Podcast
Questions and Answers
What are the two distinct branches in which the office of the Financial Adviser and Chief Accounts Officer functions?
What are the two distinct branches in which the office of the Financial Adviser and Chief Accounts Officer functions?
- Accounts and Finance (correct)
- Revenue and Expenditure
- Financial Planning and Budgeting
- Internal and External Audit
Who is responsible for the initial financial scrutiny of cases referred to the Finance Branch?
Who is responsible for the initial financial scrutiny of cases referred to the Finance Branch?
- General Manager
- Accounts Officers (correct)
- Senior Accounts Officer
- Additional Financial Adviser
Which role assists the Financial Adviser and Chief Accounts Officer in their functions?
Which role assists the Financial Adviser and Chief Accounts Officer in their functions?
- Junior Financial Adviser
- Accounts Inspector
- Finance Manager
- Senior Accounts Officer (correct)
What is the primary focus of the Finance branch in relation to financial matters?
What is the primary focus of the Finance branch in relation to financial matters?
At lower levels like divisions or workshops, who is entrusted with both accounts and financial advice work?
At lower levels like divisions or workshops, who is entrusted with both accounts and financial advice work?
What is a key responsibility of the Accounts branch within the Finance functions?
What is a key responsibility of the Accounts branch within the Finance functions?
Which individual typically heads the Finance Wing of the Finance and Accounts Department?
Which individual typically heads the Finance Wing of the Finance and Accounts Department?
What is the primary responsibility of the Finance Branch in relation to store procurement?
What is the primary responsibility of the Finance Branch in relation to store procurement?
What must Financial Advisers certify before supplies are paid for?
What must Financial Advisers certify before supplies are paid for?
Which of the following is NOT a type of commercial proposal requiring financial concurrence?
Which of the following is NOT a type of commercial proposal requiring financial concurrence?
What is required for purchase orders valued over Rs. 10,000?
What is required for purchase orders valued over Rs. 10,000?
What needs to be ensured during the re-delegation of powers to subordinate authorities?
What needs to be ensured during the re-delegation of powers to subordinate authorities?
What should accompany the proposal from the Financial Adviser and Chief Accounts Officer?
What should accompany the proposal from the Financial Adviser and Chief Accounts Officer?
Which of the following items does NOT typically require consultation with the Finance Branch?
Which of the following items does NOT typically require consultation with the Finance Branch?
Which financial matters require prior consultation with the Finance Branch?
Which financial matters require prior consultation with the Finance Branch?
What is the primary focus of expenditure in the Railway's working expenses?
What is the primary focus of expenditure in the Railway's working expenses?
Which is NOT considered a broad classification for prior finance consultation?
Which is NOT considered a broad classification for prior finance consultation?
What should Financial Advisers at lower levels do regarding higher-level sanctions?
What should Financial Advisers at lower levels do regarding higher-level sanctions?
In which of the following situations is financial consultation typically exempted?
In which of the following situations is financial consultation typically exempted?
What is the role of the Financial Adviser and Chief Accounts Officer at headquarters?
What is the role of the Financial Adviser and Chief Accounts Officer at headquarters?
What should be included in detailed instructions concerning financial scrutiny?
What should be included in detailed instructions concerning financial scrutiny?
Which category of financial matters does NOT appear in the list requiring consultation?
Which category of financial matters does NOT appear in the list requiring consultation?
What is the primary role of the Finance Officer in the proposal evaluation process?
What is the primary role of the Finance Officer in the proposal evaluation process?
What should the Executive Officer do if they decide not to follow the Finance Officer's financial advice?
What should the Executive Officer do if they decide not to follow the Finance Officer's financial advice?
In what situation must proposals be scrutinized by the Finance Branch?
In what situation must proposals be scrutinized by the Finance Branch?
What can the Finance Officer do if they do not agree with a proposal?
What can the Finance Officer do if they do not agree with a proposal?
Why is it necessary for proposals sent to the Railway Ministry to include a financial review?
