New Delhi: In a major move, the General Financial Rules (GFR) will be modified to facilitate further the ease of doing business. The GFR acts as a guiding framework for dealing with financial matters and adherence to it is mandatory.
"We have decided to revise the GFR as well as the manuals. The draft of both will be put up for public consultations in the month of August itself," a senior central government official said on the condition of anonymity.
The Centre plans to come out with a manual on procurement of goods also, he said.
Formulation of a new set of General Financial Rules has been necessitated by numerous changes brought by the Narendra Modi government in existing rules and regulations related to trade, the official said.
The GFR, first issued in 1947, were in the form of executive instructions which were later modified in 1963. Changed economic situation prompted further revision and the last GFR were issued in 2005.