Shillong, Jan 11 (UNI) The Centre would implement the Integrated Financial Management Information System (IFMIS) to help exchange information between financial institutes and the governments on all levels for better monitoring of funds.
Emphasising the need for a ''dynamic interface for information exchange'' between the centre and state, Mr V N Kaila, Controller General of Accounts (CGA) of the Ministry of Finance, today said that implementation of IFMIS was necessary as information system in the country was slightly different at the Central and State levels.
IFMIS, he said, would improve better ''accountability, transparency and improve the allocation of public money.'' Kaila was speaking at an inaugural speech at an ''outreach programme'' on IFMIS organised by CGA at the NEC auditorium here today.
The Finance Ministry, Mr Kaila said, has designed a Management Information and Decision Support System for all plan schemes of the central government. The system would help modify the existing accounts mechanism between the Centre and the States, he added.
Furthermore, Core Accounting Solutions (CAS) is being developed to provide financial information online.
The revamping of the existing system is being done after the Tenth Finance Commission emphasised on ''proper financial management'' between the Centre and the States. The Planning Commission has, moreover, set up a committee to study means to restructure the existing system in this regard, he added.
The CGA said the Finance Ministry has already set up an MIS system for reporting the release position of 27 flagship schemes of the Central government and there are plans to set up a Regional Training Centre for NE states through the Institute of Government Accounts and Finance (INGAF) under the CGA.
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