Why is it necessary for proposals sent to the Railway Ministry to include a financial review?
What happens if the financial advice is not accepted either fully or partially?
What happens if the financial advice is not accepted either fully or partially?
What should departmental officers include in a proposal for financial review?
What should departmental officers include in a proposal for financial review?
Who has the authority to ultimately dispose of proposals received from departmental officers?
Who has the authority to ultimately dispose of proposals received from departmental officers?
What should be avoided by the Finance Officer when providing financial advice?
What should be avoided by the Finance Officer when providing financial advice?
What is the primary duty of the Finance Branch regarding estimates for works?
What is the primary duty of the Finance Branch regarding estimates for works?
Which chapters of the Financial Code specify rules for check and verification of estimates?
Which chapters of the Financial Code specify rules for check and verification of estimates?
Who functions as a member of the Tender Committees at the headquarters/divisional level?
Who functions as a member of the Tender Committees at the headquarters/divisional level?
What is required for the commencement of a work or supplies prior to the execution of contracts?
What is required for the commencement of a work or supplies prior to the execution of contracts?
Which clause must be included in a contract if it involves an uncertain or indefinite liability?
Which clause must be included in a contract if it involves an uncertain or indefinite liability?
What does the Financial Adviser check regarding the statement of tenders?
What does the Financial Adviser check regarding the statement of tenders?
Which of the following is NOT an item requiring the concurrence of the Finance Branch?
Which of the following is NOT an item requiring the concurrence of the Finance Branch?
Which chapter in the Engineering Code contains detailed rules related to tenders?
Which chapter in the Engineering Code contains detailed rules related to tenders?
What aspect of estimates is the Finance Branch expected to examine?
What aspect of estimates is the Finance Branch expected to examine?
To which aspect of contracts does the Finance Branch NOT need to provide concurrence?
To which aspect of contracts does the Finance Branch NOT need to provide concurrence?
What role is responsible for internal check and recording of expenditure within the Finance functions?
What role is responsible for internal check and recording of expenditure within the Finance functions?
Which position works under the Financial Adviser to enable the effective discharge of financial functions?
Which position works under the Financial Adviser to enable the effective discharge of financial functions?
At lower levels, who is entrusted with both accounts and financial advice work?
At lower levels, who is entrusted with both accounts and financial advice work?
Which of the following groups within the Finance Wing assists in the financial scrutiny of cases?
Which of the following groups within the Finance Wing assists in the financial scrutiny of cases?
Which primary function does the Financial Adviser and Chief Accounts Officer NOT have when inspecting offices?
Which primary function does the Financial Adviser and Chief Accounts Officer NOT have when inspecting offices?
In the context of financial advice, which term describes the officer providing necessary financial scrutiny?
In the context of financial advice, which term describes the officer providing necessary financial scrutiny?
Which role is primarily tasked with initial financial scrutiny in the Finance Branch?
Which role is primarily tasked with initial financial scrutiny in the Finance Branch?
What type of proposals are exempt from requiring consultation with the Finance Branch?
What type of proposals are exempt from requiring consultation with the Finance Branch?
Which item is NOT broadly classified as requiring prior consultation with the Finance Branch?
Which item is NOT broadly classified as requiring prior consultation with the Finance Branch?
What is a critical aspect the Financial Adviser and Chief Accounts Officer must consider when reviewing a proposal?
What is a critical aspect the Financial Adviser and Chief Accounts Officer must consider when reviewing a proposal?
In case of re-delegation of powers to subordinate authorities, what needs to be ensured?
In case of re-delegation of powers to subordinate authorities, what needs to be ensured?
Which role is primarily responsible for the preliminary examination of proposals involving financial implications?
Which role is primarily responsible for the preliminary examination of proposals involving financial implications?
What happens if a proposal does not conform to the sanctioned procedure?
What happens if a proposal does not conform to the sanctioned procedure?
What is one of the major classifications under which financial consultations usually fall?
What is one of the major classifications under which financial consultations usually fall?
