Govt approves double entry accounting system

Lieutenant Governor G C Murmu chairing Administrative Council meeting in Jammu.
Lieutenant Governor G C Murmu chairing Administrative Council meeting in Jammu.

APD to be called as APFWD

Excelsior Correspondent
JAMMU, June 17: The Administrative Council (AC), which met here under the chairmanship of Lieutenant Governor, G C Murmu, accorded sanction to adoption of the Jammu and Kashmir Municipal Accounting and Budgeting Rules, 2020, to facilitate implementation of Accrual Based Double Entry Accounting System (ABDEAS) in Urban Local Bodies.
The adoption of the manual by the Municipal bodies will guide them in proper implementation of provisions of Municipal laws, specifically related to accounts and audit. This will bring more transparency in maintaining accounts, enforcing discipline with defined timelines for completion of accounts, audit, filing of response to audit paras, along with preparation of budget and its execution.
The new rules will also strengthen internal controls through segregation of duties, specific controls in handling and accounting of cash, security, stores and general maintenance by delineating roles and responsibilities for various accounting models.
Moreover, the manual will introduce uniform chart of accounts for all Municipal bodies and will provide guidelines for preparation of opening balance sheet and valuation of Municipal properties. It will also help in publishing the annual reports within completion of the financial year.
The procedures enshrined in the manual will ensure incorporation of formats of database on finance prescribed by C&AG for effective monitoring of ULBs. This will also ensure provisioning against receivables based on the principles laid down by National Municipal Accounts Manual.
Meanwhile, the Administrative Council has approved the proposal of Agriculture Production Department (APD) to change its nomenclature to ‘Agriculture Production & Farmer Welfare Department’ (APFWD) with a greater focus on farmers’ welfare.
The decision to change the nomenclature is in line with the Government of India renaming “Agriculture Ministry” as “Ministry of Agriculture, Cooperation and Farmers Welfare”, and, many States following renaming their Agriculture departments to Department of Agriculture and Farmers’ Welfare.
The decision underscores the changing role of Agriculture Production Department in socio economic transformation of Jammu and Kashmir and is aimed at providing greater rigour and focus on farmer welfare by optimizing and helping farmers realize the true value of their produce.
The department with a greater focus on farmer welfare has expanded its role beyond arrangement of inputs, extension activities and on-farm activities. Now, the issues of famers’ welfare through various schemes have become the priority areas which include Public Private Partnership mode, greater investments in Agriculture, enhancing credit flow and insurance coverage in the interest of farming community.

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