Odisha Finance Department Notification

The Odisha Finance Department issues notifications periodically to govern financial rules, regulations, and procedures within the state. These notifications impact various stakeholders, including government employees, departments, and the general public involved in transactions with the state government.

Key areas covered by Finance Department notifications include:

• Budget Management: Notifications address budget allocation, expenditure control, and monitoring of financial performance across departments. They may specify guidelines for supplementary budgets, re-appropriation of funds, and adherence to fiscal targets.
• Treasury Rules: These notifications outline the rules for maintaining government accounts, depositing revenue, and making payments. They often detail procedures for electronic fund transfers (EFT), cheque issuance, and reconciliation of accounts.
• Service Conditions and Pay Rules: Notifications relating to government employees cover pay scales, allowances, leave encashment, and other benefits. They might reflect changes in Dearness Allowance (DA), House Rent Allowance (HRA), or other allowances based on economic conditions and government policy. Specific notifications detail rules for promotion, transfer, and retirement benefits.
• Procurement and Tendering: These notifications establish guidelines for procurement of goods and services by government departments. They aim to ensure transparency, fairness, and competitiveness in the tendering process. The notifications often specify thresholds for different procurement methods (e.g., open tender, limited tender, direct purchase) and outline procedures for evaluation of bids.
• Taxation: While the Commercial Tax Department is primarily responsible for tax administration, the Finance Department may issue notifications related to state taxes such as VAT (Value Added Tax), GST (Goods and Services Tax), and stamp duty. These notifications could clarify tax rates, exemptions, and procedures for filing returns.
• Loans and Advances: The Finance Department issues notifications regarding loans and advances to government employees for purposes such as house building, vehicle purchase, or education. These notifications specify eligibility criteria, loan amounts, interest rates, and repayment schedules.
• Investment and Public Debt Management: These notifications relate to the state government's investment policies and management of public debt. They may outline guidelines for investing surplus funds, borrowing from financial institutions, and managing the state's debt portfolio.

Compliance with these notifications is mandatory for all government departments and employees. Violations can lead to disciplinary action or financial penalties. The Finance Department regularly updates its website with the latest notifications, circulars, and orders. Stakeholders are advised to regularly consult these resources to stay informed about the current financial regulations.

Furthermore, the Finance Department often conducts training programs and workshops for government employees to ensure they understand and comply with the latest financial rules and procedures. These initiatives aim to improve financial management practices across the state government and promote fiscal discipline.

The impact of these notifications extends beyond government departments. Businesses and individuals who interact with the state government financially, whether through contracts, taxes, or other transactions, are also affected. Therefore, staying informed about these notifications is crucial for ensuring compliance and avoiding potential issues.