Friday, February 24, 2017

FCGO making payment into the bank account

Kathmandu, Feb. 23: The Financial Comptroller General Office (FCGO) has been making arrangements to launch a new system which will enable the government agencies to make payments to concerned parties directly to the bank accounts of the latter.  
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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