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FCI is a statutory Organization constituted under Food Corporation’s Act, 1964 and has been carrying out its operations since 1965 with an objective to trade in food grains and other foodstuffs and for matters connected therewith and incidentals thereto.  At present FCI is only implementing Government of India food programme and not involved in any commercial venture. 

Main operation of FCI includes procurement of food grains at minimum support price declared by Government of India, store the food grains, transport the food grains from surplus to deficit states and issue it to State Governments/ Union Territories  under Public Distribution System at a price decided by the GoI.  Since, the issue prices declared by GoI under different schemes are much lower than the cost of food grains procured, the differential amount is reimbursed to FCI as food subsidy by the GoI.  FCI also maintains buffer stocks of food grains as mandated by the GoI and intervene in the domestic market to control the rising prices of the food grains.

Finance and Accounts division primarily manages the funds, budget and accounts of the Corporation. Funds involves in assessment of resources required, find the sources of finance, explore new sources stream and manage the day-to-day treasury to ensure smooth operation. Budget includes preparation of annual business plan in advance and submission of the same to the Government of India (GoI) for approval and making provision for food subsidy in Union Budget. Further submission of advance/final subsidy bills to the GoI and ensuring timely sanction of subsidy releases are also done by budget division. Accounts ensures recording of transactions in the books of accounts, preparation of annual reports and audit. Besides, corporate taxation, compliance of statutes, financial evaluation of proposals, CPF Trust, DCPS Trust, Employee Welfare Trusts etc. are also managed by Finance and Accounts Division.