Jammu, Jan 29: The Jammu and Kashmir Finance Department has authorized the further release of funds under the Revenue Budget for the financial year 2024-25. This decision, aimed at ensuring smooth financial operations across departments, comes as part of the ongoing budgetary management process.
As per the latest order, departments where expenditure has reached 70% or more of the Budget Estimates (BE) will receive the full allocation of their approved budget or the reworked Revised Estimates (RE), whichever is lower. For departments with expenditure below 70%, funding is limited to 85% of BE or RE.
Key expenditure heads such as telephone bills, hospitality, advertising, and seminars, where spending has exceeded 55%, will receive 90% of the allocated funds. However, if the expenditure is below 55%, an additional 10% has been authorized, bringing the total release to 85%.
In contrast, certain expenditures, including electricity charges and other contra-credit heads, will receive 100% funding as per the budgetary provisions. However, funds for specific heads like Leave Travel Concession (LTC), vehicle purchases, furniture procurement, power purchases, food grain costs, snow clearance, and the Disaster Response Fund (DRF) will be released only on a case-by-case basis upon departmental proposals.
The Finance Department has reiterated that all fund utilization must comply with the austerity and economy measures outlined in previous government orders to ensure fiscal discipline.
