New Delhi: Breaking from the tradition, the Jammu and Kashmir government has opted for a January-December financial year, as against April-March in the country, and consequently would hold its budgest session in January 2007.
This was announced by state Chief Minister Ghulam Nabi Azad after a two-hour long meeting with Prime Minister Manmohan Singh, who has given his nod for the proposal.
"Normally in the state, the working season in the state began in March and April, which got affected due to the budget session and presentation of finance bill dragged till June of every year," Azad told reporters after the meeting.
"Now, with the session being held in January, the allocation of funds for various ministries would be completed by March leaving enough time for implementation of plans of the state government," the Chief Minister, who was flanked by state finance minister Tariq Hamid Qara and other senior bureaucrats, said.
Azad said the Prime Minster had directed the Finance Ministry as well as the Planning Commission to extend all the help to the state government in implementation of the new
proposal.
With this, Jammu and Kashmir will be the only state in the country whose financial year will start on January one and run till December 31, while all other states as well as the
Centre follow the April one to March 31 fiscal year.
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