what is asaan assignment account

E-Paper | August 05, 2024

Govt bodies told to restrict assignment accounts to nbp.

ISLAMABAD: The government has tightened its fiscal controls by restricting the federal and provincial entities to ensure that all their assignment accounts for development projects and non-development expenditures are opened and operated only through the National Bank of Pakistan (NBP), which would be treated as part of the Treasury Single Account (TSA) of the federal government.

To conduct this exercise as required by the Inter­national Monetary Fund (IMF), the government has issued fresh guidelines for opening and operating the so-called Asaan (Easy) Assignment Accounts.

Under the Asaan Assign­ment Account Procedure (Local Curr­ency) Amended 2023 (AAAP 2023), the assignment accounts for both development projects and non-development expenditures would be part of the TSA (Account No. 1).

The assignment acco­unts of the provincial entities would be part of the consolidated funds of the respective provincial governments.

The Treasury Single Account is a unified structure of government bank accounts enabling consolidation and optimum utilisation of government cash resources.

Article 78 of the Constitution requires that all revenues, loan receipts and all other funds received by or on behalf of the government of Pakistan are either part of the federal consolidated fund (FCF) or the public account of the federation (PAF).

The cash balances of both FCF and PAF are maintained in central account No. 1 (non-food) at the State Bank of Pakistan (SBP). Under the Public Finance Management (PFM) Act of 2019, the FCF and PAF are operated by the finance division.

The new guidelines have directed all the ministries, divisions, corporations, projects and entities that the unspent budget at the close of a financial year will be surrendered by the respective offices or else would be treated as lapsed.

Besides, their main assignment accounts would be opened only in the main NBP branch in Islamabad for the federal government offices across the country, while their sub-assignment accounts could be opened at the branches linked with internet banking for project authorities or entities.

The organisations and entities already submitting their claims for development and non-development expenditures to accounting offices for pre-audit shall not be allowed assignment accounts under any circumstances.

The rules also specify how the principal accounting officers of the respective ministries or entities would designate, replace or nominate the signatories for operating the accounts.

The NBP would be required to comply with policy instructions of the government and regulatory requirements of the SBP, including ‘know your customer’ (KYC) to meet standards of Anti-Money Laundering and Financial Action Task Force for all accounts and their signatories through requisite documentation and biometric verification.

These accounts would not be available for making deposits but are overdraft facility accounts in nature for payments made on behalf of the government by the bank, followed by reimbursement claims from the SBP.

The AAAP 2023 will also apply to all the existing assignment accounts for all future banking. However, the opening of an assignment account would not be required for funds allocated as ‘one-time seed money’.

The assignment accounts would stand closed upon completion of the project or the programme or if the relevant expenditures are shifted to a pre-audit system of accounting offices. Cash withdrawals or transfer of funds to any bank account would not be allowed except for employees related deductions like pension contributions, provident funds or GP funds, etc. Payments shall only be made through crossed cheques to contractors, vendors, suppliers, employees, etc.

The principal accounting officers would be required to meet certain preconditions before approving the opening and closing of such accounts or changing signatories. These include the administrative approval of the development project, appointment of a project director and allocation of funds in the budget.

There shall be a separate assignment account for every development project and sub-accounts would be allowed only when payment is required outside the accounting jurisdiction of the accounting office where budget allocation had been made.

In the case of the current budget expenditure, the principal accounting officers would submit a certificate to the finance ministry on a half-yearly basis that public money had not been transferred from the assignment account of any other bank account.

The NBP would be required to close dormant assignment accounts or sub-accounts with no transactions for the last three years with intimation to the principal accounting officers and the accounting offices concerned.

It will also be required to provide the finance ministry with complete information every month, including the list of assignment accounts.

Earlier last year, the government ordered all federal and provincial entities, including those of Azad Jammu and Kashmir and Gilgit-Baltistan, to surrender their working capital and surplus funds for investment into a single treasury account of the federation.

The government has already notified that under Cash Management and Treasury Single Account Policy 2019-29 and Cash Management and Treasury Single Account Rules 2020, no government office could open, operate or maintain any bank account in scheduled banks for any purpose.

