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Financial Regulations in Sri Lanka - Part I - 2024.02.24

The document outlines a certificate course on Public Financial Management aimed at officers in Grade I of the Sri Lanka Technological Service, focusing on financial regulations in Sri Lanka. It covers the importance, structure, and chapters of financial regulations, emphasizing their role in controlling public finance and ensuring accountability. The course is designed to enhance understanding and compliance with financial regulations to reduce wastage and corruption in the public sector.

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kuganto
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332 views10 pages

Financial Regulations in Sri Lanka - Part I - 2024.02.24

The document outlines a certificate course on Public Financial Management aimed at officers in Grade I of the Sri Lanka Technological Service, focusing on financial regulations in Sri Lanka. It covers the importance, structure, and chapters of financial regulations, emphasizing their role in controlling public finance and ensuring accountability. The course is designed to enhance understanding and compliance with financial regulations to reduce wastage and corruption in the public sector.

Uploaded by

kuganto
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Certificate Course on

Management leading to
fulfill the Third Efficiency
Bar Examination for the
officers in Grade I of Sri
Lanka Technological
Service

S U B J EC T : P U B L I C F I NA N C I A L M A NAG E M E N T
L E S S O N : F I NA N C I A L R EG U L AT I O N S I N S R I
L A N K A – PA RT I
By: M.S. Dimuthu Kumari
DAT E : 2 4 / 0 2 / 2 0 2 4 Senior Lecturer
Department of Public Administration
FMSC, University of Sri Jayewardenepura
Content
Control over Public finance
Introduction to Financial Regulations (FR)
Importance of FR
Financial Regulations (FR) in Sri Lanka
Introduction to main chapters in FR
Selected FRs in Sri Lankan context
Control Over Public Finance
Financial Regulations (Regarding government purchases, salaries, revenue
collection etc)
Acts (Ex: Finance Act 2019, Financial transaction reporting act 2006,
Monetary Law Act 1949)
Circulars (Ex: 2021 Circular on the decentralized capital budget program,
2019 rapid Rural Development program- Gamperaliya)
Auditor Generals’ Control (National Audit Act 2018)
Parliamentary Committees like COPA
Introduction to Financial Regulations (FR)

Financial regulation is a form of regulation or supervision


Aims to maintain the stability and integrity of the financial
system
Relatively a stable document
Provide guidelines to the users
Shows the limits of working
Importance of FR
Provide guidelines to the users
A good controlling and monitoring system
Facilitate to make disciplined employees particularly, in the Public sector
Helps to reduce wastage and corruption
Helps to maintain consistency in financial matters across institutions and
periods

In Sri Lankan context…


FR 200 (4) says that, ‘officers who prepare or check payment documents will be held
personally responsible for their actions’.
Financial Regulations (FR) in Sri Lanka
It is a law accepted by the parliament
Applied to the Government sector organizations
Introduced in 1992, thus, Known as 1992 FRs
There are 14 chapters and 893 regulations
Amendments are done through circulars by the Department of Public
Finance in the treasury
These regulations serve to carry out financial transactions in an orderly
manner
They show the limits of working
However, FR itself says that there is no intention to be an obstruction for
the government works and programs
Article No.44 (1) of Constitution ?
Constitution has Department of
Minister of
given powers to Public Finance
President pass Finance usually
the president in treasury do
that power to pass that Power
interpretations
Article No.44 the minister of to the
and
(1) Finance Government
amendments to
Treasury
FR

Role of Finance Minister with respect to FR ?


Role of Government Treasury (Public finance Department) with
respect to FR ?
Introduction to main chapters in FR, SL
Chapter 01 Estimate of expenditure and Revenue

Chapter 02 Authorities for expenditure, refunds, Write-Offs etc..

Chapter 03 Financial Management and Accountability

Chapter 04 Receipts

Chapter 05 Payments

Chapter 06 Custody of Public Money

Chapter 07 Accounting

Chapter 08 Advance Accounts


Introduction to main chapters in FR…Cont.
Chapter 09 Kachcheri Acounts

Chapter 10 Accounts of Courts

Chapter 11 Foreign Aids

Chapter 12 Printing and Publications

Chapter 13 Supplies, Works and Services

Chapter 14 Miscellaneous
Discussion on Selected Financial
Regulations…

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