West Bengal govt brings transparency in fund transfer to vendors
Updated: May 21, 2013 06:24:04pm
Kolkata, May 21 (KNN) The West Bengal Government has changed the way payments are made to vendors of different public works, making it online and transparent.
The National Informatics Centre (NIC) has developed a new system for on-line authorisation and issue of Letter Of Credit (LOC) to make transfer of fund faster for timely execution of the developmental works in a transparent manner.
The new system developed under the guidance of the Finance Department will also facilitate proper monitoring of the progress of implementation of the project for which the Finance Department in its website [www.wbfin.nic.in] has made the necessary link ‘LOC Monitoring System’ [LOCMS] from the financial year 2013-14. All the LOC related works would be processed and monitored through this system.
Further, the Governor has prescribed some procedures in this respect under which the Finance Department shall authorise on-line the LOC Issuing Authorities through ‘LOCMS’ from time to time for issuing LOC to their authorised ‘LOC Cheque Drawing Officers’ within the limit of authorisation for execution of project related works and maintenance works and work-charged establishment separately.
The roles of the LOC issuing authority and the LOC Cheque Drawing Officers have also been prescribed.
The new LOC system is currently being implemented alongside the existing LOC System from April-1 to June-30 after which the existing LOC system will be discontinued. (KNN)
The National Informatics Centre (NIC) has developed a new system for on-line authorisation and issue of Letter Of Credit (LOC) to make transfer of fund faster for timely execution of the developmental works in a transparent manner.
The new system developed under the guidance of the Finance Department will also facilitate proper monitoring of the progress of implementation of the project for which the Finance Department in its website [www.wbfin.nic.in] has made the necessary link ‘LOC Monitoring System’ [LOCMS] from the financial year 2013-14. All the LOC related works would be processed and monitored through this system.
Further, the Governor has prescribed some procedures in this respect under which the Finance Department shall authorise on-line the LOC Issuing Authorities through ‘LOCMS’ from time to time for issuing LOC to their authorised ‘LOC Cheque Drawing Officers’ within the limit of authorisation for execution of project related works and maintenance works and work-charged establishment separately.
The roles of the LOC issuing authority and the LOC Cheque Drawing Officers have also been prescribed.
The new LOC system is currently being implemented alongside the existing LOC System from April-1 to June-30 after which the existing LOC system will be discontinued. (KNN)
Loading...
