Mandatory use of Public Finance Management System (PFMS) for all

(PFMS) for all Central Sector Schemes

Question: How many Central Sector Schemes have come under the purview of the Public Finance Management System (PFMS) for all Central Sector Schemes?
(a) 10
(b) 12
(c) 13
(d) 15
Answer- (c)
Related Facts:

  • On 27th October, 2017, the Union Finance Minister, Shri Arun Jaitley launched the mandatory use of Public Finance Management System (PFMS) for all Central Sector Schemes in the National Capital Region.
  • It would help in tracking and monitoring the flow of funds to the implementing agencies.
  • Due to the monitoring of funds through PFMS, one can know the actual status of utilization of funds by the multiple implementing agencies of the Central and the State Governments.
  • PFMS would not only help in complete tracking of funds but would also ensure just in time transfer of funds.
  • It is notable that 13 Central Sector Schemes are now under PFMS.
  • Schemes through PFMS have brought transparency in system and helped in easy transfer and tracking of funds.

Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=171984
https://economictimes.indiatimes.com/news/economy/policy/mandatory-use-of-pfms-to-help-monitor-fund-flow-to-schemes-finance-minister-arun-jaitley/articleshow/61278917.cms