Civil service Gurukul has send relevant book of Financial Management to Students of batch No.15.
Students are advised to practice numerical questions from CA Intermediate Financial management books.
If any students have query, Pls contact @cadhananjay

Commerce Optional Current Affairs News


Public Finance Management System (PFMS)


News

The Punjab govt has directed all government procurement agencies to link the bank accounts of farmers with the Public Finance Management System (PFMS) portal before the procurement of paddy begins.

This has angered the arhatiyas (commission agents), a large number of whom want the government to roll back its decision.

Join 🔜 @commerceoptional

Public Finance Management System (PFMS)

PFMS is an online platform developed and implemented by the office of the Controller General of Accounts (CGA) under the Union Ministry of Finance.

The PFMS portal is used to make direct payments to beneficiaries of government schemes.

In the present case, the idea is to monitor the accounts of farmers to ensure they get the payment for their crops from the arhatiyas, who pay farmers only after selling their produce and receiving the money from the buyers.

Background

PFMS initially started as a Plan scheme named CPSMS of the Planning Commission in 2008-09 as a pilot in four States of Madhya Pradesh, Bihar, Punjab and Mizoram.

It was for four Flagship schemes e.g. MGNREGS, NRHM, SSA and PMGSY.

In December, 2013 the Union Cabinet approved the national roll out of PFMS for all States.
Join 🔜 @commerceoptional

HRM Current affairs

https://www.livemint.com/mint-lounge/features/the-bots-are-coming-for-your-job-11575028638112.html


Join 🔜 http://bit.ly/2L8xomx

Industrial Relations Code Bill, 2019



Context: The bill has been introduced in Lok Sabha.

Key facts:

The code proposes to amalgamate The Trade Unions Act, 1926, The Industrial Employment (Standing Orders) Act, 1946, and The Industrial Disputes Act, 1947.
It is the third out of four labour codes that have got approval from the cabinet.


The Bill:

Seeks to allow companies to hire workers on fixed-term contract of any duration.
Has retained the threshold on the worker count at 100 for prior government approval before retrenchment, but it has a provision for changing ‘such number of employees’ through notification.
Provides setting up of a two-member tribunal (in place of one member) wherein important cases will be adjudicated jointly and the rest by a single member, resulting speedier disposal of cases.
Has vested powers with the government officers for adjudication of disputes involving penalty as fines.
Introduces a feature of ‘recognition of negotiating union’ under which a trade union will be recognized as sole ‘negotiating union’ if it has the support of 75% or more of the workers on the rolls of an establishment.
As several trade unions are active in companies, it will be tough for any one group to manage 75% support, hence taking away their negotiating rights. In such a case, a negotiating council will be constituted for negotiation.
Underlines that fixed-term employees will get all statutory benefits on a par with the regular employees who are doing work of the same or similar nature.
Under the code, termination of service of a worker on completion of tenure in a fixed-term employment will not be considered as retrenchment.
Proposes setting up of a “re-skilling fund” for training of retrenched employees. The retrenched employee would be paid 15 days’ wages from the fund within 45 days of retrenchment.


Significance:

The Indian economy grew at 5% in the June quarter, a six-year low, while the country’s factory output shrank for the second straight month at 4.3% in September, recording its worst show since the present series was launched in April 2012.

The ease of compliance of labour laws will promote the setting up of more enterprises, thus catalysing the creation of employment opportunities in the country.


Join 🔜@commerceoptional
Sources: the Hindu.

👆🏻Industrial relations current affairs

We are happy to announce that we are starting batch No 17 for Commerce Optional 2020 from tomorrow.
For schedule of guidance program,Contact @cadhananjay
With best regards
Civil Service Gurukul

DEFINITION OF FINANCIAL MANAGEMENT
Financial management is an integral part of overall management. It is concerned with the duties of the financial managers in the business firm.
The term financial management has been defined by Solomon, “It is concerned with the efficient use of an important economic resource namely, capital funds”.
The most popular and acceptable definition of financial management as given by S.C. Kuchal is that “Financial Management deals with procurement of funds and their effective utilization in the business”.
Howard and Upton : Financial management “as an application of general managerial principles to the area of financial decision-making.
Weston and Brigham : Financial management “is an area of financial decision-making, harmonizing individual motives and enterprise goals”.
Joshep and Massie : Financial management “is the operational activity of a business that is responsible for obtaining and effectively utilizing the funds necessary for efficient operations.
Thus, Financial Management is mainly concerned with the effective funds management in the business. In simple words, Financial Management as practiced by business firms can be called as Corporation Finance or Business Finance.

Study Target

Study Target for 06/12 to 07/12.
Join 🔜 @commerceoptional