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.