General Financial rules

Subject: Economy

Context:

Government has amended the General Financial Rules, 2017 to impose curbs on public procurement from bidders of countries that share a land border with India.

Concept:

• General Financial Rules (GFRs) are a compilation of rules and orders of Government of India to be followed by all while dealing with matters involving public finances.
• These rules and orders are treated as executive instructions to be observed by all Departments and Organisations under the Government and specified Bodies
• General Financial Rules were issued for the first time in 1947 bringing together in one place all existing orders and instructions pertaining to financial matters.
• These have subsequently been modified and issued as GFRs 1963 and GFRs 2005.