Jammu and Kashmir government has revised Budget Manual of erstwhile state of J&K.
“In exercise of the powers conferred under section 67 of the J&K Reorganization Act, 2019, the Lieutenant Governor, Union Territory of Jammu and Kashmir is pleased to revise the Budget Manual of erstwhile Jammu and Kashmir State,” a notification issued by Finance Department said.
“Jammu and Kashmir Reorganization Act, 2019 provide the broad framework in which a budget has to be compiled. The following three funds have been established under Sections 67, 68 and 69 of the Jammu and Kashmir Reorganization Act, 2019.
“Article 150 of the Constitution of India provides that the accounts of the Union and States including the Union territory of Jammu and Kashmir shall be kept in such form as the President may, on the advice of the Comptroller & Auditor General of India, prescribe.
“The basic requirement of classification is that it should be covered by the authority of the President who shall accord such an authority on the proposals worked out on this behalf by the Comptroller & Auditor General of India.
“The system of classification is the same for different States/Union territory of Jammu and Kashmir and the Union Government. In the diversity of conditions prevailing in India, uniformity in preparation of budget and compilation of accounts is essential.
“It helps in a comparative study analyzing economic trends in different regions and Union territory of Jammu and Kashmir and facilitates working of Finance Commission, NITI AAYOG and others connected with fiscal management of the country. National averages can be drawn under different socio-economic and administrative fields according to acclaimed parameters for inter State/Union territory comparisons to facilitate application of corrective wherever and whenever required.”