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| Finance Deptt releases 50% budget allocation for 2018-19 beforehand | | | Early Times Report
JAMMU, Feb 16: Keeping with the announcement made by the Finance Minister, Dr Haseeb Drabu in his Budget speech in the state legislature on January 11 this year, the Finance Department today released 50 percent of Rs 95666.97 crore budget allocation for the financial year 2018-19.
"We have today released to the Administrative Departments half of the total budgetary allocation of Rs 95666.97 crore for the fiscal 2018-19 through BEAMS (Budget Estimation, Allocation and Monitoring System) and they will have to now pass it on to the field Departments within four weeks," Dr Drabu said here today.
Principal Secretary Finance, Mr Navin Kumar Choudhary was also present on the occasion.
The new and proficient online system of resource allocation - BEAMS was launched by the Finance Department last year to ensure release of resources through quicker, transparent and efficient computerized mechanism.
Dr Drabu said the early release of funds would facilitate the Government Departments to plan and set into motion the developmental process for the next fiscal well in advance. "Earlier, the budgetary allocation used to be released by the Finance Department with the beginning of the new financial year in April while the Administrative Departments used to pass it on to the line departments in July-August resulting in developmental deficit because of limited working season available in various parts of the State," he said.
The Finance Minister said with the introduction of BEAMS, once the budget is released, the departments can allocate funds to their executing agencies through the online system and thereafter all the expenditures will not only be regularly checked for budget availability but will also control monthly cash flows against pre-determined developmental targets. He said the substantial increase in the Capex budget has massively shifted the total percentage of expenditure towards development front. "In 2011-12, the rate of investment on public expenditure was 6.80 percent of the State Domestic Product (SDP) which has now crossed 10.02 percent in," he said.
Pertinently, for the first time in J&K's fiscal history, the Finance Minister has factored in wide-ranging Expenditure Reforms in the Appropriation Bill-2018 making the government legally bound to ensure time-bound public expenditure, avoid delays in execution of development works and reduce pilferages.
As per the new law, the Finance and the Planning, Development and Monitoring Departments have to release both Revenue and Capital budget to all the administrative departments within two weeks of the passage of the Appropriation Bill. The Appropriation Bill for 2018-19 was passed by the Upper House of the State Legislature earlier on February 5.
He said the administrative departments shall, in turn, ensure release of funds to the subordinate offices within four weeks of their receipt, failing which these funds shall be deemed to have been transferred to the intended DDOs on the dates they ought to have been released by the administrative departments / Controlling Officers. |
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