CAs press for Double Entry System in panchayats
19 Aug 2021 07:39 PM
Members of the Institue of Chartered Accountants of India met the panchayat minister Mauvin Godinho on Friday and gave their suggestions for a Double Entry System.
CA Pradeep Kakodkar said the Centre government has already given nod to this system and if adopted the panchayats would have detailed control over accounts.
This will also enable panchayats to make balance sheet and local bodies can borrow funds or money from banks and financial institutions.
The panchayats are at present following a system which does not enable them to maintain balance sheets. The implementation of this system should have been done by 2008.
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