Which item is included in the detailed instructions for financial scrutiny as specified in the content?
Which item is included in the detailed instructions for financial scrutiny as specified in the content?
Why is local Financial Adviser’s feedback essential before higher-level examinations occur?
Why is local Financial Adviser’s feedback essential before higher-level examinations occur?
What type of financial items generally necessitates consultation with the Finance Branch?
What type of financial items generally necessitates consultation with the Finance Branch?
What must the Financial Adviser verify regarding funds before payment of supply bills?
What must the Financial Adviser verify regarding funds before payment of supply bills?
Which of the following is not a requirement for financial concurrence in commercial proposals?
Which of the following is not a requirement for financial concurrence in commercial proposals?
What is the primary function of the Finance Branch when reviewing purchase orders over Rs. 10,000?
What is the primary function of the Finance Branch when reviewing purchase orders over Rs. 10,000?
What is a necessary condition before re-delegating powers to subordinate authorities according to the Finance Branch?
What is a necessary condition before re-delegating powers to subordinate authorities according to the Finance Branch?
Which of the following actions falls solely under the purview of the Finance Branch concerning inventory control?
Which of the following actions falls solely under the purview of the Finance Branch concerning inventory control?
Which of the following actions requires prior consultation with the Finance Branch?
Which of the following actions requires prior consultation with the Finance Branch?
What should be included in a proposal for the creation of additional posts?
What should be included in a proposal for the creation of additional posts?
What could exempt certain expenditure proposals from prior finance consultation?
What could exempt certain expenditure proposals from prior finance consultation?
Which of the following is NOT a type of case that requires scrutiny by the Finance Branch?
Which of the following is NOT a type of case that requires scrutiny by the Finance Branch?
What must be considered before creating additional posts?
What must be considered before creating additional posts?
Which is an illustrative example of a case requiring finance consultation?
Which is an illustrative example of a case requiring finance consultation?
In what scenario can departmental officers sanction expenditures without consulting Finance?
In what scenario can departmental officers sanction expenditures without consulting Finance?
What is the main purpose of scrutinizing proposals for expenditure on works?
What is the main purpose of scrutinizing proposals for expenditure on works?
Which of the following could lead to the elimination of unnecessary work?
Which of the following could lead to the elimination of unnecessary work?
Which item listed requires detailed scrutiny before approval?
Which item listed requires detailed scrutiny before approval?
What should be included in the proposals sent to the Railway Ministry to ensure a comprehensive evaluation?
What should be included in the proposals sent to the Railway Ministry to ensure a comprehensive evaluation?
What should the Executive Officer do before deciding not to follow the Finance Officer's opinion?
What should the Executive Officer do before deciding not to follow the Finance Officer's opinion?
In cases where a proposal's financial advice is partially or fully rejected, what is required regarding the sanctions?
In cases where a proposal's financial advice is partially or fully rejected, what is required regarding the sanctions?
What does the Finance Officer need to avoid while providing financial advice?
What does the Finance Officer need to avoid while providing financial advice?
What is required from departmental officers when submitting a proposal for financial advice?
What is required from departmental officers when submitting a proposal for financial advice?
What happens if the Finance Officer cannot agree to a proposal?
What happens if the Finance Officer cannot agree to a proposal?
What key role does the Executive Officer play in relation to financial advice received?
What key role does the Executive Officer play in relation to financial advice received?
Why is it crucial for proposals with financial implications to be thoroughly scrutinized by the Finance Branch?
Why is it crucial for proposals with financial implications to be thoroughly scrutinized by the Finance Branch?
Which statement best reflects the relationship between the Finance Officer and Executive Officer during proposal evaluation?
Which statement best reflects the relationship between the Finance Officer and Executive Officer during proposal evaluation?
Flashcards
Finance Officer
Finance Officer
The Financial Adviser and Chief Accounts Officer, responsible for financial scrutiny of cases involving financial considerations.
