SNS KASHMIR

Srinagar, Jan 31 : In a move aimed at rationalization of expenditure, the Jammu & Kashmir Government has ordered that 25% remaining funds under the capital expenditure shall be released only if the expenditure is 70% or above of the already released funds.

In a letter, a copy of which is in possession of SNS KASHMIR, the Finance Department has written to all the departments that a balance of 25 percent of funds in respect of the works shall be released provided the expenditure is 70% or above of the already released funds.

“Finance Department has released 75% funds under the Capex Budget during the current financial Year 2022-23. While releasing 75 % funds under Capex, it has been mentioned that balance 25% funds shall be released only when expenditure level is 70% of the released funds,” the letter further states.

According to the communique, all the departments shall incur expenditure as per the actual execution level of the projects and emphasis shall be laid on projects which are going to be completed during the current financial year 2022-23.

“The treasury officers shall entertain bills as per released funds in respect of each work against work done claims,” the letter further states.In Jammu & Kashmir’s annual budget for 2022-23, Rs 41335 crore was approved for capital expenditure (development works) out of Rs 112950 crore.

By SNS KASHMIR

Shaharbeen News Service Kashmir is a news service which covers, gathers, writes, and distributes news to newspapers, periodicals, radio and television broadcasters, government agencies, and other users. We at SNS Kashmir believe in fair and independent journalism to inform our masses or subscribers and readers about the happenings around the world. The prime focus of the news gathering and reporting is focused on Jammu and Kashmir state.

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