Govt to come up with updated version of PFMS next fiscal

Government will come up with an updated version of Public Financial Management System (PFMS) in the next fiscal that would integrate financial systems of the states and effectively implement DBT in scholarships and welfare schemes.
In the Budget for 2017-18, government has earmarked Rs 300 crore for revamp of the PFMS with the overall objective of tracking the usage of funds till it reaches the last beneficiary.
The PFMS, also known as Central Plan Scheme Monitoring System (CPSMS), tracks fund disbursement and ensures that state treasuries are integrated with Centre to ensure as and when money is required.
The budgetary allocation, according to 'Output-Outcome Framework for Schemes 2017-18', will be used for "planning for new version of PFMS and finalisation of design and architecture of the new technology-rich platform".

The target of 2017-18 include integration of PFMS with all State Treasuries and implementation of DBT for welfare and scholarship schemes.
The Expenditure Department will work towards developing bank interface, including that of cooperative and regional rural banks, for facilitating payments.
It also said that at least 90 per cent of all Pension Accounting office (PAOs) and 20 per cent of all Drawing & Disbursing Officers (DDOs) are to be covered for receipt and payment functions under PFMS by the end of next fiscal.
Under PFMS, a mobile app will be developed for wider dissemination of information to citizens.