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Rajveer Thakur
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Rajveer Thakur
Asked: November 29, 20202020-11-29T07:50:55+05:30 2020-11-29T07:50:55+05:30In: UPSC PRELIMS

What is meant by General Financial Rules (GFR)?

What is meant by General Financial Rules (GFR)?

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    1. Rajnish

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      Rajnish Optimist
      2020-11-29T08:09:37+05:30Added an answer on November 29, 2020 at 8:09 am

      General Financial Rules (GFR) are a list of the Government of India’s rules and orders to be followed by all when dealing with public finance issues. i.e. matters relating to revenue and expenditure of the government. These rules and orders are treated as executive instructions.

      They were first introduced in 1947 and modified thereafter in 1963, 2005, and 2017.

      To cope with the changing business environment a revision of the existing GFRs has been done. The following schemes have been introduced:

      • Public Finance Management System(PFMS)
      • Direct Benefit Transfer (DBT)
      • Central Public Procurement Portal
      • Government e-Marketing (GeM)
      • Non-Tax Revenue Portal

       

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