Rule 92 - Finance Accounts | KartavyaDesk
Original Rule Text
Finance Accounts. Annual accounts of the Government of India (including transactions of Department of Posts and Ministries of Defence and Railways and transactions under Public Account of India of Union Territory Governments), showing under the respective Heads the annual receipts and disbursements and statement of balances for the purpose of the Union, called Finance Accounts, shall be prepared and signed by the Controller
What This Means
Rule 92 of the General Financial Rules (GFR) 2017 is all about the Finance Accounts of the Government of India. Think of it as the government's annual financial report card. This rule mandates that a comprehensive record of all the government's income (receipts) and expenses (disbursements) must be prepared each year. This includes the financial activities of major departments like the Department of Posts, the Ministries of Defence and Railways, and even the transactions of Union Territory governments that fall under the Public Account of India.
The Controller (likely referring to the Controller General of Accounts or a similar designated authority) is responsible for preparing these Finance Accounts. This document shows the financial position of the Union government at the end of each financial year. It's not just a collection of numbers; it's a formal statement of balances that provides a clear picture of the government's financial health. Once prepared, the Controller must also sign off on these accounts, signifying their accuracy and completeness.
Essentially, Rule 92 ensures transparency and accountability in government finances by requiring a detailed and officially certified annual financial statement. It affects all government departments and agencies, as their financial transactions ultimately contribute to the overall Finance Accounts. It's crucial for maintaining public trust and enabling informed decision-making regarding government spending and resource allocation.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- •Rule 92 mandates the preparation of annual Finance Accounts for the Government of India.
- •These accounts include receipts, disbursements, and statements of balances.
- •The accounts cover transactions of key departments like Posts, Defence, and Railways.
- •The Controller is responsible for preparing and signing the Finance Accounts.
- •The rule promotes financial transparency and accountability.
Practical Example
Imagine Mr. Sharma, a newly appointed Assistant Accounts Officer in the Ministry of Rural Development. He's tasked with compiling the financial data related to various rural development schemes for the year 2023-24. This includes funds received from the central government, expenses incurred on infrastructure projects, and payments made to beneficiaries. All this data, along with similar data from other ministries and departments, ultimately flows into the Finance Accounts prepared by the Controller.
Later, the Controller, Mr. Verma, reviews the compiled data, ensuring its accuracy and completeness. He verifies that all receipts and disbursements are properly categorized and accounted for. Once satisfied, Mr. Verma signs the Finance Accounts, certifying that they accurately reflect the financial position of the Government of India for the fiscal year 2023-24. This signed document is then presented to Parliament, contributing to the overall financial accountability of the government.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
What is the purpose of the Finance Accounts mentioned in Rule 92?▼
Who is responsible for preparing and signing the Finance Accounts?▼
Which departments' transactions are included in the Finance Accounts?▼
What happens to the Finance Accounts after they are prepared and signed?▼
Are there any specific formats or guidelines for preparing the Finance Accounts?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Test Your Knowledge
Question 1 of 3
According to Rule 92 of the General Financial Rules, 2017, which entity is responsible for preparing and signing the Finance Accounts of the Government of India?
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