All government accounts across federal, provincial, and local levels are closing for a week starting tonight at midnight to update transaction records and match calculations for the fiscal year end.
Regular payments from federal, provincial, and local government accounts are going to be closed for one week starting from Thursday midnight. This step is being taken because of the end of fiscal year, so that expenditure accounts can be updated and all calculations can be matched properly.
What the Regulation Says
The Financial Comptroller General Office stated that according to Rule 30, Sub-rule (1) of Financial Procedures and Fiscal Responsibility Regulation, 2077, regular payments, releases, and expenses must be closed at least seven days before the fiscal year ends to update the records.
Due to this, the local consolidated fund management system used by local level will also shut down from midnight of Ashar 25. The office also mentioned that according to Sub-rule (7) of Rule 30, only limited transactions can be done after this period till Ashar 32, 2083, just to match the calculations.
Instructions to Deposit Deducted Amounts
The Financial Comptroller General Office have directed to compulsorily deposit all the deducted money into bank accounts by Ashar 25. This includes advance income tax, value added tax, salary tax, employee provident fund, citizen investment trust, term life insurance fund, contribution-based pension fund, and security deposits that were cut from payments made until Ashar 25.
The office has also made arrangements to redo any electronic payments that failed due to various reasons while doing transactions through the local consolidated fund management system until Ashar 25.
Meanwhile, the office has directed to return any unspent money received as conditional, matching, and special grants from federal and provincial governments. These unspent funds must be returned to the concerned District Treasury Controller Office, Provincial Comptroller Office, or Provincial Treasury Unit by the end of Ashar 2083.
AI Disclaimer: This article was originally published on https://bajarkochirfar.com. It has been translated with the help of AI. For the best understanding and accurate facts, we recommend reading the original Nepali version.
