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Tuesday, October 13, 2015 AHSEC CMST 11
Financial Administration in India: Meaning, Principles and Agencies involved in it AHSEC Economics 11
Meaning of Financial Administration
In simple words, financial refers to such a system or method by which one can analyse the financial working of the public authority. Thus the
focuses on the procedure which ensure the lawful use of public funds. However the concept has been differently defined as under: DU B.COM 2ND SEMESTER NOTES
Business communication II Notes
Prof .M.S Kenderic, “The financial administration refers to the financial measurement of govt. including the preparation of budget method of
administering the various revenue resources the custody of the public fund, procedures in expending money, keeping the financial records and the like. Business Economics Notes
These functions are important to the effective conduct of operation of public finance”
Corporate Accounting Notes
Prof. Dimock, “Financial administration consists of a series of steps whereby funds and made available certain official under procedures which
will ensure their lawful and efficient use. The main ingredients are budgeting, accounting, auditing and purchase and supply.” Principles of Business Management Notes
From these definitions one can easily find four ingredients (Methods/Process) of financial administration:
DU B.COM 4TH SEMESTER NOTES
1) Budget. The term budget has been derived from the French word “Bougette” which means a leather bag or a wallet. The chancellor of
Exchequer in England used to carry his papers in the bag to House of Commons. Prof. Willoughby defined, “Budgetit should be at once a document Auditing Notes
through which the Chief Executive comes before the fundraising and fund grading authority and makes full report regarding the manner and which he or
his subordination have administered affairs during the last completed year ; in which he or exhibits the present conditions of public treasury and one the Company Law Notes
basis of such information sets forth his programme of for the year to come and the manner in which the purposes that such work should be financed.”
Consumer Behaviour Notes
In the word of Prof. Dimock, “Budget is a balanced estimate of expenditure and receipts for a given period of time. In the hands of the
Cost Accounting Notes
administration, the budget is a record of part performance a method of current control and a projection of future planes.”
Indian Banking System Notes
2) Accounting. Accounting is the record ingredient of financial administration. It is an art by which the financial effects of executive action
are recorded, assembled and finally summarized in the form of the financial reports. A good according system is indispensable for adequate budgeting Industrial Relations Notes
control. Therefore, there must be harmonious relationship between the goals in budget and financial statements prepared from accounts.
Security Analysis and Portfolio Management
3) Auditing. Auditing is a considered the final stage. In fact, it is investigation of report and legally, efficiency and accuracy of the financial Notes
transactions. Audition is of two types i.e. internal and external. The Chief Motto of audit is only to supervise the manner in which expenditure has been
made in order to ascertain whether the executive has spent in accordance with rules and regulations. Auditing is an independent department who points
out reregulation and submits its report to the higher authority.
DU B.COM 6TH SEMESTER NOTES
4) Purchase and Supply. As the name implies, it is the acquisition of the property. In other words, purchasing is a report of large category of Direct Tax Law II Notes
supply which covers specialization traffic management, inspection, storage and proper utilization of different resources.
Income tax Notes
PRINCIPLE OF FINANCIAL ADMINISTRATION
Indian Financial System Notes
Generally, in democratic set up, there are guiding principles for the operation of financial administration. They are:
Research Methodology Notes
a) Principle of Unity in the organisation: We all know that unity provides strength to all of us. According to this principle, there must be
control of central authority on financial administration. However, it does no mean that every work is done by superior authority. It simply means that
there must be close coordination between different executives and higher executives should have full control over on the activities of their subordinate
executives.
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b) Principle of simplicity and regularity: According to this principle, financial administration should have the quality of simplicity, regularity Select Language
and promptness. Red tapism should be totally eliminated and the work procedure should be quite simple, clear and easily understandable by the Powered by Translate
average person.
October 2016 (15)
f) Principle of Authority: According, to this principle, no tax shall be levied or collected unless it is approved by the representatives of the
people. In the constitution of India has been mentioned as “No tax shall be levied or collected except by authority of laws.” May 2016 (2)
July 2015 (3)
a) Executive. According to Prof. H. M. Grover, “The executive is the best position to the view the financial problem as a whole ant to
assume the responsibilities for the success and failure of a financial programme.” Executive is responsible for running the administration, thus it is in June 2015 (6)
the best position to say what funds are required for it. No tax or expenditure can be made without the permission of the executive. It is therefore, the
responsibility of the executive to prepare the budget which is stupendous task. May 2015 (24)
In Parliamentary Government, there is a principle that no demands for grants can be made except on recommendation of the executive. It is
therefore In India; executive refers to the Central Government. Since, Finance Ministry is responsible for the administration of the finance of the Central April 2015 (59)
Government, even then it performs the policy making function and tries its best to get the final approval of the legislature.
March 2015 (4)
b) Legislature. In democratic parliamentary system, it is the legislature or parliament which is the time representation of the people. In India, February 2015 (21)
under the constitution there is special provision to control the finances:
1. Controller over Taxation. Indian constitution under Article 265 provides that no tax shall be levied or collected except the permission December 2014 (31)
of law. Thus, The Government has to present all tax proposals before parliament in the form of a Bill to be passed into law and unless no art is passed,
no tax can be levied. Similarly U.S.A constitution under article one mentions, “The congress shall have to levy and collect tax.”Therefore under, we can November 2014 (43)
conclude that the power of taxation always vests with literature.
2. Control over Public Expenditure. In Indian constitution states. “All revenues received of all loans by the union or state shall be paid October 2014 (28)
into in the consolidated funds of the union or state, as case may be ad that no money can be written out of the fund except in accordance with the law
September 2014 (1)
and for the purpose and in the manner provided for in the constitution.”
3. Enforcement of Financial Accountability. Every Government is bound to spend the money granted by the parliament for no purpose August 2014 (40)
other than it was sanctioned by the legislature or parliament. This function is performed by the Comptroller and AuditGeneral of India. In this way, one
can say that Parliament is the supreme in Finance matters. July 2014 (5)
c) Financial Ministry. This Finance Ministry plays significant role in financial administration as it ensure that proper use of public funds. It June 2014 (4)
controls the both before the presentation of budget to parliament to and in it executive after approval by the parliament. The Finance Ministry
May 2014 (110)
possesses the expert knowledge in financial matters. It considers all proposals to each ministry in the perspective of the government as whole.
The various scheme and proposals of the different ministries are included in the budget after consultations and discussions with the finance April 2014 (19)
ministry. After the final approval of the budget by the parliament, it seeks to ensure that the amounts are properly spent in accordance with the
provision of budget. Therefore, it is the finance ministry which frames rules and regulations about the preparation and executive of the budget. The March 2014 (18)
ministry of finance has been divided into four departments, viz
1. Department of Economic Affairs. February 2014 (15)
2. Department of Revenue and Insurance.
3. Department of Expenditure. January 2014 (25)
4. Department of Coordination.
December 2013 (10)
November 2013 (24)
d) Auditing. Auditing is the most important ingredients of parliamentary control over the finances of country as a hole. In a democratic form of
government, the supreme authority with the regard to financial policy is vested in legislature. This is ensured by the provision of audit of public October 2013 (19)
expenditure by an independent statutory authority i.e. Comptroller and AuditGeneral. Therefore, audit supplies an essential link between the executive
and parliament and helps in interpreting the action in so as the have a finance bearing of the former on the latter. September 2013 (2)
August 2013 (4)
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