substantial amount of funds for the year 2023-24 has been exhausted in Jammu and Kashmir

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Srinagar  (CNI): Jammu and Kashmir has lapsed a substantial amount of funds for the financial year 2023-24, with Rs 192.44 crore and Rs 80 crore in South Kashmir’s Kulgam and Anantnag districts respectively.

As per news agency Current News Of India, sources with knowledge of the matter said that during 2023-24 almost all government departments in Jammu and Kashmir have exhausted their funds, especially for contractors and other expenses like vacations to cover salary, pension etc.

“Government departments had already submitted bills to the exchequer, but they could not get the refund last month as there were funds of Rs 2,000 crore for the financial year 2023-24. 10,000 crore lapsed in J&K,” sources said. Told about DDOs.

With funds in short supply, contractors in Jammu and Kashmir have been taken aback by these revelations as they were hoping that government departments would send them money for the works they had undertaken.

“I was waiting for a payment from one of the government departments and expected the loans to be cleared, but I was disappointed to learn that the funds have been exhausted,” said Basit Loan, a contractor said.

Another contractor said that the unavailability of funds has weighed him down when Eid-ul-Fitr is around the corner.

“I don’t know what to do now because the lack of funds has put us in trouble. They need to think about the contractors now because we put our efforts and money to complete the projects,” he said added.

Fund lapse is a recurring problem in Jammu and Kashmir for which the most affected contractors have appealed to the government to look into it. (CNI)

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