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The Monetary System

Public Financ...

Question

Public Financial Management System is aimed at __________.

A

Digitisation of payments systems in ministers.

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B

Provide funding for government schemes.

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C

Transfer funds from the government to banks.

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D

None of the above

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Solution

The correct option is A Digitisation of payments systems in ministers.
Public Financial Management System (PFMS) which will enable complete digitization of payment systems in Ministries and payments from the Central Government to the state governments. It will strengthen the spirit of co-operative federalism with the Centre and state governments combining their efforts to digitize and streamline entire Government payment systems for ultimate public good. Ministry of Finance made it mandatory to make payments through PFMS for all Central Sector Schemes at all levels of programme implementation.

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Similar questions

Q. Assertion (A): If the central government desires to allocate funds under any schemes to the states, it uses banks for the financial transactions.

Reason (R): Like individuals and businesses, it is a bank that facilitates financial transactions of the state and central governments.

Q. Give reasons or explain:
As a banker for the government, the Central bank transfers government funds.

Q. Give reason or Explain
As a banker to the Government, the Central Bank transfers government funds.

Q. A Banking system under which the banks are to raise low cost funds and invest such funds in low risk assets such as government securities is called __________.

Q. Give reasons or explain.

1. Clearing house system economises the use of cash.
2. Central Bank acts as a lender of the last resort.
3. The CRR affects the lending capacity of the banks.
4. As a banker to the government, the Central Bank transfers government funds.
5. A Central Bank may take 'Direct Action' against the defaulting commercial banks.

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