The Public Financial Management System (PFMS), formerly known as the Central Plan Schemes Monitoring System (CPSMS), is a web-based online software application for payments developed by the Controller General of Accounts (CGA), the Department of Expenditure, the Ministry of Finance, and the Government of India. The primary objective of PFMS is to facilitate a sound Public Financial Management System for the Government of India (GoI) by establishing an efficient fund flow system as well as a payment cum accounting network. PFMS provides various stakeholders with a real-time, reliable, and meaningful management information system and an effective decision support system, as part of the Digital India initiative of the GoI.
The digitalization of accounts is a key goal of PFMS, providing stakeholders with a meaningful management information system and decision support system. The outputs/deliverables for the various modes/functions of PFMS include (but are not limited to):
- Payment & Exchequer Control
- Accounting of Receipts (Tax & Non-Tax)
- Compilation of Accounts and Preparation of Fiscal Reports
- Integration with Financial Management Systems of States
PECS provides support for PFMS implementation and IT applications in the government sector. They resolve operational difficulties in the functionality of software applications and coordinate with district-level officers for the successful implementation of schemes. PECS has expertise in PFMS and SNA (State Nodal Agency) and provides finance-related solutions. For inquiries regarding PFMS and SNA, stakeholders can reach out to PECS.
What PFMS Can Do?
PFMS has several capabilities, including but not limited to:
- PFMS can track the utilization and transfer of funds up to the end user spread across the country.
- The MIS generated through PFMS can track the availability of funds, unspent balances, and live balances in the accounts of implementing agencies.
- PFMS supports fund management and e-payment through secure integration with the Core Banking Solution (CBS) of banks.
- PFMS is configured to facilitate all payments, whether Plan or Non-Plan based, through the creation of sanctions within the system.
- PFMS establishes a common transaction-based online fund management and payment system.
- PFMS can provide MIS for all expenditures, including both Plan and Non-Plan Schemes of the Government of India.
Integrated Financial Management System (IFMS)
The Integrated Financial Management System is an advanced fiscal and financial management information system utilizing information and communication technology to deliver essential financial data to the State government and, more specifically, the Finance department. This system enables comprehensive monitoring of both revenue generation and expenditures across various government departments, streamlining financial management and facilitating accurate reporting of financial activities.
With the successful implementation of the Online Treasury Computerisation (TreasuryNET), financial transactions encompassing both receipts and expenditures from diverse treasuries and sub-treasuries throughout the state can seamlessly integrate and be made accessible through this centralized portal.
- The IFMS is designed to address and to act as a Financial Information, Administration and Management of the State Government.
- The portal depicts the up-to date Compiled Payment & Receipt Data from all district treasuries and sub-treasuries in the state.
- Finance Department and HoDs can get the DDO-wise expenditure details of various grants up to voucher level.
- Finance Department and Tax Revenue Department can reconcile the receipt figure with the figure from the treasuries.
- Users can get the detail information of daily revenue receipt of various revenue earning departments like Taxation, Excise, Minerals etc.
- Details of the expenditure incurred by the Remittance Department like PWD, PHED, Soil Conservation, Forest etc. is available at a glance.
- Exception Reports are provided for decision makers.