Finance Branch
Finance Branch
The branch responsible for initial financial scrutiny of proposals before they are submitted for advice.
Senior Accounts Officer/Senior Assistant Financial Adviser, Accounts Officers/Assistant Financial Adviser and Section Officers (Accounts)
Senior Accounts Officer/Senior Assistant Financial Adviser, Accounts Officers/Assistant Financial Adviser and Section Officers (Accounts)
They assist the Additional/Deputy Financial Adviser by performing the initial financial scrutiny of proposals.
Accounts Officer in-charge (Divisional/Workshop/Stores Depots)
Accounts Officer in-charge (Divisional/Workshop/Stores Depots)
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Accounts Wing
Accounts Wing
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General Manager
General Manager
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Annual Programmer
Annual Programmer
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Financial Scrutiny by Finance Branch
Financial Scrutiny by Finance Branch
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Complete Proposals for Financial Advice
Complete Proposals for Financial Advice
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Finance Officer's Expertise
Finance Officer's Expertise
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Finance Officer's Disagreement
Finance Officer's Disagreement
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Executive Officer's Duty
Executive Officer's Duty
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Justifying Deviation from Finance Officer's Advice
Justifying Deviation from Finance Officer's Advice
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Review of Non-Accepted Financial Advice
Review of Non-Accepted Financial Advice
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Financial Review for Railway Ministry Proposals
Financial Review for Railway Ministry Proposals
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Financial Adviser and Chief Accounts Officer's Role with Railway Ministry
Financial Adviser and Chief Accounts Officer's Role with Railway Ministry
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Financial Scrutiny Requirement
Financial Scrutiny Requirement
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Exceptions to Financial Review
Exceptions to Financial Review
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Finance Branch's Role
Finance Branch's Role
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Local Financial Advice
Local Financial Advice
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Financial Implications Review
Financial Implications Review
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Exempted Proposals
Exempted Proposals
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Establishment Costs
Establishment Costs
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Finance Manuals
Finance Manuals
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Financial Adviser and Chief Accounts Officer's Role
Financial Adviser and Chief Accounts Officer's Role
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Financial Scrutiny of Works Proposals
Financial Scrutiny of Works Proposals
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Verification of Estimates
Verification of Estimates
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Incidence and Allocation of Estimate Items
Incidence and Allocation of Estimate Items
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Finance Officer in Tender Committees
Finance Officer in Tender Committees
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Financial Adviser Role in Tendering
Financial Adviser Role in Tendering
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Finance Branch Concurrence for Starting Work/Supplies
Finance Branch Concurrence for Starting Work/Supplies
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Finance Branch Concurrence for Contract Variations
Finance Branch Concurrence for Contract Variations
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Finance Branch Concurrence for Price Variation Clause
Finance Branch Concurrence for Price Variation Clause
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Finance Branch Concurrence for Material Contract Alterations
Finance Branch Concurrence for Material Contract Alterations
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Finance Branch Concurrence for Other Items
Finance Branch Concurrence for Other Items
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What role does the Finance Branch play in purchase orders?
What role does the Finance Branch play in purchase orders?
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What is the Finance Branch's role in re-delegation of powers?
What is the Finance Branch's role in re-delegation of powers?
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What kind of commercial proposals are scrutinized by the Finance Branch?
What kind of commercial proposals are scrutinized by the Finance Branch?
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How does the Finance Branch handle compensation claims?
How does the Finance Branch handle compensation claims?
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What role does the Finance Branch have in managing store supplies?
What role does the Finance Branch have in managing store supplies?
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Additional/Deputy Financial Adviser
Additional/Deputy Financial Adviser
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Accounts Officer in-charge
Accounts Officer in-charge
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Contract Variations
Contract Variations
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Re-delegation of Powers
Re-delegation of Powers
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Finance Branch role in store procurement
Finance Branch role in store procurement
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Finance Branch role in re-delegation of powers
Finance Branch role in re-delegation of powers
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Finance Branch role in commercial proposals
Finance Branch role in commercial proposals
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Finance Branch role in compensation claims
Finance Branch role in compensation claims
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Finance Branch role in purchase orders
Finance Branch role in purchase orders
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What is the Finance Branch's core role?
