According to Financial
Comptroller General Rajendra Prasad Nepal , the new digital system is
supported by the Treasury Single Account (TSA) and will go to piloting from
Sunday, February 26.
“After the implementation of
this technology enabled system, District Treasury Controller Office (DTCO) can
deposit the money directly in to the bank accounts of the concerned companies,
firms and organizations upon receiving the payment orders from the respective
government agencies,” said Nepal while speaking at a press meet organized by
the FCGO, Thursday.
In the first phase, the FCGO is
launching the new system as a pilot project in 66 offices, including ministries
and central secretariat of other government agencies at Singha Durbar.
The government has already
directed the FCGO to implement the new system.
Spokesperson of the FCGO Kewal
Prasad Bhandari said that the new system would make the government payment fast
and simple, and reduce cost on the part of banks.
“But, until the digital signature
is fully implemented, the government agencies should send the hard copy of
payment orders. Since the digital signature increases the cost per transaction,
it will take a while to implement it,” said Bhandari.
He also said that the payment
could only be deposited into the account maintained at the banks that are the
members of the Nepal Clearing House Limited Interbank Payment System.
Currently, the government is
making payment to the concerned parties with account payee cheque after
receiving the bill from the latter.
Sometimes, it takes weeks to
complete the necessary works and make payment.
The new system informs the
government agencies which make payment order through notifications through TSA
system.
The FCGO is the
main government agency responsible for the treasury operation of Government of
Nepal.
It is responsible
for overseeing all government expenditures, tracking revenue collection and
other receipts and preparation of consolidated financial statements of the
government.
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