‘J&K’s financial structure at par with any progressive system across country’

‘J&K’s financial structure at par with any progressive system across country’
Representational Image File/ GK

Srinagar: “Key reforms introduced by the Jammu and Kashmir government in its financial structure envisaging added transparency and accountability have brought UT’s fiscal system at par with any other progressive arrangement across the country”.

A departmental official, while elaborating on the subject, maintained that implementation of transformative reforms such as Budget Estimation and Allocation Monitoring System (BEAMS), online submission of bills through J&K PaySys, mandatory administrative approvals, technical sanctions and e-tendering, digital payments, GFR, GeM and related measures have greatly helped the financial systems in J&K to be at par with any other developing financial system in the country.

Publication of pictorial e-compendiums related to projects completed under Back to Village, District Capex, UT Capex and JKIDFC broadly reflects the government’s commitment to engaging with the citizens.

This is the first time in the Union Territory of J&K that people are able to oversee works being executed in their areas on a real time basis.

During 2020-21, more than 18,000 works were available on the EMPOWERMENT portal for the first time in J&K for public viewing thus bringing in real grass root empowerment.

The sincere initiative of the Finance Department to institutionalize prudence in financial management in J&K has truly transformed the Union Territory.

The essence of reforms such as online processing of bills through PaySys, streamlining of GST, e-stamping, e-GRAS, e-auction of liquor licences for retail outlets, digital payments, implementation of GeM, path-breaking reforms in J&K Bank, publication of important manuals relating to Budget and Audit, Back to Village and My Town My Pride initiatives besides 100 percent physical verification of works which was a most vital program to ensure implementation of projects without cost and time over-runs.

“Promoting good governance in the financial management has been one of the core objectives of the government. The financial system in J&K is one of the most transparent systems anywhere and is among the key changes that have taken roots in the Union Territory”, the official asserted.

Lieutenant Governor, Manoj Sinha, during a meeting with the Finance Department, highlighted major reforms taken up by the J&K government to bring greater transparency to the financial system making it more robust and result oriented.

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