Finance Deptt authorises release of 90% funds under Capex Budget

Jammu, Feb 16: Finance department has conveyed its authorisation to the release of further funds to the extent of 90 percent of Revised Estimates 2023-24 under the Capex budget (UT as well as district capex).

Authorisation vis-à-vis release of funds has been made in respect of individual works under such schemes, where the consolidated expenditure level is 50 percent and above against the funds released so far, as per the Budget, Estimation, Allocation and Monitoring System (BEAMS) portal.

This has been made in continuation to the Government Order No 76-F of 2023, dated March 31, 2023 and subsequent authorization of funds from time to time.

However, the authorisation of funds will be subject to certain conditions including already specified conditions about utilization of funds.

As per stipulations, the departments have been asked to adjust the requirement of funds for the languishing projects as first charge, wherever required, within the revised capex ceilings available on the BEAMS portal. “They shall upload the works accordingly with LUPCODE in the nomenclature for release of funds through BEAMS,” it has been directed.

The departments have also been directed to review the pace of expenditure of the subordinate offices or DDOs, especially in respect of schemes or DDOs where the expenditure level is low so that further funds can be released subsequently under such schemes as well.

Similarly, the Finance department has separately authorised the release of further 15 percent funds through BEAMS aggregating up-to-date releases to the extent of 85 percent of Budget Estimates (BE) 2023-24 or as per revised figures under RE 2023-24, whichever is less, out of Revenue budget for the financial year 2023-24.

The authorisation has been made under the detailed heads of electricity charges; rent rates and taxes; POL; cash assistance (SRE(R&R)) and diet expenses. The utilization of funds so authorized will also be subject to detailed already stipulated conditions.

The Director Finance or Financial Adviser and Chief Accounts Officer (FA&CAOs) in all administrative departments have been asked to ensure immediate contra-credit of funds released under “Electricity charges”, by the DDOs under the control of their respective departments and furnish a report to the Finance department accordingly.