(1) The Government must establish a cash management function in the Ministry of Finance to be managed by the Director of Finance in collaboration with the Inland Revenue Department, Customs and Excise Department, Accountant General's Department and the Debt Unit of the Ministry responsible for finance.
(2) The cash management function under subregulation (1) must contain—
(a) a cash plan formulated to minimise borrowing costs and to effectively manage cash needs;
(b) a system for cash flow forecasting, both for inflows and outflows established by the Accountant General;
(c) outflow forecast provided monthly by each Government Agency with detailed instructions and approved forms issued by the Accountant General;
(d) the expenditure forecast provided by a Government Agency which forms the basis for cash allocation;
(e) a system of monthly and quarterly budget allocation to each Government Agency established by the Permanent Secretary in the Ministry responsible for finance;
(f) an account by a Government Agency for any discrepancy between the forecast provided at the beginning of the financial year, and the actual collection for each quarter;
(g) a Government Agency must establish cash plan function to coordinate the total cash forecast for a Government Agency.
(3) Revenues must be collected when due and deposited daily in the designated Government bank account, except when specifically authorized by the Accountant General based on practicality and cost effectiveness.
(4) Payments, including transfers and subsidies, shall be made no earlier than necessary.
Division 3
Imprest