated System and Public Management System for of flow of funds from Government to end user on a real time basis.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, March 11 2018. 21:10 IST
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