G.O.(MS).No. 164, Revised Accounting Procedures for Tamil Nadu Innovation Initiatives, 2023
The Planning, Development and Special Initiatives (TC.1) Department issued G.O.(MS).No. 164 dated 18 November 2023 to introduce new accounting procedures for Tamil Nadu Innovation Initiatives schemes from the financial year 2023-24. It replaces transfers to the non-lapsable State Innovation Fund under the Public Deposit Account with a Single Nodal Account, while allowing existing schemes sanctioned through the former arrangement up to 2022-23 to continue until completion.
What the government order covers
G.O.(MS).No. 164 dated 18 November 2023 governs the budgeting, release, management and payment of funds for schemes under Tamil Nadu Innovation Initiatives. The Planning, Development and Special Initiatives (TC.1) Department issued the procedures following modified scheme guidelines and the adoption of the Tamil Nadu Public Fund Tracking System.
The Tamil Nadu Innovation Initiatives allocation is treated as one scheme of the Planning, Development and Special Initiatives Department. Funding for individual projects is released on the recommendation of the State Planning Commission and with the required approval of the Standing Finance Committee and Legislature.
New accounting and banking arrangements
The revised procedures provide that:
- Annual allocations are to be made under new revenue and capital expenditure heads within Grant No.36-01.
- Budget Estimates or Supplementary Estimates may provide between Rs.100 crore and Rs.150 crore, or another amount determined by the Finance Department.
- The Additional Chief Secretary to Government, Planning and Development Department is the estimating, reconciling and controlling authority for the new account heads.
- The Member Secretary, State Planning Commission may open a Single Nodal Account in a Scheduled Commercial Bank.
- The State Planning Commission is the implementing department and scheme manager for Tamil Nadu Innovation Initiatives.
- Payments must be made directly from the Single Nodal Account to beneficiary accounts. Implementing agencies must not retain the money in another bank account.
- The State Planning Commission must follow the Implementation Nodal Agency and Single Nodal Account guidelines under the Tamil Nadu Public Fund Tracking System.
Innovation support expenditure
Every year, 5% of expenditure under Tamil Nadu Innovation Initiatives is allocated for awareness building, capacity building, evaluation, documentation and awards. This amount is transferred to the State Planning Commission's Single Nodal Account child account. Any unused balance at the end of the financial year must be transferred back to the specified government account head.
Effect on existing schemes and land matters
The earlier procedure of transferring sanctioned amounts to the non-lapsable State Innovation Fund under the Public Deposit Account is discontinued from 2023-24. Existing Tamil Nadu Innovation Initiatives schemes sanctioned through that fund up to 2022-23 continue until those schemes are completed.
G.O.(MS).No. 164 deals with government scheme accounting and fund administration. It does not state any change to land ownership, registration, classification or property transaction procedures.
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Common questions
Does G.O.(MS).No. 164 change my land title or registration process?
No land title, registration, classification or property transaction change is stated. The government order concerns accounting and payment procedures for Tamil Nadu Innovation Initiatives schemes.
How will Tamil Nadu Innovation Initiatives payments be made?
The State Planning Commission will operate a Single Nodal Account, and payments must be made directly from that account to beneficiary accounts. Implementing agencies must not keep the funds in another bank account.
What happens to older schemes funded through the State Innovation Fund?
Existing Tamil Nadu Innovation Initiatives schemes sanctioned through the State Innovation Fund up to 2022-23 will continue until those schemes are completed.
Who manages the Tamil Nadu Innovation Initiatives funding system?
The State Planning Commission is the implementing department and scheme manager. The Additional Chief Secretary to Government, Planning and Development Department is the estimating, reconciling and controlling authority for the new account heads.
