J&K Achieves Cent Percent Operationalization of PFMS on Single Nodal Account Model

Union Territory of Jammu and Kashmir has achieved hundred percent operationalization of centrally-sponsored schemes through Single Nodal Accounts on PFMS, an official statement informed on Monday. The achievement has been made under the directorship of Shakeel Maqbool.

“Regarding the new procedure of Release & Utilization of funds for Centrally Sponsored Schemes and in reference to OM: F. No.1 (13) PFMS/FCD/2020 GoI, MoF dated: 23.03.2021, it is hereby conveyed with full enthusiasm that J&K UT has achieved 100% status of Operationalization of SNA for linked schemes of their corresponding Centrally Sponsored Schemes”, reads the statement.

“All Single Nodal Agencies of each department for the implementation of each Linked/CSS scheme with their corresponding Single Nodal Bank Accounts have been now successfully on-boarded on PFMS. Schemes operating SNA 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 in OM stated above”, reads the statement.

“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”, the statement concludes.