Fund release for Central schemes: State to set up cyber treasury as per Centre’s mandate
Kolkata: Acting on the instructions of the Ministry of Finance, the state Finance department is soon opening up a cyber treasury to release funds of Centrally Sponsored Schemes (CSS) at the time when payment to the ultimate beneficiary is required without parking it in a bank account or a deposit account.
The new treasury is aimed at augmenting the liquidity position of both the governments (Centre and state). It will be a virtual treasury akin to the one state government already has for the GRIPS receipts namely e-Treasury. The RBI Kolkata shall act as the agency bank of this cyber treasury. All the existing Drawing and Disbursing Officers (DDOs) under the Bengal government when mapped with any institutional agencies in relation to any CSS scheme under ‘SNA-SPARSH’ would be on boarded under this newly-introduced treasury.
Initially, one joint director of Treasuries & Accounts and one deputy/ assistant director of Treasuries & Accounts will act as treasury officer and additional treasury officer, respectively, in this cyber treasury. Director, Directorate of Treasuries & Accounts, Bengal being the head of office, the “Office of the Director of Treasuries & Accounts” will act as such in respect of the new cyber treasury and may authorise the said officers to submit the monthly accounts to Auditor General, Bengal. The said treasury will commence work from the date of on boarding of the first scheme on to the SNA-SPARSH platform. The Public Financial Management System (PFMS) division of the department of Expenditure, under the Union Ministry of Finance, proposed SNA-SPARSH or “Just-in-Time” release of CSS funds through the e-Kuber platform of RBI via a letter in July 2023.
The Centre and PFMS division, Ministry of Finance mandated that all the states have to create a cyber treasury which will function as a single point interface to carry out all payment transactions through seamless tripartite integration of state IFMS Portal with that of PFMS and RBI e-Kuber.
