We think that the present account and statistics should be thoroughly overhauled and remodeled with the assistance of experts familiar with recent practices in other countries."

[1] With the post of Financial Commissioner firmly in place, the requirement for an organisational set up with staff became imminent, and the ground was clearly laid for the growth of a new service which would henceforth meet the burgeoning needs of the increasingly autonomous finance department of Indian Railways.

The process was now set in motion and in the late 1920s, the Government of India decided to form a new Class I central service, viz IRAS, which would occupy top ranks of the Railway Accounts Department gradually replacing Indian Audit and Accounts Service officers.

Massive investments in the second Five Year Plan provided a windfall for Indian Railways, with the inevitable challenge to finance management.

During the 1990s, the position of Indian Railways Finances deteriorated as the organisation hitherto had been working more for fulfilment of social obligations of the Government of India like providing employment, affordable and subsidised transport to the common public etc.

The Indian Railways (IR) has been a vital component of the social, political and economic life of the country.

IR's role in times of war and natural calamities has also been commendable: it has always risen to the occasion and transported men and materials in large numbers at short notice.

Its ability to invest adequately in providing efficient and cost competitive services in the future is seriously in question.

Thus IR is in a watershed period in its history today and therefore drastic action needs to be taken in a number of areas to make this august organisation the country's pride once again.

The officers of IRAS along with the executives responded to the challenges and within a short period of 5–6 years, Indian Railways was a financially vibrant organisation.

At the Zonal level, the General Manager is aided by the Financial Adviser and Chief Accounts Officer along with his assistants.

In short, there is hardly any sphere of railway activity with which the Accounts and Finance organisation is not directly associated in the decision-making process.

Core functions of this cadre include maintenance of accounts of Indian Railways and Financial Advice to the executive.

Budget Management, Expenditure Control, Earnings Accountal, Financial scrutiny of various executive proposals are some of the functions performed by IRAS officers.

In this capacity, he is vested with full powers to sanction Railway expenditure subject to the general control of the Finance Minister.

They are also found to be the most sought after account officers because of their rigorous working background in railway system especially tendering, book and budget and so on.