Background:

Finance Division, PARC was established since establishment of PARC-1981. since establishment, it has been performing its functions efficiently and providing financial services and assistance to carry out the Agricultural Research and Development activities for improvement and sustainability of food in the Country.

Current Status: 

The current Structure of Finance Division of PARC is as follow:

1. Directorate of Finance, PARC
2. Directorate of Accounts, PARC
3. Directorate of RF&P, PARC
4. Directorate of Internal Audit, PARC
5. Directorate of Finance & Accounts, NARC

Mission:

To support the Agricultural R&D activities by providing efficient/ effective and timely financial services to the Scientists of PARC.

Goals:

To get maximum funds from GoP for smooth running of Agricultural R&D activities for Food security in the Country.

Objectives:

To get finances from GoP and its efficient and effective utilization over Agricultural R&D activities.

Functions:

Finance Division, PARC deals with financial matters of the Council like:

1. Preparation of Budget estimates.
2. Submission of Regular Budget to the Finance Division, GoP.
3. Preparation and submission of Cases for Additional Budget Grant through Supplementary Grants/ Technical Supplementary Grants.
4. Preparation of Financial Agenda for seeking approval of BOG.
5. To respond the queries raised by the Finance Division, GoP during Budget allocation process.
6. After allocation of Budget by the GoP, further distribution and authorization of Budget to the Research Centres/ Institutes of PARC.
7. To maintain all kinds of Financial record.
8. Periodical pre and post approval financial reviews and Monitoring/ analysis of the Various Development Projects.
9. Disbursement of funds according to the defined rules and regulations of the GoP for financial transparency.
10. Disbursement of Salaries and maintenance of deductions made out of Salaries of employees.
11. Pay fixations of the employees.
12. Tax deductions from Employees’ Salaries and Vendors/ contractors payments and its further deposit with the FBR on monthly basis.
13. Regular Internal Auditing of all Establishments of PARC and its Projects.
14. Regular Pre-audit of all Payment/ Receipt Vouchers.
15. Preparation of the Cheques/ Bank Drafts and its clearance from AGPR and Banks.
16. Signing of the Cheques and its disbursement to the beneficiaries.
17. Coordination with Directorate General of Federal Audit regarding regular External Audit of PARC.
18. Arrangement and holding of the DAC and the PAC meetings regularly and implementation of the directives issued by the DAC and the PAC.
19. Calculations of Pension/ Commutation related matters.
20. Maintenance of Pension record and Disbursement of Pension to its pensioners.
21. Preparation of Working papers for and Conduct of BOT meeting on regular intervals.
22. Preparation & maintenance of Books of Accounts along with monthly payments of the following:

1. G.P Fund Account
2. Benevolent Fund Account
3. Employees’ Group Insurance Account
4. Medical Welfare Fund Account
5. Welfare Fund Account

23. Preparation of the Books of Accounts of the Council.
24. Conduct of Statutory Audit of the Accounts of the Council by the Chartered Accountants firm.
25. Coordination with M/o NFS&R, Finance Division, Auditor General Office, Office of the Accountant General of Pakistan, Economic Affair Division, GoP and Planning Commission of Pakistan regarding finances of the PSDP Projects/ MoU Projects.
26.  Coordination with AGPR and Banks for disbursement of Finances.
27. Preparation of replies for the honorable Courts n various cases and implementation of the direction.
28. Personal appearance in the honorable High Courts and Wafaqi Mohtasib regarding legal matters of the Council.
29.   Any additional task assigned by the Senior Management of the Council.

Services:                   Financial Services

Achievements:          Smooth functioning of the Council

Programs:                 Non-Development, Development (PSDP, MOU & ALP)