The Financial Systems of India by Gyan Chand

Author:Gyan Chand [Chand, Gyan]
Language: eng
Format: epub
ISBN: 9780415244909
Google: 8BberQEACAAJ
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Goodreads: 13709369
Publisher: Routledge
Published: 2000-11-23T00:00:00+00:00

On the first of the month succeeding that to which the accounts relate an extract from the abstract of receipts and expenditure known as the Civil Accounts showing the receipts and expenditure under major heads, in which are also included lump-sum receipts from and issues to military and other departments, are sent to the Controller of Currency, who consolidates them and compiles an abstract for the whole country and forwards it to the Finance Department of the Government of India in the third week of the same month. He also receives and forwards to the Finance Department the accounts of Railways and Posts and Telegraphs, classified according to major heads, a few weeks later. After the close of the year the civil and the departmental Accountants-General prepare classified accounts of the transactions which they are in charge of, and submit them to the Auditor-General who consolidates them together into “Finance and Revenue Accounts” of the Government of India in the form prescribed by the Secretary of State for submission to the latter. The Finance and Revenue Accounts are the authentic record of the financial transactions of the Government for the whole year. At the end of every month the Accountants-General prepare from the joint accounts of the Central and the Provincial Governments abstracts of the monthly accounts of the Provincial Governments showing the state of provincial receipts, expenditure, and cash balances for their information. It has already been stated that nomenclature of the major and minor heads and their order is uniform in all account offices. It is on account of this uniformity, possible to prepare an all-embracing account of the Government, on the basis of which an intelligent and well-informed judgment on the financial operations of the year can be formed. The need of uniformity, which was emphasized above becomes patent, when we realize that, but for it, it would not be possible to take a comprehensive view of the financial operations of the Government as a whole.

The accounts of the Secretary of State are prepared by the Accountant-General of the India Office and those of the High Commissioner by his Chief Accounting Officer. The Indian accounts being maintained on a rupee basis, the figures given in the Home accounts which are necessarily expressed in sterling, the English money, the rate of exchange at which they are converted into rupees introduces another complication in the Indian accounts. The rate of exchange has since 1917, as already stated, been fluctuating. In these days the official rate, at which the accounts are kept is 2s., but as the market rate which determines the amount of rupees charged in the Indian accounts on account of transactions in England has been, taking the average of the last three years, about is. 4d.,140 there has been arising considerable loss on account of the lower rate of exchange, the amount of loss being measured by the difference between the number of rupees required to meet the sterling charge at 2s. to the rupee and number of rupees actually required to make the payment.

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