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FD yet to receive proposals for funds To raise Rs 1200 Cr loan for projects 7/31/2015 12:46:08 AM Arun Singh Early Times Report Jammu, July 30: The non-seriousness of most of the Government Departments can be well gauged from the fact that the Finance Department had sought project proposals from the former but till date no department has submitted projects for sanctioning of funds. Sources told Early Times that the Finance Department had asked several departments to submit their projects few months ago so that funds may be distributed as soon as Finance Department receive funds from centre, which have however not been received even the four months of ongoing financial years have passed. Pertinently, Early Times has published in its news item on July 29 edition that in view of cold response from the centre department, the Finance Department of Jammu and Kashmir is going to take loan of Rs 1200 crore from National Bank for Agriculture and Rural Development and other Banks to further provide funds to various departments. "The delay in submitting projects by several departments is only due to laxity on the part of Finance Department who did not fix deadline for them to submit projects within stipulated time period," they said. Now Finance Department, which is all set to get loan of Rs 1200 crore in coming days, but due to non submission of project proposals by department like Road and Building Department, Health, Agriculture etc. there is every possibility that funds will remain utilized, sources informed. "Government has already lost four vital months of the current financial years to carry out development works as per the topology and the weather condition of the state in coming few months, the work in hilly areas particularly the snow bound districts will almost be difficult to execute work as a result the fund will be locked and consequently government will have to pay heavy interest on the rate of 8 percent per annum on Rs 1200 crore putting extra burden on state exchequer," they said.   Share This News with Your Friends on Social Network     Comment on this Story

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