Finance

Below is an Overview of the Key Functions and Activities Undertaken by the Finance Division:

1. Payroll Management

The Finance Division ensures the accurate management of payroll for NeGD employees, including:

• Salary and Benefits: Preparation and disbursement of salaries and other benefits to employees, including those on deputation, within stipulated timelines.
• Income Tax Compliance: Preparation of income tax computations, deduction of tax, and timely payment of tax to relevant authorities.
• Management of NISG Hyderabad Accounts: Ensuring timely disbursement of salaries for NeGD employees working with NISG Hyderabad.
• Deputation Contributions: Timely deposit of contribution payments for employees on deputation.

2. Team Structure

The Finance Division is led by a well-organized team comprising experienced professionals:

• Shri Rajnish Kumar – Chief Operating Officer (COO) / Director (Finance) on deputation.
• Ms. Nidhi Sinha – General Manager (Finance) on deputation.
• Consultants:
• Shri Ranjan Kumar
• Shri Amzad Rafi

3. E-Files and Financial Advisory

• Financial Review of Proposals: The Finance Division reviews all proposals having financial implications and offers financial advice on proposals.
• Budget Estimates and Expenditure Monitoring: Compiling and preparing budget estimates for NeGD, comparing expenditures from previous years, and ensuring that funds are available for project implementations.
• Fund Availability and Flow Management: Regular updates and reports on fund flows, receipts, and payments to ensure sufficient funds for sanctioned payments and proper monitoring of financial health.
• Assistance in Fund Disbursement: Facilitating the submission of proposals for fund release from MeitY and ensuring that necessary documentation is provided to support the funding process.

4. Budgeting, Fund Management, and UC Submission

• Control on Fund Utilization: Ensuring control over the utilization and expected utilization of funds under various projects.
• Monthly Reconciliation: Performing monthly reconciliation of available funds under each project.
• Utilization Certificates (UC): Timely preparation and submission of reconciled UCs to MeitY to confirm that funds are being utilized efficiently.
• Coordination with MeitY: Coordinating with MeitY for the release of funds under various projects.

5. Financial Statements and Reports

The Finance Division is responsible for maintaining financial accuracy and compliance through:

• Statutory Books of Accounts: Ensuring the proper maintenance of books of accounts, including journals, ledgers, and cash books, adhering to time and accuracy norms.
• Bank Reconciliation: Preparing bank and other reconciliation statements and closing accounts on a monthly basis.
• Financial Statements: Preparing financial statements in compliance with statutory requirements, such as the Profit and Loss Account and Balance Sheet.

6. Examination of Proposals with Financial Implications

Before any financial sanction is issued, all proposals are reviewed by the Finance Division for their financial soundness:

Expenditure Approval Process: Proposals involving financial expenditures undergo scrutiny by the Finance Division, ensuring they meet all criteria (such as fund availability, prior approvals, and previous advances).

After ensuring, file is then put up for Competent Authority Approval

7. Checklist for Proposals

The following checklist ensures that financial proposals and transactions are examined thoroughly:

• Release of Advance/Settlement of Advances: Review of requests for advance payments or settlements for institutes and entities.
• Tender/RFP Proposals: Scrutiny of tender or RFP proposals to ensure financial compliance.
• Vendor Invoices: Ensuring that vendor invoices for goods and services are valid and ready for payment.
• Travel & Accommodation (TA/DA) Claims: Examining travel and accommodation claims submitted by employees.