On Day 1 of FY: LG Okays 50% Release Of Revenue, Capital Outlay

Jammu: Jammu and Kashmir Lt Governor Manoj Sinha on Thursday approved release of 50 per cent of revenue and capital outlay on the first day of new financial year, an official spokesman said.

The timely release of revenue and capital component is expected to accelerate pace of development in the Union Territory, the spokesman said.

Parliament recently approved the highest ever budget of Rs 1,08,621 crore consisting of capital outlay of Rs 39,817 crore and revenue component of Rs 68,804 crore for the Union Territory.

While authorizing the revenue and capital outlay, the government issued strict directions for timely completion of tendering process before end of May to ensure that there are no constraints due to limited working season in J&K, the spokesman said.

He said the flow of funds to the subordinate offices will be in online mode through BEAMS and all departments shall be required to submit monthly reports regarding the progress made by them under various components.

In order to ensure uniform pace of expenditure, it has been clearly stipulated that not more than 30 percent of the funds can be spent in the last quarter of the financial year and not more than 15 per cent of the funds can be spent during the last month of March, the spokesman said.

This is intended to avoid rush of expenditure towards end of the financial year. The projects undertaken during the year will need to meet basic discipline of administrative approval, technical sanction and e-tendering, the spokesman said.

He said geo-tagged photographs will be necessary before commencement of the work and after completion of the work for incurring expenditure.

The activities will be available for public viewing through empowerment web-portal and people's participation in the development process is one of the key objectives that will be pursued, he said.

He said the flow of funds under individual beneficiary schemes would be in DBT mode with Aadhaar seeding which will ensure that only eligible beneficiaries get the benefit of government schemes.

In a significant move, the Panchayat Level Plans, Block Development Plans and District Development Plans are expected to be ready in the month of May.

This will be for the first time in the history of J&K that Panchayats shall be fully involved in the formulation of plans. Suitable training of district officials shall be undertaken by the Government in this regard to enable them to prepare the plans in a time bound manner in accordance with the felt needs of people, the spokesman said.

He said a system of complete physical verification is being institutionalized including third party verification for high value projects

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