GeM Pool Account in GeMby Legal Salaah Business Registration Solutions in India
The central government has developed a wallet to provide facility to ensure timely payment of goods and services purchased for official use to the states, a move that has been found to reduce payments by half for official purchases were being done on time.
The e-marketplace (GeM), a government led by the Ministry of Commerce, has designed 'pool accounts' where states can pay in advance for their purchases but not debit, thereby eliminating the possibility of non-availability of funds.
What is GeM Pool Account?
It is a ‘pool account’ opened for a specific purpose on the GeM , which is a bank account for (interest-saving savings / current account), which is intended to approximate 100% in the value and value of contracts / supply orders. is. Is specifically operated and controlled by. The latter is the acceptance of goods and services delivered on GeM against timely payment to producers / owners on successful supplies and supply orders found by NPAE on GeM.
The NPAE will open the GPA (as a savings or current account) which will be utilized by the buyer through the online integration of wall with the platform owned and it has also maintained by GeM SPV, as per Service Level Agreement (SLA), which is solely for procurement of goods and services on GeM Registration.
Role of GPA with Non-PFMS
There is an issue of easing the timely payment process to GeM suppliers / vendors by (NPAE) / Non-PFMS agencies / institutions through the operation and opening of GeM Pool Account (GPA) which is under consideration of the Government of India and has now decided All those non-PFMS and their payment systems for all NPAEs, which provide prompt payment to the seller / service provider of a special purpose account ie GeM Areas open GeM pool account and will operate, which provides goods / services NPAE that GM.
What is Non-PFMS in GeM?
Non-PFMS agency/entity (NPAE) is the Government of India (GoI), which does not use PFMS for payment of its payments and for payment of contracts/payments for goods/services placed by NPAE on GPA.
Created on Mar 14th 2020 07:01. Viewed 203 times.