PFMS - Public Finance Management System

 

PFMS - Public Finance Management System

• A web based online software application

• Developed and implemented by CGA - Controller General of Accounts, Department of Expenditure, Ministry of Finance, Government of India 

 

• Started in 2019 

 

• Object: Tracking funds released under all Plan schemes of Government of India & real time reporting of expenditure. 

 

• Covers all payments, Exchequer control, all receipts, compilation of accounts, preparation of Fiscal Reports

• Interface with the treasury system of all the 28 States and 2 UTs with legislatures.  

 

• Integrated with the core banking system of over 300 Banks in the country.  

 

• Interface with the NPCI - National Payments Corporation of India   

Key takeaways for MCQ

1. PFMS stands for Public Finance Management System 

2. Launched in 2019

3. Developed and maintained by CGA, Department of Expenditure

4. CGA stands for Controller General of Accounts   

5. CGA is a Principal Accounting Officer to the Government of India. (Apex accounting authority in Government of India) 

6. Old name of PFMS is CPSMS - Central Plan Scheme Monitoring System.  

7. NPCI stands for National Payments Corporation of India