Finance Minister HaseebDrabu today reviewed the modalities for replacement of the existing treasury system with Pay and Accounts Office (PAO) as was announced by him in budget 2017-18.
During the meeting, a detailed presentation on Pay and Accounts Office (PAO) system was made to the finance minister, an official spokesperson said. The meeting was informed that a committee of senior officers was constituted to study the PAO system of GoI so that it helps in coming up with own such system in J&K. The Committee after having several deliberations and discussions evolved a workable PAO model for the state.
It was further informed that many key elements of GoIs PAO system have been incorporated in the proposed system which would ensure better understanding of the department resulting in accurate forecasting, budgeting, accounting and reporting. An inbuilt pre-check mechanism in PAO system would be able to monitor and control the purpose and objective of payments, budgetary sanctions and ceilings, proper classification, and excess payment issues.
The meeting held threadbare discussions on the organizational structure of the proposed system and its functioning to bring positive change in the existing payment system.
Finance Minister during his budget speech has announced about moving out of 'ancient and archaic system of treasuries'. He had proposed a reform in the government's payment system by replacing the present Treasury System.