LG approves Contingency Fund for J&K
TNN Bureau. Updated: 11/14/2019 10:17:11 AM
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JAMMU: Lieutenant Governor, Girish Chandra Murmu on Wednesday accorded sanction for the establishment of “Contingency Fund” for the Union Territory of the Jammu and Kashmir.
The section 69 of J&K Reorganization Act, 2019 provides for establishment of this fund, apart from ‘Consolidated Fund’ and the ‘Public Account’.
“There shall be established a Contingency Fund in the nature of an imprest to be entitled “the Contingency Fund of the Union territory of Jammu and Kashmir", into which shall be paid from and out of the Consolidated Fund of the Union territory of Jammu and Kashmir such sums as may, from time to time, be determined by law made by the Legislative Assembly of the Union territory of Jammu and Kashmir; and the said Fund shall be held by the Lieutenant Governor to enable advances to be made by him out of such Fund,” the section reads.
The act says only those advances can be made out of the Contingency Fund whose purposes is of meeting unforeseen expenditure; pending authorisation of such expenditure by the Legislative Assembly under appropriations made by law.