The Jammu and Kashmir’s Finance department on Thursday made rules for Contingency Fund to meet any eventuality in the Union territory.
According to a notification issued by the department in this regard, the Contingency Fund of Rs 25 crore for the Union Territory shall be held on behalf of the Lieutenant Governor of Jammu and Kashmir, by the Finance department.
The notification reads that the advances from the Contingency Fund shall be made for the purposes of meeting any unforeseen expenditure.
This unforeseen expenditure will also include the expenditure that will be incurred on a new service which has not been contemplated in the annual financial statement of Jammu and Kashmir, reads the notification by the Finance department.