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Govt regulates release of balance funds
['Ovaise Gul']
Rising Kashmir
The circular directs Administrative Departments to submit proposals for release of the remaining allocation immediately after achieving the prescribed utilisation instead of waiting for expenditure under other works.
Such requests will be considered after verification, with the condition that the corresponding bills are submitted to the Treasury within 15 days of fund release.
Failure to meet the deadline will make the release liable for withdrawal, while any further release will require fresh consideration by the Finance Department.
The departments have also been instructed to continuously monitor the pace of expenditure to avoid delays in fund release and ensure timely execution of works.
The instructions have come into immediate effect and are to be read alongside the existing financial management guidelines issued by the Finance Department.