Question

What is the online financial management system through which the Government of India monitors the fund flow released to states under various schemes?

Answer 1

Answer:

Online financial management system:

Explanation:

• Public Finance Management System (PFMS) is the online app initiated by the idea of Finance Minister Arun Jaitley.
• This will help in monitoring the fund flow to different beneficiaries of different government welfare schemes.
• Using this app, one can also know the actual status of utilization of funds by the multiple agencies of the central and state governments.
• This app has enormous capability to improve programme/financial management, reduce the float in the financial systems by enabling “just in time” releases and also the government borrowings with direct impact on interest cost.

Answer 2

Answer:

The Public Finance Management System was launched by the finance minister Arun Jaitley. This system will monitor the flow of the funds of different state government welfare schemes. Central government has already launched different welfare schemes for the people and they release the amount through the state government only. But in reality, many people or beneficiaries do not avail such schemes and the central government cannot track or monitor the flow of funds. In this case, this Public Finance Management System will help them to monitor the flow of funds released to state governments.