Release balance 25 % funds under CAPEX budget if 70 % funds have been utilized: J&K government to Depts
Srinagar, Jan 31 (KNO): 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 news agency—Kashmir News Observer (KNO), 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—(KNO)