National Institute of Financial Management
The National Institute of Financial Management (NIFM) was set up in 1993 as an
autonomous body under the Societies Registration Act, to impart training to officers recruited by
the Union Public Service Commission through the annual Civil Service Examinations and
allocated to the various services responsible for managing senior and top management posts
dealing with accounts and finance in the Government of India and to develop as a Centre of
Excellence in the areas of financial management and related disciplines, not only in India but
also in Asia. The Institute adheres to norms prescribed by the All India Council for Technical
Education (AICTE) in respect of faculty qualifications and strength. Currently, the Institute runs
five long-term programmes approved by AICTE- Professional Training Course of one year for
newly recruited probationers of Accounting services called diploma in public financial
management; a one year diploma course in government financial management; a two-year post
graduate diploma in management (Financial Management) programme for officers of the central
government, the state governments, public sector undertakings and other organizations and a
one-year post graduate diploma in management (financial markets) to produce competent
researchers, teachers and consultants.
Relevant Website: www.nifm.ac.in
Revision of General Financial Rules
The General Financial Rules (GFRs) are rules and orders dealing with matters involving
public finances. General Financial Rules were issued for the first time in 1947 bringing together
in one place all existing orders and instructions pertaining to financial matters. These have
subsequently been modified and issued as GFRs 1963 and GFRs 2005. The Revised General
Financial Rules - 2017 were released in 2017 to enable an improved, efficient and effective
framework of fiscal management while providing the necessary flexibility to facilitate timely
delivery of services. In the last few years, Government has made many innovative changes in the
way it conducts its business. Reforms in Government budgeting like removal of distinction in
non-plan and plan expenditure, merger of Railway Budget with General Budget, focusing on
outcomes through an improved Outcome Budget document, all needed to be reflected in the
GFRs. Increased focus on Public Finance Management System(PFMS), reliance on the Direct
Benefit Transfer (DBT) Scheme to ensure efficient delivery of entitlements, introduction of new
e-sites like Central Public Procurement Portal, Government e-Marketing (GeM) Portal, Non-Tax
Revenue Portal have also necessitated revision of the existing GFRs to keep them in tune with
the changing business environment. The objective was to make the GFRs facilitate efficiency
while following principles of accountability and procedures of financial discipline and
administrative due diligence. New rules on non-tax revenues, user charges, e-receipts portal were
added in addition to the manner in which autonomous bodies are run.
Department of Revenue
The Department of Revenue exercises control in respect of revenue matters relating to
Direct and Indirect Union taxes through two statutory boards namely, the Central Board of
Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC). The Department is
also entrusted with the administration and enforcement of regulatory measures provided in the
enactments concerning Central Sales tax, Stamp duties and other relevant fiscal statutes. Control
over production and disposal of opium and its products is vested in this Department.