Srinagar, Apr 01 :
The Jammu and Kashmir Finance Department has authorised the release of 50 percent funds under the Revenue Budget for the financial year 2026-27, in accordance with the provisions of the Jammu and Kashmir Appropriation (No. 2) Act, 2026.
According to Government Order No. 147-F of 2026, a copy of which lies with news agency Kashmir News Corner — KNC, funds shall be made available through the BEAMS system, while allocations for power purchase will be released on a monthly basis at the rate of one-twelfth of the approved budget.
The order specifies that certain expenditure heads, including interest payments, food grain subsidies, snow clearance, UT share components and the Disaster Response Fund, will be considered separately on a case-to-case basis.
The Finance Department has directed all controlling officers to ensure prudent utilisation of funds, emphasising rationalisation of non-developmental expenditure while safeguarding capital spending. It also stressed timely clearance of electricity and water dues and mandatory metering of all government establishments.
Departments have been instructed to strictly follow General Financial Rules (GFR) 2017, ensure procurements through the GeM portal and maintain transparency through e-tendering processes. The order also mandates that expenditure be evenly distributed throughout the year, with a cap of 30 percent in the last quarter and 15 percent in the final month.
Further, all transactions are to be conducted electronically, and funds under beneficiary-oriented schemes must be disbursed through Direct Benefit Transfer (DBT) with 100 percent Aadhaar seeding.
The Finance Department has also called for strict monitoring of revenue collection, submission of monthly financial reports and timely release of funds to subordinate offices within two days of authorisation. It warned that any deviation from prescribed norms will attract strict action. —(KNC)