ISLAMABAD: The government has revised accounting procedure for revolving fund accounts (foreign aid assignment account), saying that at the time of incurring expenditure, no payment shall be made from the Revolving Fund Account without availability/ allocation of rupee cover against the foreign aided projects.
The Finance Division budget wing issued an office memorandum (OM) which stated that refer to Finance Division OM of dated 4th August 2022 on the subject and state that the requirement of having budget/ rupee cover for opening of revolving fund accounts stand deleted, with the following amendments; Para (1) b, the word “and the project should have the cost centre and allocation of the budget/rupee cover against the foreign aid/ grant stands deleted.
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Para 1(l) c, the words “Budget allocation /rupee cover against the foreign aid reflected in budget BOs/ NlSs, copies of relevant portion of BOs/ NlSs or copies of schedule of supplementary grant/ technical supplementary grant” stand deleted.
Further, the following new para 1 (1) d has been added.
At the time of incurring expenditure, no payment shall be made from the Revolving Fund Account without availability/ allocation of rupee cover against the foreign-aided projects.
Copyright Business Recorder, 2025
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