Pr Secy Finance administers oath to members of JAKFAS

Srinagar, Sep 04: Principal Secretary, Finance, Santosh D. Vaidya, today administered the oath to newly elected members of Jammu and Kashmir Finance and Accounts Society(JAKFAS).

The newly elected members of JAKFAS who took oath include President Rashim Deepika, Financial Advisor, Science and Technology Department; Vice President Kashmir, Rafiq Shah , CAO; Vice President Jammu, Rahul Mahajan, AO; and General Secretary, Akram Thakar, CAO.

While addressing the gathering, the Principal Secretary congratulated the newly elected team of JAKFAS. He highlighted the transparency in finances that has been achieved over the last two years, acknowledging the significant role played by Finance cadre officers.

He emphasised on the importance of balancing revenue and expenditure and underscored the important role of Financial Advisors in the Administrative Department in managing this balance within the framework of various schemes.

The Principal Secretary also discussed the importance of managing the debt of UT of J&K over the next 10 years, noting that while the debt to GSDP ratio should be in the range of 30-40%, it is crucial to maintain this proportion as GSDP grows, even if the overall debt increases. He expressed confidence in the Finance Department, stating that it is the strongest he has ever seen.

The Principal Secretary pointed out the need for substantial computerisation and technological intervention in treasuries, highlighting that significant infrastructure and investments will be made in the coming years, adding that modernization will increase the capacity to handle transactions and reduce errors in treasury operations. He also touched upon the recent special package related to the police budget of Rs. 12,000 crores nd the transition to PFMS.

The Principal Secretary also emphasised on the importance of three key words, E, P and N i.e. Empowerment, Protection, and Nurturing within the association. Empowerment relates to addressing demands and grievances and mentioned that a committee has been constituted to look into the cadre restructuring of J&K Accounts Services. He emphasized that alongside empowerment, associations should also focus on protection and nurturing, which involves supporting members during difficult times, especially when officers face penalties for no fault of their own. He encouraged the Association to take the lead in nurturing officers through grooming, training, and skill development. He also mentioned that a proposal for training 300 officers of the Finance Department at IIM Jammu is in its final stages and urged JAKFAS to work along these lines.

Earlier, President JAKFAS, Rashim Deepika in her welcome address, apprised the Principal Secretary regarding issues concerning the Accounts cadre.