Economy

Ministries should be ready to spend from April 1: Jaitley

Our Bureau New Delhi | Updated on January 13, 2018 Published on March 07, 2017

Finance Minister Arun Jaitley with Finance Secretary Ashok Lavasa (left) releasing the Revised General Financial Rules 2017 during the Conference of Financial Advisors at his office in New Delhi on Tuesday   -  PTI

Revised General Financial Rules 2017 released

With a new timeline for the passage of the Union Budget, Finance Minister Arun Jaitley on Tuesday called upon the Financial Advisers of nodal Ministries to ensure that expenditure on schemes and projects start from the beginning of the financial year.

Releasing the Revised General Financial Rules (GFR) 2017, he also stressed that Ministries should be prepared as the funds for various schemes would be available with effect from April 1.

Starting this year, the government has advanced the Union Budget to February 1 to ensure that the Budgetary process is complete by March 31 and funds are available from the start of the fiscal year.

“There are many challenges ahead for the government as a whole to ensure that expenditure on schemes and projects should start from the beginning of the financial year to leverage the early passing of the Budget,” Jaitley stressed.

Meanwhile, the revised GFRs replace the earlier rules of 2005. “The new GFRs 2017 will enable an improved, efficient and effective framework of fiscal management while providing the necessary flexibility to facilitate timely delivery of services,” said Finance Secretary Ashok Lavasa.

A Finance Ministry statement said that the revised GFRs aim to increase efficiency along with accountability. “New rules on non-tax revenues, user charges, e-receipts portal have been added and also the manner in which, autonomous bodies are to be run,” it said.

The GFRs are rules and orders dealing with matters involving public finances. They were first issued in 1947 bringing together all existing orders and instructions pertaining to financial matters.

Published on March 07, 2017
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