The Government of Jammu and Kashmir Finance Department, under the Civil Secretariat of Jammu/Srinagar, has issued an official order authorizing the release of additional funds as part of the Capex Budget for the fiscal year 2024-25. This follows the interim budget (Vote on Account) for the year.
Details of the Official Memorandum
The Official Memorandum (OM) No. FD-BDGTOGEN/10/2022-03-(164239) dated 3rd June 2024 serves as a continuation to the Government Order No. 155-F of 2024 dated 30th March 2024. With this, the Finance Department grants authorization for the disbursement of further funds through the Budget Estimation, Allocation & Monitoring System (BEAMS). The funds encompass Capex, including District Capex, drawn from the Interim Budget.
Conditions for Fund Release
The release of funds comes with specific stipulations:
- Expenditure Review: Departments are advised to monitor the expenditure pace within their subordinate offices/DDOs, especially for schemes or offices where the level of expenditure has been low. Departments are responsible for prioritizing their financial requirements, including those for languishing projects based on the current rate of expenditure.
- Utilization Stipulations: The conditions detailed in Government Order No. 155-F of 2024 dated 30th March 2024 will govern the utilization of the authorized funds.
Roles of Authorities and Offices
All Administrative Secretaries and District Development Commissioners are notified of these developments, ensuring the guidelines and conditions for fund release and utilization are met.
The announcement made by Joint Director Budget, Finance Department, (Shafaat Yehya) highlights the government’s commitment to ensuring the timely and efficient allocation of capital expenditure for the development and administrative activities within the region.
The Finance Department’s efforts to ensure the oversight and proper management of expenditure underscore the importance of fiscal responsibility in governance, particularly in light of the interim budget arrangements before the full budget is approved.
The Government of Jammu and Kashmir continues to focus on the structured development of the region through careful planning and allocation of financial resources, ensuring that projects meet their intended milestones while adhering to fiscal discipline.
Order Copy