What is the Finance Branch's core role?
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What is the Financial Adviser and Chief Accounts Officer's role in Railway Ministry proposals?
What is the Financial Adviser and Chief Accounts Officer's role in Railway Ministry proposals?
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What happens if an Executive Officer disagrees with the Finance Officer's advice?
What happens if an Executive Officer disagrees with the Finance Officer's advice?
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What's the Finance Officer's role in financial advice?
What's the Finance Officer's role in financial advice?
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What happens if a Finance Officer disagrees with a proposal?
What happens if a Finance Officer disagrees with a proposal?
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How should departmental officers prepare proposals for financial advice?
How should departmental officers prepare proposals for financial advice?
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What kind of proposals does the Finance Branch review?
What kind of proposals does the Finance Branch review?
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What is the purpose of financial scrutiny by the Finance Branch?
What is the purpose of financial scrutiny by the Finance Branch?
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Where do proposals requiring financial approval go for initial review?
Where do proposals requiring financial approval go for initial review?
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Creation of Additional Posts
Creation of Additional Posts
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Extension of Temporary Posts
Extension of Temporary Posts
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Grant of Advance Increment
Grant of Advance Increment
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Revision of Time Scales of Pay
Revision of Time Scales of Pay
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Grant of Additions to Pay
Grant of Additions to Pay
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Grant of Honorarium
Grant of Honorarium
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Annual Review of Cadres
Annual Review of Cadres
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Conversion of Temporary Posts
Conversion of Temporary Posts
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Grant of Conveyance Allowance
Grant of Conveyance Allowance
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Reimbursement of Legal Expenses
Reimbursement of Legal Expenses
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When does a proposal need finance advice?
When does a proposal need finance advice?
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What is the primary focus in 'Establishment'?
What is the primary focus in 'Establishment'?
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What's the main role of the Finance Branch in the railway?
What's the main role of the Finance Branch in the railway?
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What are some important aspects of a proposal for the Railway Ministry?
What are some important aspects of a proposal for the Railway Ministry?
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How do you ensure financial resources are available for store purchases?
How do you ensure financial resources are available for store purchases?
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What does the Financial Adviser and Chief Accounts Officer do?
What does the Financial Adviser and Chief Accounts Officer do?
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What's the importance of local financial advice?
What's the importance of local financial advice?
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What is involved in re-delegating powers within the railway?
What is involved in re-delegating powers within the railway?
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What is the Finance Branch involved in regarding commercial matters?
What is the Finance Branch involved in regarding commercial matters?
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What's the Finance Branch's role in store supplies?
What's the Finance Branch's role in store supplies?
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Study Notes
Chapter XV: Finance Functions
- Introductory (1501): Finance functions comprise two branches: Accounts (internal check, recording) and Finance (financial scrutiny). Finance in this context refers to the Accounts Officer/Finance Officer capable of providing financial advice.
- Organization (1502): The Finance Wing (or Finance Branch) reports to the Financial Adviser and Chief Accounts Officer. An Additional/Deputy Financial Adviser manages the branch, assisted by various officers (Senior Accounts Officer/Senior Assistant Financial Adviser, Accounts Officers, Assistant Financial Adviser, and Section Officers). Lower-level Accounts Officers also provide financial advice at divisional/workshop levels. Financial Advisors set limits for approvals at different levels. The relationship between Accounts Officers and departmental officers is analogous to that of the Financial Adviser and Chief Accounts Officer to the General Manager.
- Proposals Requiring Financial Advice (1503): All proposals with financial implications, except those exempted, need Finance Branch review. The proposal must clearly state the desired financial advice. The Finance Officer should not be overly meticulous but should offer advice based on facts and experience, and suggest alternatives if necessary. The Executive Officer should give consideration to the financial advice of the Finance Officer to assure their responsibilities are duly completed with financial prudence.
