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Centre releases Rs. 196 crore as share in Central taxes 2/16/2015 11:14:08 PM Early Times Report Jammu, Feb 16: N. N. Vohra, Governor, today reviewed the obtaining financial situation in the State in a meeting with the Principal Secretary, Finance, B. B. Vyas. In pursuance of the Governor's meeting with the Union Finance Minister, Arun Jaitley, which was held two weeks ago, a team of officers of the Finance and Planning & Development Departments, led by Principal Secretary, Finance, had proceeded to Delhi and held meetings with senior officers of the Union Ministry of Finance (UMoF) to follow up on the decisions taken in the Governor's meeting with Jaitley. As a consequence of the decisions taken, the State Finance Department has received Rs. 170 crore under Special Plan Assistance (SPA). This assisstance will enable the State Government to continue various development projects and clear bills pending in the Government Treasuries. After vigorous pursuit with the Union Finance Ministry, the Centre has also released Rs. 196 crore to J&K, which is the 2nd installment of its share in Central taxes and duties. This release is expected to further ease the extremely strained liquidity position of the State Government. The Governor was also informed about the release of the second installment of Rs. 45 crore for maintenance of roads and bridges under the 13th Finance Commission Award. This release materialised after the State Government clarified certain observations raised by the Union Ministry of Finance. In the meeting held with the Union Finance Ministry officers, led by the Finance Secretary, an in-principle decision was taken to accord consent under Article 293(3) of the Constitution for the State Government to raise the 50% of the balance open market borrowing permissible to J&K, for improving its liquidity position. A request in this matter had been made to the Union Ministry of Finance by the State Government. The Union Finance Ministry has also agreed to advance position the last instalment of Special Central Assistance (SCA), which is expected to be received early next week. After the discussion held today the Governor directed the Principal Secretary Finance to vigorously pursue all the funding issues with the Centre so that the maximum possible funds flow to the State Government for utilization during the remaining period of the current financial year. He also particularly asked Sh. Vyas to expedite, on a fast-track basis, the clearance of GP fund claims of the State Government employees which are pending in the Treasuries.   Share This News with Your Friends on Social Network     Comment on this Story

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