Railway Accounts Department Examinations

Showing posts with label Ways & Means. Show all posts
Showing posts with label Ways & Means. Show all posts

Wednesday, July 8, 2020

Ways and Means

Ways and Means

*      Meaning: Methods & Resources for raising the necessary revenues for the expenses of a Nation/Country.

*      Monitoring by: Budget Division of Department of Economic Affairs under Ministry of Finance.

*      Object: To keep a watch over the progress of Actual with the Estimates (Budget) and follow up Ways & Means position of Govt of India.

*      Financial Review of Govt of India, wherein the Receipts and Expenditure position is monitored closely.

*      Ways & Means in IR - Account Current of Indian Railways as a whole is sent to Ministry of Finance for incorporating the figures of Railways Receipts and Expenditure as a part of Ways and Means of Govt of India.  

*      The Review should be as realistic as possible.  That is the reason; IR is switching over from Double Account Current to Single Account Current from the year 2017 October onwards, duly dispensing the Approximate Account Current.

*      For the purpose of Ways & Means, the Ministry of Finance receives Monthly Report (in the form of Account Current) consisting of Cash inflows and Cash outflows from all Ministries including Indian Railways.

Ways and Means – 4 parts