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1) INTRODUCTION :The General Financial Rules, 1963 were prepared by Central Government to bring
financial discipline in Govt. Transaction by taking into account the provisions of the
constitution. Generally, these are executive instructions. After taking into account the
changes in the work in relation to finance during the period from 1963 to 2004, these
were revised as a new set of Rules. Viz. General Financial Rules, 2005. These Rules
mainly deal with financial management in Govt, Budget, Accounts, procurement of
goods and services, contract, loans and grants in aid, Externally Aided projects and a
separate compendium of Rules on Advances. The first part contains 293 Rules and
the second part contains 84 Rules.
2) Financial Management and Budget
(a) All moneys received on behalf of Government shall be brought into Govt.
Account without any delay and shall be credited to the Heads of Accounts as
prescribed in the list of Major & Minor Head.
(b) The controlling officer shall arrange to receive the requisite returns from
subordinate officers.
(c) Credit must follow and not precede the transaction
(d) Rule 21 provides standards of financial propriety which must be followed by the
officers who are responsible for incurring expenditure.
(e) For incurring any expenditure sanctions must be issued.
(f) Losses of Govt. Property should be reported to higher Authority.
(g) Budget must be prepared and presented to Parliament well in advance to discuss
demands made by Department. Unless the Budget is passed, no expenditure can
be incurred from 1st April of the New Financial Year. Receipts estimated are to be
prepared as per the guidelines in App-II and expenditure estimates are to be
prepared taking into account the guide lines in App.III.
(h) Finance Ministry may obtain Vote on Account.
(i) Every controlling officer shall follow the procedure for control of expenditure
within the grant. (R-52)
(j) The Department may go for supplementary Grants and also surrender the
savings immediately.
(k) If the need arises, amount may be drawn from contingent fund.
(l) If the authority incurring expenditure has powers of re-appropriation, it may issue
such orders.
(m)Chief Accounting Authority to take action and ensure that the phenomena of
excess expenditure do not arise.
(3) Government Accounts
(a) Accounts shall be prepared every year and presented to Parliament in the form
prescribed by President on the advice of C&AG of India.
(b) Accounting principles as prescribed in Govt. Accounting Rules, 1990 should be
followed.
(c) Accounts shall be kept in three parts and classification of transactions shall be as
per the LMMH.
(d) The Major & Minor heads can be opened by CGA on the advice of C&AG of
India & sub heads can be opened by Ministries in consultation with finance Deptt.
Pr.PAO can open sub heads in Public Account. Object Heads are common. Deptt. of
expenditure of Finance Ministry can amend these Heads in consultation of C&AGI.
(e) Inter Govt./inter Deptt./pensionery charges will be adjusted as per the prescribed
Rules in GAR, 1990.
(4) Works
(a) Ministry/Deptt may execute the work upto Rs.10,00,000 at its discretion.
(b) Min./Deptt may execute repair work from Rs.10,00,000 to 30,00,000 at P.W.O.
(C) Before commencement of work Administrative Approval & Technical
sanction must be obtained and Tenders shall be invited. Funds also must be
available.
(5) Procurement of Goods & Services :
(a) Every authority responsible for purchase of goods in public interest shall have
responsibility and accountability to bring efficiency, economy, and transparency.
(b) CPO shall prepare the list of suppliers who are capable for supplying goods.
(c) Hand spun and hand worn viz. khadi items are to be purchased through KVIC.
(d) Items upto Rs.15,000/- may be purchased without inviting any bids or
quotations.
(e)Goods from Rs.15,000/- to Rs.1,00,000/- may be purchased on the
recommendation of local purchase committee (Rule 146).
(f) Advertised Tender Enquiry shall be made for goods above Rs.25,00,000.
(g) Limited Tender enquiry is to be made for goods upto Rs.25,00,000.
(h) Maintenance of machinery etc. may be done for one year.
(i) Procurement of services and outsourcing of services shall be done after
preparation of Tender Enquiry.
(6) Inventory and contract management
(a) The Deptt. may prescribe the registers for Receipt and Issue of Goods.
(b) Separate accounts shall be kept for fixed Assets (GFR 40).
(c) The consumable articles Accounts are to be kept in form GFR 41.
(d) The Account of Library Books shall be kept in form GFR 42.
(e)Historical Assets A/c is to be kept in form GFR 42.
(f) Fixed Assets may be hired to local Bodies/ on the cost of hiring him be based
on historical cost.
(g) Periodical verification shall be done of stock, Library Books in terms of Rule
192 & 194
(h) Unserviceable goods may be disposed earlier by auction or advertise of
tendering
(i) All Contractors should be invited by Competent authority or under the orders of
President in terms of Act 299 (1) Constitution.
(j) All property agreements should be executed on behalf of President
(k) All general principles specified In Rule 204 shall be followed
Grants in Aid and Loans Grants-in-Aid are made by Government to the Institutions which
are apart from Government. Those Institutions should be registered in Societies Act, 1860 or
Indian Trust Act, 1882 or other Acts. These grants are also made by voluntary organizations,
co-operative societies, Local Bodies, State Government etc.
(a) General principles of making GIA have been specified in Rule 208.
(b) Sanctioning Authority may prescribe the conditions viz. submission of Annual
Accounts, utilisation certificate etc.
(c) GIA may be sanctioned to meet bona fide expenditure incurred not earlier than the
years prior to date of issue of sanction.
(d) UCs must be furnished within one year. However, UCs are not required for
reimbursement of expenditure previously incurred which is sanctioned on the
basis of Audited Statements.
(e) The principles for releasing the assistance for centrally sponsored schemes are
specified in Rule 215.
Miscellaneous
(a) Date of Birth once entered into service records should not be altered unless it is a clerical
mistake.
(b) The Authority keeping details of revenue can give refunds which are always to be
accounted for as redemption in receipts.
(c) The procedure for prompt payment of GPF to retiring government servants has been
prescribed in GFR 273.
(d) Permanent advance or interest should be recovered from government servants within 15
days from date of grant of advance.
9.