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The Government of West Bengal has decided to discontinue the Letter of Credit (LOC) System for Works and Forest Expenditure, transitioning to an allotment system through the Integrated Financial Management System (IFMS) effective April 1, 2015. This change aims to streamline fund releases and enhance accountability by routing all transactions through the Treasury system. The memorandum outlines new procedures for fund drawal, revenue receipts, and maintenance of accounts to ensure compliance with the update

Author

ankitraaj84

Language

EN