Kathmandu. The Office of Financial Comptroller General has stated that the Local Cumulative Fund Management System (SUTRA) will be closed from 12:00 midnight on July 10 in preparation for the upcoming fiscal year.

Issuing circular to all 753 local levels, the Office reminded that the payment release has to be stopped at least seven days before the end of the fiscal year as per the Financial Work Procedure and Financial Accountability Regulations, 2077. According to the same provision, the local level cannot make new payments and withdrawals after July 25.

According to the Financial Comptroller General’s Office, the formula will be closed for new financial transactions from 12 midnight on July 10. After that, only a limited number of transactions will be allowed to be conducted until mid-July.

As per the circular, the tax and other liabilities that are due to be deducted from the payment will be deposited in the banks, repayment of EFTs transferred due to various reasons, the remaining amount of conditional, complementary and special grants received from the federal and provincial governments will be returned to the concerned office, the amount will be transferred from different accounts to the accumulated fund account and the payment settlement and other amounts can be adjusted on the basis of bank vouchers till mid-July g.

The Office has directed all local levels to mandatorily implement the provisions mentioned in the circular to make the accounting system systematic, transparent and close on time by the end of the fiscal year.