New Delhi, Mar 26: Asserting that J&K is on fast track to minimize its fiscal deficit, Minister for Finance A. R. Rather has urged the Centre to release to J&K all the resources agreed at the time of finalizing the Scheme of Financing (SOF).
 Strongly pleading the case for liberal central assistance to the State at a high level meeting with the Union Finance Minister Pranb Mukherjee and senior officers of the Union Ministry of Finance,   the FM highlighted the initiatives taken by the State to curtail non-plan expenditure.
 He said apart from proposing comprehensive amendment in the Stamps Act and the Registration Act of the State, the Fiscal responsibility and Budget Management Act has been amended as per the recommendations of the Thirteenth Finance Commission.
 He urged the central finance ministry that at least those resources that have been agreed, at the time of finalizing Scheme of Financing (SoF) needs to be released.
 However, he appreciated the announcements already made by the Union Finance Minister to provide financial assistance of Rs.8000 crore to the State Government for implementing an Annual Plan of 2010-2011.  
 Rather reminded that the State Government has been facing extremely difficult ground conditions in view of prolonged unrest and agitation adding that even then execution of works has not been allowed to suffer.
 Rather pleaded that the balance amount of Rs.687 crore including the Special Central Assistance (SPA), shortfall in National Small Savings Fund and restoration of the normal Central Assistance should be released immediately by the Ministry of Finance as the financial year is nearing closure.
 Pranab Mukherjee, according to an official statement, assured   Rather that everything possible would be done to provide necessary financial support to the State Government.

Lastupdate on : Sat, 26 Mar 2011 21:30:00 Makkah time
Lastupdate on : Sat, 26 Mar 2011 18:30:00 GMT
Lastupdate on : Sun, 27 Mar 2011 00:00:00 IST