The on-line transfer and tracking of funds is currently
being implemented in the Backward Regions Grand Fund Scheme administered by the
Ministry of Panchayati Raj for efficient
and simple financial management system The Guidelines of the Scheme,
inter-alia, specify that all funds will be transferred to the Consolidated
Funds of State Governments. Those funds that are to be transferred to
Panchayats and Municipalities by the State Governments will be transferred to
their bank accounts, following the same stipulations as prescribed for the
devolution of 12th Finance Commission Grants, namely, within 15 days of the release
of funds to the Consolidated Fund.
At the
State level, the funds will be directly deposited into the bank accounts of the
Panchayat or Municipality concerned, as directed by the Task Force of the
Ministry of Panchayat Raj to study the feasibility of super transfer of
funds through banks to Panchayats. using
the mechanism of bank transfers suggested by the Task Force of the Ministry of
Panchayati Raj to study the feasibility of rapid transfer of funds through
banks to Panchayats. If the State Governments fail to transfer amount has
to pay a penal interest @ equal to RBI
bank rate.
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