The Cabinet in its meeting chaired by Chief Minister, Mehbooba Mufti today accorded sanction to the proposal of granting financial autonomy to J&K Academy of Art, Culture & Languages. The decision will allow the Academy to generate and retain funding from sources other than the Government and utilize them independently.The decision will also leave the management of the financial issues in the hands of the Academy through its Finance Committee and the Government will restrict itself to laying broad guidelines and policy issues.The Academy will receive an Annual Block Grant which will fund salary, pension, pensionary benefits of the sanctioned staff etc. There will be provision for an increase upto 10% every year. The Academy shall be free to spend the allocated money based on its own internal allocation mechanism and according to what it intends to achieve with the prior approval of its own Finance Committee.At present the Government allocates money to the Academy in the form of earmarked grant, specifying purpose for which it is to be spent. The Academy has no freedom to cross budget lines and as a result of which allocation model is rigid and inflexible leaving little autonomy for the Academy.