FSSAI notifies financial regulations, to form finance committee

The Food Safety and Standards Authority of India (FSSAI) notified financial regulations on Friday. According to the FSSAI (Finance) Regulations, 2023, it will maintain a Food Safety and Standards Authority of India Fund.

This fund will include grants given to the food authority by the Central government among others. This will be audited by the Comptroller and Auditor General annually, it added.

“The Food Authority shall maintain the Food Safety and Standards Authority of India Fund to further the objectives of the Act,” it said. It added that “financial receipts” will include grants made to the FSSAI by the Central government and sums realised by way of fees, penalties and statutory charges.

“Income received out of the investments made from the fund and income earned in the form of testing charges, consultancy, grants and donations among other sources” will also be part of the fund.

The notification added that there will be a Finance Committee. The Chairman of the committee will be Executive Director-Finance of FSSAI. The committee will have a representative from the Ministry of Health and Family Welfare and two members nominated by the FSSAI among others.

“The Finance Committee shall provide overall inputs on financial matters of the Food Authority and more specifically relating to review of budget of the Authority (including performance budget); estimation of grant in aid from the Central Government and other receipts; audit of accounts of the Food Authority through auditors appointed for this purpose; investment of surplus funds; advice on budget allocations for various work programmes,” the notification added.

The Chief Financial Authority, which is the CEO of FSSAI, will develop financial report formats and present the financial reports to the Finance Committee outlining the Authority’s financial and cash position, and adherence to the budget. “

The accounts of the Authority shall be audited by the Comptroller and Auditor-General of India or any other person appointed by them on their behalf annually,” it added.  

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *