J&K achieves 100% Operationalisation of PFMS on Single Nodal Account Model

Srinagar: In accordance with the instructions issued by the Ministry of Finance, Government of India, J&K has achieved 100 percent operationalisation of Central schemes via Single Nodal Accounts (SNAs) on Public Finance Management System (PFMS).
“Now there will be a single account for each scheme at state level. This will save public money by reducing the float in different bank accounts down the level,” Accounts Officer, PFMS State Directorate, J&K said in a statement.
The statement added that a new procedure has been accepted and operationalized throughout India for the Centrally Sponsored Schemes accompanied with the State Treasury Integration. “This functionality will ensure the reduction of float and timely utilization of funds to the end users. As J&K UT has now achieved 100% on boarding status of SNAs of each scheme on PFMS, we are expecting to touch new milestones in the transparency, Accountability and Management of GOI releases in the interest of public welfare and development,” said the statement.
Schemes operating single nodal accounts will follow the new procedure of release of funds and expenditure thereof according to the instructions and operational procedure set by MoF and Department of Expenditure, added the statement.

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