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Pant calls for review of accounting principles

By Our Special Correspondent

NEW DELHI APRIL 3. The Deputy Chairman of the Planning Commission, K. C. Pant, today suggested the setting up of multi-disciplinary teams by the Central Ministries and Departments for an efficient evaluation of programmes and schemes involving Government funding.

Speaking at a function organised by the Indian Civil Accounts Organisation here, Mr. Pant stressed the need for an effective mechanism of internal audit extending beyond regulatory audit to performance audit. He also called for a comprehensive review of the accounting principles as they appeared inadequate to meet the demands of economic and financial management. The success of fiscal reforms depended critically on the ability to improve the quality of public expenditure and proper utilisation of funds.

The Deputy Governor of the Reserve Bank of India, Y. V. Reddy, whose speech was read out at the meeting, referred to the close interaction between the RBI and the Controller General of Accounts and said a state-of-the-art system had been set in place for providing on-line data processing capability and on-line connectivity to all RBI offices, agency banks and State Governments.

Also, a virtual private network was being established between the Controller-General of Accounts and the Principal Accounts Offices of the Central Government which would act as a hub for electronic interchange of information between the RBI and the Central Ministries, Dr. Reddy said.

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