Contributions/Value additions

Support Consultant

Mr Gopabandhu Satapathy rendered services as Support Consultant, Finance for ADB Funded Project no-48493-002, Madhyapradesh Skill Development Project in Bhopal, Madhyapradesh, India from 1st August 2019 to 31st July 2020 and has prepared The Finance Manual, The Internal Audit Charter as per International Professional Practice Frame work, Internal Audit Manual, internal audit RFP and also has taken steps for timely completion of statutory audit with minimum audit qualifications. Looked after accounting, finance, taxation and auditing matters relating to the project. Carried out risk assessment of the project and recommended the introduction of internal control to manage the risks.

The Plan

Mr Gopabandhu Satapathy rendered services to DA Afghanistan Breshna Sherkat (DABS), Kabul Afghanistan as Senior Financial Management Consultant for ADB Grant project 0464/0465-AFG for a period from 30th May 2018 to December 2018 and has prepared an accounting road map for unbundling activities of generation, transmission, distribution, rendered services to the organization in areas e.g by coordinating with the Statutory Auditors in completion of statutory audit, in capacity building of the finance team in areas of IFRS and IAS, made a due diligence of the capital structure and recommended methods for improving profitability and liquidity of the company, recommended tariff structure and has submitted the inception report, intermittent report, midterm report and draft final report.

Research

Mr Gopabandhu Satapathy rendered services to Ministry of Finance, RMI, in Majuro for Asian Development Bank (ADB), as -201703-Financial Management Expert (47264-001)-TA-8581 REG: Strengthening Public Sector Management in The North Pacific for a period from 30th march 2017 to 26th May 2017.As per the requirement of this assignment Mr Gopabandhu Satapathy prepared a financial Management Plan which was accepted by both the user unit and the executing agency and which will be implemented over a period of time to attain the desired objectives of the executing agency.

Where we are now

Mr Gopabandhu Satapathy rendered services to The Ministry of Finance, RMI in Majuro for Asian Development Bank (ADB) as Thematic Auditor during the period from 5th December 2016 to 28/02/2017 and looked after Audit, Accounting and finance.

Research

During this period Mr Gopabandhu Satapathy was responsible for reviewing the present accounting, financial management, procurement system and was responsible for advising on matters in implementing internal control systems, which will lead to timely completion of annual accounts, better financial management, more effective procurement system, effective dealing with the questions of the statutory auditors, more effective and meaningful budget preparations by involvement of all the ministries.

Research

Mr Gopabandhu Satapathy has been responsible for recommending methods for management, control and disposal of fixed assets. Made an analysis of The Procurement Code (Act) 1988, prepared and recommended the adoption of procurement code, ethics code, recommended the setting up of policy office and ethics commission under The Procurement Code (Act) 1988.

Research

Mr Gopabandhu Satapathy has been responsible for making presentations before the Hon’ble finance minister and senior officers of the ministry of finance.

Research

Mr Gopabandhu Satapathy was selected by United Nations Development Program (UNDP), New Delhi, India as Municipal Finance Specialist as a consultant and was posted in Chamba District of Himachal Pradesh, India WEF March 2015. Mr Gopabandhu Satapathy was assigned with the responsibility of working for the development of Chamba, Urban Local Body (ULB).

Research

Mr Gopabandhu Satapathy identified that Chamba (ULB) and all the 54 ULBS in Himachal Pradesh depend upon grants from the Central Government for meeting their day-to-day establishment expenses and do not earn adequate revenue for meeting their establishment expenses. Mr Gopabandhu Satapathy also identified that the grants, which are meant for developmental work, when spent for meeting establishment expenses, developmental work gets affected and as a result infrastructure development gets affected which in turn affects employment generation resulting in affecting the growth of GDP of the country. Mr Gopabandhu Satapathy identified that this is one of the reasons why Himachal Pradesh state has remained backward.

Research

Mr Gopabandhu Satapathy advised that Chamba (ULB) and al the 54 ULBs in the state of Himachal Pradesh should generate enough revenues from own sources of income to meet their regular establishment expenses and the grants should be exclusively used for developmental work.

Research

Mr Gopabandhu Satapathy presented a budget for Chamba District (ULB) for the financial year ending 31st March 2016 for the first time by which the budgeted revenues were sufficient to meet the establishment expenses. Mr Gopabandhu Satapathy also advised that all the ULBs in Himachal Pradesh also should make similar financial planning by which they should be able to generate enough revenues from own sources of income to meet their regular financial needs and utilize the grants exclusively for developmental work.

Research

Mr Gopabandhu Satapathy identified that for Chamba ULB and for all the ULBs in Himachal Pradesh State there is a time gap between the receipt of funds whether from their own sources of income or by way of receipt of grants and for the expenditure of the funds either for meeting the establishment expenses or for carrying out developmental work. During this intervening period the funds are generally kept in savings bank account (which gives about 4% interest per annum) and as per Reserve Bank of India guidelines the ULBs cannot keep their funds in Multi option Deposit Schemes (MODS) account, which is in the nature of flexi fixed deposit account, which provides the facility of drawing money as provided by savings bank account and also provides the facility of giving interest at the fixed deposit rates on the balance of amount (which is of about @ 9% per annum on an annualized basis).

Research

In this situation as mentioned above Mr Gopabandhu Satapathy introduced an innovative and creative method in collaboration with State Bank of India (SBI) (Banker to the Nation, India), Chamba, main branch and under this method SBI offered to keep the money in fixed/term deposits (F.D/T.D) and agreed to offer overdraft (O.D) facility up to a limit of 80% of the F.D/T.D when the O.D carried interest @ 0.5% more than the F.D/T.D rate.

Research

In this situation as mentioned above Mr Gopabandhu Satapathy introduced an innovative and creative method in collaboration with State Bank of India (SBI) (Banker to the Nation, India), Chamba, main branch and under this method SBI offered to keep the money in fixed/term deposits (F.D/T.D) and agreed to offer overdraft (O.D) facility up to a limit of 80% of the F.D/T.D when the O.D carried interest @ 0.5% more than the F.D/T.D rate.

Mr Gopabandhu Satapathy successfully implemented this method in Chamba, ULB and Directorate of Urban Development(DUD), Shimla, Himachal Pradesh recommended this method to be implemented in all the 54 ULBs in Himachal Pradesh as a result of which all the 54 ULBs in Himachal Pradesh would earn a regular income of about Rs 2 to Rs 4 Crores per annum without any additional investment and SBI would get about Rs 30 to Rs 40 crores in F.D/T.D, which would give it the facility of creating additional bank money.

Research

Mr Gopabandhu Satapathy attended to the service tax issues of all the ULBs in Himachal Pradesh, which were pending since the year 2012 and made a plan under which the financial liabilities on the ULBs would be NIL on account of service tax. Mr Gopabandhu Satapathy appeared before the service tax authorities on behalf of all the ULBs in Himachal Pradesh and successfully convinced the authorities of service tax to waive the penalty and interest, which were proposed to be levied on the ULBs by the service tax authorities.

Training

Mr Gopabandhu Satapathy imparted training in double entry and accrual basis of accounting to the ULBs.