All ministries, divisions and other entities have been directed to reconcile their respective expenditures with the Ministry of Finance and the Accountant General of Pakistan Revenue each month to limit financial discrepancies, which went beyond a whopping Rs315bn in the first half (July to December) of the current fiscal year.

Published in Dawn, March 13th, 2023

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Finance Ministry Changes Accounting Procedure for Revolving Fund Accounts

The Ministry of Finance has revised the accounting procedure for Revolving Fund Accounts (also called “foreign aid assignment accounts”).

According to a document released by Finance Ministry, a Revolving Fund Account (RFA) in respect of donor financing under loan/credit grant will be established at a branch of the National Bank of Pakistan  separately from the account to be established for the government’s share of project financing, if any required.

The document states that such accounts will be in the nature of Assignment Accounts.

The document further said that the RFA will be a part of “Federal Consolidated Fund” at the level of Federal Government, while at Provincial Government’s level; it will be part of “Provincial Government’s Consolidated Fund”.

The document has empowered Finance Division to approve the opening and change of signatories of the RFAs. Alongside, National Bank of Pakistan has been designated for handling all of the transaction of RFAs.

The document further highlights that the separate RFAs for each project shall be established by the project management at the NBP for each of the loans/credits/grants. Each RFA will be designated a special Sub-Fund Identification Number upon establishment of the account.

Furthermore, RFA will be lapsable at the end of each financial year. However, the lapsed balance in one financial year will be protected through budgetary allocation in next financial year.

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PPLA concerned over ‘Asaan Assignment Accounts’

LAHORE:A number of college teachers taking out a rally expressed their concern over setting up of Asaan Assignment Accounts in selected public colleges of the province, including Lahore and termed it a move towards privatisation of these colleges. The rally was taken out from Government Science College, Wahdat Road to Bhekewal Mor. Similarly, rallies and protest demonstrations were held in other cities. The teachers alleged that the government had taken the salaries of teachers of selected colleges out of the AG office and put them in an account, handled by principals of their respective colleges. They alleged that the move was in fact a first step towards privatisation of public colleges which would not be accepted at any cost. They further alleged that the government wanted to close the doors of higher education on poor students by privatising colleges in the name of Asaan Assignment Account (easy account) scheme.

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--> -->   Product Name Product Type Current,  Savings Deposit Product Currency Eligibility Product Feature (Initial / One time) Account Opening ) Statement of Account Account Activation Transactions Limit * Restrictions * Basic Banking Accounts Advertisement Supported by As Republicans Attack Harris on Immigration, Here’s What Her Record Shows Republicans blame Vice President Kamala Harris for the surge of migrants into the United States over the past several years. But a review of her involvement shows a more nuanced record. Share full article By Zolan Kanno-Youngs and Jazmine Ulloa Reporting from Washington As they seek effective attack lines against Vice President Kamala Harris, Republicans are focusing on her role in the Biden administration’s border and immigration policies, seeking to blame her for the surge of migrants into the United States over the past several years. A review of her involvement in the issue shows a more nuanced record. 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Want all of The Times?  Subscribe . 150 IMAGES Ubl Asaan Account 2020-2024 hbl asaan account : how to open HBL account ( easiest way) Asaan Account How To Create a HBL AsaanAccount NBP Asaan Account Details II How to Open Assan account in National bank Allied bank asaan account VIDEO Std-12 gala assignment paper solution How to verify 2139 exchange accounts Std-12 gala assignment paper solution Std-12 gala assignment paper solution Std-12 gala assignment Paper solution Asaan Mobile Account COMMENTS ASAAN Assignment Account Assan Assignment Account Procedure (Local Currency), 2020 Assan Assignment Account Procedure (Local Currency), 2020. Attachments 1 total # File Size; 1: Assan Assignment Account Procedure (Local Currency), 2020: 0.45 MB: Download: ASAAN Assignment Account 2493. Popular Articles. PDF Asaan Account Local Currency 2020 Asaan Account Local Currency 2020. Title. Asaan_Account_Local_Currency_2020. Created Date. 10/27/2020 11:13:05 AM. 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