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| How past regimes left JK's financial system wrecked to core | | Net difference of Rs 124.74 crore between JK's cash balance with RBI comes to fore | | Early Times Report
jammu, Dec 9: The non-reconciliation of accounts in Jammu and Kashmir's financial set up has left the financial system of the erstwhile state wrecked in more ways than one. The differences emerging in cash balances and against the net difference of the past is worrying, coming to the fore.
As per the records, 197 of the 353 Controlling Officers had reconciled an expenditure of Rs 26,587.51 crore (51.86 per cent of total expenditure of Rs 51,269.37 crore excluding public debt) and receipts of Rs 40,162.73 crore (82.79 per cent of the 58 total receipts of Rs 48,511.88 crore excluding public debt) in the year 2018.
Documents in possession of Early Times newspaper reveal that Cash Balance Against the net difference of Rs 0.09 crore (Debit), there was a net difference of Rs 124.74 crore (Debit) between the cash balance of the State with RBI as reflected in books of Accountant General and that as reported by the RBI. The difference was mainly due to non-reconciliation of figures by various branches of the agency bank with the RBI. The matter stands taken up with the State Government and it has been assured by the State Authorities (September 2018) that the instructions in this regard shall be issued to all agencies concerned to set right the difference.
The expenditure on "Pension and Other Retirement Benefits" to State Employees was Rs 5,408.32 crore (including Rs 398.01 crore towards leave encashment benefits), which constitutes 13.22 per cent of total Revenue Expenditure of Rs 40,916.49 crore. This includes an expenditure of Rs 311.08 crore incurred by the State Government of J & K as an equal matching contribution by the Government in respect of State Government Employees recruited on or after 1 January 2010 who are covered by the Defined Contribution Pension Scheme. In terms of the Scheme, the employee contributes 10 per cent of basic pay and dearness allowance, which was matched by the State Government with equal amount. The entire amount of Rs 622.16 crore including employees' contribution of Rs 311.08 crore was transferred to the Minor Head 117-Defined Contribution Pension Scheme for the Government Employees under Major Head 8342-Other Deposits. Out of Rs 687.72 crore (including previous liability of Rs 65.56 crore), Rs 628.31 crore was transferred from this head of Deposit Account to the designated fund manager through the National Securities Depository Limited (NSDL)/ Trustee Bank. As per the documents, amount of Rs 59.41 crore was lying under the Major Head 8342-"Other Deposits"-117 "Defined Contribution Pension Scheme" for the Government Employees (which actually being deposits bearing interest) awaiting transfer to NSDL/Trustee Bank. |
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