Finance Minister Nirmala Sitharaman to preside over Civil Accounts Day on March 1

Finance Minister Nirmala Sitharaman will preside over the 49th Civil Accounts Day scheduled for March 1.

In a statement, the finance ministry said a compendium on Public Financial Management System (PFMS), titled 'Digitalisation of Public Financial Management in India: The Transformative Decade (2014-24)' will also be released during the event.

PFMS, designed, developed and implemented by the organisation of Controller General of Accounts (CGA) is the key IT platform for financial administration of the government including payment, receipt, accounting, cash management, and financial reporting.

PFMS has provided the digital infrastructure for operationalising Direct Benefit Transfers, one of the key public expenditure management reforms of the government.

The 16th finance commission chairman, Arvind Panagariya will deliver an address on 'India in Global Economy: The Next Decade'.

The Indian Civil Accounts Service (ICAS) was established in 1976 following a significant reform in public financial administration.

On March 1, 1976, the President of India promulgated ordinances separating the maintenance of Union Government accounts from audit functions, leading to the creation of departmentalised accounts. Since then, ICAS, led by CGA, has been at the forefront of financial governance, the ministry said.