KD NEWS SERVICE
JAMMU, Mar 13: The Jammu and Kashmir government has informed the Legislative Assembly that financial liabilities amounting to ₹2504.46 crore from the erstwhile state of Jammu & Kashmir are to be transferred to the Union Territory of Ladakh as part of the reorganization process.
In a written response to a question raised by MLA Lolab, Qaiser Jamsheed Lone, Minister in-charge, Finance, Omar Abdullah disclosed that the transfer of liabilities is in accordance with the guidelines set under notification SO-329 of the General Administration Department (GAD) issued on October 30, 2020.
“As per the apportionment process, the distribution of public debt, assets, and liabilities between Jammu & Kashmir and Ladakh is being executed as per the prescribed framework. A significant portion of these recommendations has already been implemented,” Abdullah informed the Assembly.
He further added that the J&K government has actively engaged with the Ladakh administration and the Union Ministry of Home Affairs (MHA) to ensure the smooth transfer of financial obligations.
Following the Reorganization of Jammu & Kashmir into two Union Territories in August 2019, the Ministry of Home Affairs (MHA) had constituted an advisory committee to oversee the equitable distribution of assets and liabilities. The committee was chaired by former Defence Secretary Sanjay Mitra and included senior bureaucrats Arun Goyal (retired IAS) and Giriraj Prasad (retired Indian Civil Accounts Service officer).
The process of financial separation between the two UTs has been an ongoing effort, with several discussions held between stakeholders to ensure fair distribution of debts and resources. The latest announcement in the Assembly marks a significant step in finalizing the financial division between Jammu & Kashmir and Ladakh.
