AICTE has been mandated by an Act of Parliament to plan and promote Technical Education in the Country and is responsible for promoting Innovation, Research, Development, adoption and adaptation of new technologies to meet developmental requirements and for over all improvement of Technical Education through various schemes. The Finance Bureau has been established in the Council with the responsibility to implement various Schemes and projects and provide requisite financial expertise and overall perspective of financial Management in implementation of schemes. The Finance Bureau also undertakes evaluation of outcomes, besides safeguarding the budgetary integrity for ensuring proper implementation of schemes of the Council.
Roles & Responsibilities
- Responsible for managing the proper accounting system.
- Responsible for release of Security Deposits of AICTE approved institutions.
- Responsible for preparation of budget for the Council.
- Responsible for budgetary control and expenditure and Cash Management.
- Responsible for releasing Grants-in-Aid of various Schemes implemented by the Council.
- Responsible for releasing salaries, wages and other establishment expenditure.
- Responsible for releasing funds for recurring and non-recurring expenditure for AICTE HQs as per the Sanction order issued by concerned Competent Authority as per Delegation of Financial powers for payment.
- Responsible for investment funds of the Council.
- Responsible for maintenance of Books of Accounts.
- Responsible for coordinating with the Comptroller & the Auditor General office for conducting “Certification” and “Transaction Audit” every year.
- Responsible for preparation and submission of Annual Accounts to the Ministry of Education for presenting in Parliament.
- Responsible for coordination with the Ministry of Education, Ministry of Finance, Govt. of India and other departments and organisations with reference to financial matters.
- Responsible for deduction and remittance of Income tax and GST and filing mandatory returns as per tax laws.
- Responsible for reconciliation of Bank Accounts.
- Responsible for payments and accounting of NTA, MIC, IKS, NETF and AICTE coordinating offices at different locations.
- Financial advice
