Which of the following statement s about the Public Finance Management System PFMS is are incorrect ...........

Economic Affairs Public Finance and Debt Management

Which of the following statement/s about the Public Finance Management System (PFMS) is/are incorrect?

1. It is an electronic portal developed and implemented by the Office of Controller General of Accounts for financial management of Public programmes.

2. Use of PFMS has been made mandatory for all Central Sector as well as Centrally Sponsored Schemes.

Select the correct answer using codes given below

1 only

2 only

All of the above

None of the above

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Explanation:

Both the statements are correct.
The PFMS scheme has been rolled out by Controller General of Accounts at behest of Union Finance Ministry, Department of Department of Expenditure. It is an electronic fund tracking mechanism compiles, collates and makes available in real-time, information regarding all government schemes.
PFMS is poised to develop as one of biggest financial management systems of the world, critical for bringing about transformational accountability and transparency in promoting overall good governance.
It aims at providing government real-time information on resource availability and utilisation across schemes.
It aims at promoting transparency and bringing about tangible improvements in overall Central Government Financial Management as well as implementation of various Central Government Schemes across the country.
PFMS’s ambit of coverage includes Central Sector and Centrally Sponsored Schemes as well as other expenditures including Finance Commission Grants. In future, Government aims to transform PFMS to Government- wide Integrated Financial Management System (GIFMIS) as a comprehensive payment, receipt and accounting system.