In terms of Section 67 (1) of Jammu and Kashmir Reorganisation Act, 2019, the Government today accorded sanction to ‘Consolidated Fund of the Union Territory of Jammu and Kashmir’, successor to the Consolidated Fund of the State of Jammu and Kashmir.According to the order issued by Financial Commissioner Dr Arun Kumar Mehta, on and from the appointed date of 31st October, 2019, all revenues received in the Union Territory of Jammu and Kashmir by the Government of India or the Lieutenant Governor of the Union Territory of Jammu and Kashmir in relation to any matter with respect to which the Legislative Assembly of the Union Territory of Jammu and Kashmir has power to make laws all grants made and loans advanced to the Union Territory of Jammu and Kashmir from the Consolidated Fund of India and all loans raised by the Government of India or the Lieutenant Governor of the Union Territory of Jammu and Kashmir upon the security of the Consolidated Fund of the Union Territory of Jammu and Kashmir and all moneys received by the Union Territory of Jammu and Kashmir in repayment of loans shall form one Consolidated Fund to be entitled the Consolidated Fund of the Union Territory of Jammu and Kashmir.“No moneys out of such Consolidated Fund shall be appropriated except in accordance with, and for the purpose and in the manner provided in the Jammu and Kashmir Reorganisation Act, 2019,” the order reads.
It says the custody of such Consolidated Fund, the payment of moneys into such Funds, the withdrawal of moneys there from and all other matters connected with or ancillary to those matters shall be regulated by rules made by the Lieutenant Governor.Similarly, in terms of Section 68 (I) of Jammu and Kashmir Reorganisation Act, 2019, there shall be the ‘Public Account of the Union Territory of Jammu and Kashmir’ successor to the Public Account of the State of Jammu and Kashmir.According to the order, on and from the appointed date of 31 October, 2019, all other public moneys received by or on behalf of the Lieutenant Governor shall be credited to a Public Account entitled the Public Account of the Union Territory of Jammu and Kashmir.The custody of public moneys, other than those credited to the Consolidated Fund of the Union Territory, or Contingency Fund of the Union Territory of Jammu and Kashmir, received by or on behalf of Lieutenant Governor, their payment into the Public Account of the Union Territory of Jammu and Kashmir and the withdrawal of moneys from such account and all other matters connected with or ancillary to aforesaid matters shall be regulated made by the Lieutenant Governor on the advice of Council of Ministers, the order said.The order further said that all the Departments shall reconcile accounts of their respective departments before the appointed day with the office of the Accountant General, J&K enabling to close the accounts of the State Government. On and from the appointed day, the accounts of the Union Territory of Jammu and Kashmir shall be kept in such form as the Lieutenant Governor may, after obtaining advice of the Comptroller and Auditor General of India, prescribe by rules.