JAMMU, Nov 15: Minister for Finance Dr Haseeb A Drabu today said the government will adopt Budget Estimation Allocation Management System (BEAMS), being developed by National Informatics Centre (NIC) for the preparation of future budgets.
The Minister said this during a meeting convened to discuss the modalities for implementing the new system.
Commissioner Secretary Finance, Navin Kumar Choudhary, Director General Budget, Dr Ishaq Wani, senior officers of Finance department and officers of NIC attended the meeting.
Stressing the need for adopting BEAMS in preparation of the budget, the Finance Minister said that this will be a first major step towards having paperless budget. It will help in bringing better cash management, financial reporting and monitoring system. He further said the misclassification will also be eliminated with this system ensuring minimization of human errors.
Dr Drabu said this application is web-based and connected with the centralized database and implementation of BEAMS will also generate customized Management Information System (MIS).
The Finance Minister impressed upon the officers to initiate the reforms for restructuring Finance department so that the delays in release of money are minimized and financial accounts get streamlined.
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