Consider the following statements about Public Financial Management System (PFMS):1. It is a web-based online software application developed and implemented by the Controller General of Accounts (CGA).2. It tracks funds released under all Plan schemes of Government of India.Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C

Notes:

What is Public Financial Management System (PFMS)?

The PFMS is a web-based online software application developed and implemented by the Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance;
PFMS was conceptualized in 2009. The objectives of PFMS have been gradually expanded:(a) Tracking funds released under all Plan schemes of Government of India;
(b) Real time reporting of expenditure at all levels of Programme implementation;
(c) Track Direct Payments to beneficiaries under all Schemes;
(d) Payment and Exchequer Control;
The primary function of the PFMS is to facilitate sound financial management for the Government. PFMS does so by establishing an efficient fund flow system as well as a payment cum accounting network.

Source: EPIC March 2022