FD authorizes release of 100 pc funds through BEAMS in all sectors

Executing agencies to certify completion of works

Excelsior Correspondent

JAMMU, Mar 26: The Finance Department today authorized release of 100 percent funds through Budgetary Estimation Allocation and Monitoring System (BEAMS) in respect of all sectors within district Capex (Capital Expenditure).
The funds have been released out of approved Budgetary Expenditure for 2022-23 or as per revised figures under Revenue Expenditure (RE) 2022-23, whichever is less, in respect of all works/ activities under district Capex.
An order to this effect was issued today by the Finance Department of the Union Territory administration.
As per the order, the executing agencies shall certify completion of works and draw funds in respect of only those works which are going to be completed 100 percent physically and financially during the current financial year of 2022-23.
“Utilization of funds shall be subject to other conditions as stipulated by the Government on March 31, 2022 through an order,” the Finance Minister said.
It may be mentioned here that annual budget of Jammu and Kashmir was presented by Union Minister of State for Finance Pankaj Choudhary in Lok Sabha on March 13 and Rajya Sabha on March 14 amounting to Rs 1.18 lakh crore.
It has already been passed by Lok Sabha while Rajya Sabha is yet to give nod to it. Delay in approval of budget in Rajya Sabha is due to uproar created by both treasury and opposition benches leading to regular adjournments of the Parliament.
The budget for next financial year of 2023-24 will come into effect from April 1. There have been reports that the Union Finance Ministry will release 50 percent of budget to Jammu and Kashmir soon after the Parliament nod followed by rest.
Thirty five percent of budget shall be spent on development and infrastructure projects. The capital receipts are projected at Rs 12,439 crore and capital expenditure is expected to the tune of Rs 41,491.