The Ministry of Finance, Government of India, has issued an Office Memorandum introducing a new “Charter for Financial Advisers.” The memorandum states that the Scheme of Integrated Financial Adviser, which was established in 1975, has been redefined over time to adapt to changes in the government’s functioning.
The revised charter aims to facilitate better and faster decision-making in light of various reforms, projects, schemes, and public financial management initiatives undertaken by the government.
The memorandum also mentions the cancellation of previous Office Memorandums related to the Financial Adviser System. The new charter comes into effect immediately, although some of its features may require a transition period for full implementation. The memorandum is signed by the Finance Secretary and Secretary (Expenditure).
Finmin – Charter for Financial Advisers
No. 23(3)/E.Coord/2018
Government of India (भारत सरकार)
Ministry of Finance (वित्त मंत्रालय)
Department of Expenditure (व्यय विभाग)
North Block, New Delhi
Dated the 13th June, 2023
OFFICE MEMORANDUM
Subject: Charter for Financial Advisers – reg.
The Scheme of Integrated Financial Adviser was introduced by this Departments O.M. No. 10(29)-E-Coord/73 dated 6th October, 1975, whereby delegated powers of Administrative Ministries were greatly enhanced and it was provided that the Financial Adviser would be responsible both to the Administrative Ministry and to the Department of Expenditure, Ministry of Finance.
- The Department of Expenditure has over time, redefined the Scheme of Financial Advisers vide O.M. No. 5(6)/L&C/2006 dated 1st June, 2006 and brought out a ‘Redefined Charter for Financial Advisers’ with the objective to keep pace with the changes in the way the Government worked.
- Since then, the Government has undertaken a significant number of reforms, projects, schemes, public financial management initiatives, etc. To enable better, faster and more efficient decision taking, the Financial Advisers system has now been updated. The new ‘Charter for Financial Advisers is annexed hereto.
- With the changes to the Financial Adviser System, this Departments O.M. No.1(34)/E.II(A)/2010 dated 7th October, 2010 and O.M. No. 1(34)/E.1I(A)/2010 dated 2nd May, 2011 stand cancelled.
- This comes into force with immediate effect. Some of the new features may, however, require a transition time to be fully implemented.
(T. V. Somanathan)
Finance Secretary & Secretary (Expenditure)