- Consultation with Finance (1505): All proposals with financial implications (except those specifically exempted) must first be reviewed by the Finance Branch. This doesn't apply to standard procedures or those regarding promotion, leave, etc. Sub-categories for consultation include establishment, works, estimates, tenders, contracts, stores, etc.
- Items Requiring Consultation with Finance (1505): This section lists broad categories of proposals requiring prior consultation with the Finance branch: establishment, works, estimates, tenders, contracts, stores indents, delegation of powers, commercial matters, foreign exchange, miscellaneous matters.
- Sanction of the Railway Ministry (1504): All proposals requiring Railway Ministry sanction must include a complete financial assessment alongside technical/administrative details in order to obtain meaningful and useful review from the Finance Branch. Draft letters should be reviewed by the Financial Adviser and Chief Accounts Officer to provide a comprehensive assessment for the review. Financial advice and comments must be submitted in verbatim form to accompany the proposal.
- Contracts (1511): The Finance Branch must concur with any contract modifications, material changes, and extensions to the delivery period or completion dates of work.
- Estimates (1509): The Finance Branch verifies cost estimations are realistic, accurate, and justifiable, and allocate funds appropriately, evaluating the incidence and allocation of each item in the estimate and verifying budget provision.
- Tenders (1510): The Finance Officer serves on tender committees to provide financial advice on proposals, focusing on identifying the most beneficial tender for the railway administration. Committees include a check of a tender statement and note prepared by the Executive Officer.
- Stores Indents (1512): Finance Branch reviews store indent requests to ensure reasonableness and verify funds for the requested purchases. Zonal Railways and Production Units should control inventories effectively to optimize stock levels.
- Delegation of Powers (1513): The Finance Branch must approve any proposals for delegating powers to other authorities. This should consider if the re-delegation of powers is justified under extant rules and ensures efficient performance of duty.
- Commercial Proposals (1514): This section outlines specific commercial proposals requiring Finance Branch concurrence, including changes in rates for goods and coaching traffic, agreement for handling contracts, lease agreements, new stations/booking offices, etc.
- Check of Purchase Orders (1515): All purchase orders exceeding Rs. 10,000 must be reviewed by the Finance Branch for details, rates, and quantities. A 10% test check is performed on purchase orders less than Rs. 10,000.
- Foreign Exchange Commitments (1516): Proposals involving foreign exchange must be reviewed, ensuring these purchases are necessary and permissible within the Railway Board's limits. This includes ensuring that requirements cannot be met from domestic sources.
- Miscellaneous Matters (1517): This section lists various financial matters requiring review, including writing off losses, telephone connections, equipment purchases, and other miscellaneous expenditure.
- Annual Works Programme (1518): The Finance Branch reviews the annual works programs, including Rolling Stock Programme and M & P Programme.
- Productivity Test/Review (1519): The Finance Branch conducts periodical productivity reviews on works projects to compare realized vs expected results for works projects.
- Issue of Sanctions (1520): Sanctions must explicitly note consultation with the Finance Branch or Finance officer's endorsement to ensure oversight. Ensure sanctions consider if financial concurrence is necessary.
- Other financial matters requiring financial scrutiny(1517): The section lists diverse financial areas requiring review, including write-offs, telephone connections, purchases, and other miscellaneous items.
Other Details
- Chapter and paragraph numbers (e.g., 1501, 1502, etc.): These numbers guide the referencing and ordering of information.
- Abbreviations (e.g., HOD/JA, c.i.f): These are acronyms requiring expansion in context for clarification.
- General principles: Most proposals requiring the use of funds should be verified by Finance before execution. Financial advice should be fully considered, especially from the financial perspective.
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Description
Explore the intricate roles and responsibilities of finance functions as outlined in Chapter XV. This quiz covers the organization of the Finance Wing, the process of acquiring financial advice, and the key personnel involved in financial scrutiny. Test your understanding of finance management within an organizational context.
