CURRENT AFFAIRS

Detailed explanation-1: -Ministry of Finance, under the Central Scheme for Treasury Modernisation has mandated compulsory interface of State Treasury Systems with PFMS.

Detailed explanation-2: -The Comptroller and Auditor General (CAG) of India is the guardian of the public purse and controls the entire financial system of the country at both the levels – the Centre and the state.

Detailed explanation-3: -The Public Financial Management System (PFMS) is a web-based online software application developed and implemented by the Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance, Government of India.

Detailed explanation-4: -The Public Financial Management System (PFMS) is a web-based application for payment, accounting and reconciliation of Government transactions and integrates various existing standalone systems. The primary objective of PFMS is to establish an efficient fund flow system and expenditure network.

Detailed explanation-5: -The role of government is wide as it manages various aspects like managing and repayment of the timely debt, managing the assets, and the investment by the government to decide the value of holding and benefit from it.