Jammu & Kashmir

Rs 83,536 crore liabilities of erstwhile state yet to apportioned between JK and Ladakh: CAG

An Arieal view of Kashmir village. [FPK Photo / Umar Farooq]

Srinagar: The Rs 83,536 crore liabilities of the erstwhile state of Jammu and Kashmir are yet to be bifurcated between the union territories of Jammu and Kashmir and Ladakh, the Comptroller and Auditor General of India has said in its report.

In its report, which was tabled in the parliament earlier this week, the auditor said that borrowings of the erstwhile state of Jammu and Kashmir are yet to be apportioned between the successor UTs.

“There is also borrowing of erstwhile State of Jammu and Kashmir ending 30 October 2019 amounting to Rs 83,536.63 crore which is yet to be bifurcated between two successor UTs,” reads the report, a copy of which is in possession of news agency Kashmir News Observer.

After reorganisation of the erstwhile state of JK, a committee was constituted by the Government of India for the bifurcation of assets and liabilities between the UTs.

The CAG has also revealed that the administration of Jammu and Kashmir Union Territory had an outstanding liability of Rs 29,335.41 crore ending March 31, 2022.

“In addition to above, there is outstanding borrowings amounting to Rs 2,122.77 crore of JKIDFC and an amount of Rs 10,321.83 crore of JKPCL,” the report further states.

As per the Jammu and Kashmir Fiscal Responsibility and Budget Management Act, 2006, total liabilities means the liabilities under the Consolidated Fund and the Public Account and includes borrowings by the public sector undertakings and special purpose vehicles and other equivalent instruments including guarantees where the principal and /or interest are to be serviced out of the budget.

The CAG report of JK was laid in the Parliament as the UT has been without an elected government for more than one year.

As per Union Finance Ministry’s June 2019 decision, wherever President’s Rule is extended beyond one year, the C&AG’s report would be placed in Parliament. (KNO)

Click to comment
To Top