GOVERNMENT OF MADHYA PRADESH ... - Mptreasury.org

Section – I
Introduction
Finance Department of State Government is responsible for
convenient transaction of its business, pertaining to financial aspect. The
Primary function of the Finance Department is to prepare the State Budget.
Under the provisions vested with the Governor under Article 166(2) and
(3) of The Constitution and the instructions issued there under, the Finance
Department has been charged with the responsibility to prepare an extract
of estimated revenue and expenditure, to be laid before the legislature
every year. As soon as the Demands for grant included in the Annual
Financial Statement have been voted by the Legislative Assembly and the
payment from the sums charged on that fund which have also been
authorised by means of an Appropriation Act, the Finance Department
distributes the budget to various Departments.
Besides Budgetary exercise, the Finance Department also monitors
Status of external aided schemes, Central Sector and Centrally Sponsored
schemes. It is entrusted with the responsibility of verification of
expenditure and submission of utilisation certificate to the concerned
agency. Finance Department also monitors progress of Revenue collecting
department to ensure minimum possible deficit. Finance Department
receives daily report on "Ways and Means" Status of the Government. It
consolidates the report and takes policy measures to maintain financial
discipline. For carrying out various social development activities the
Government provides assistance to various para statal organisations in the
form of equity, loan, debenture etc. The Finance Department is responsible
for its recovery and adherence to agreed terms and conditions. Finance
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