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| Centre Govt shows inability to release funds to JK under CRF | | Around 200 ongoing projects hang in balance | | EARLY TIMES REPORT
JAMMU, Oct 9: Ever since the Centre Government has shown its inability to release funds under Central Road Fund (CRF), around 200 ongoing road projects across the Jammu and Kashmir Union Territory have come to grinding halt. Not only this, even the decision taken by the JK UT Government to complete these projects under languishing projects programme is likely to put more financial burden on the Government as these projects will need huge amounts and will now be completed by taking loan from Jammu and Kashmir Bank. They further said that there are quite apprehensions that the decision of the UT Government will be backfired and will prove as suicidal as it will be almost difficult to repay the loan of crores to JK Bank. “The CRF fund is released by the Center to the States for road projects from the cess collected from the sale of diesel, petrol products, which are kept with Reserve Bank of India (RBI) and later are released as per requirement of the States,” they said. Already JK UT has been facing severe financial crunch and most of the time it has been observed that JK remains unable to clear the liabilities due to poor revenue generation from its own sources and now putting these projects under languishing will make things worse, sources asserted. “Such kind of moves by Government can lead the UT towards bankruptcy as it will be difficult for the administration to get out of it,” they said further adding there is a question which is bothering the experts that when cess is being collected on regular basis then what is the reason for denying funding by the Center by showing helplessness, then where is this money going to. Pertinently the Central Road Fund (CRF) is a non-lapsable fund created under Central Road Fund Act 2000. It is procured out of the out of cess/tax, which Rs. 6 per litre imposed by the Union Government on the consumption of Petrol and Diesel. |
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