Jammu, June 23: Advisor to Lieutenant Governor, Rajiv Rai Bhatnagar while chairing the 30th Annual General Meeting of J&K Women Development Corporation here on Friday emphasized the significance of accurate financial practices, particularly in treating interest payments and ensuring their proper accounting.
During the meeting, the Advisor recognized the importance of field functionaries in assessing loan recipients and their ability to repay and stressed the need to determine whether efforts could be made to recover funds from beneficiaries. He commended the existence of a recovery mechanism within the Corporation and suggested adopting a proactive approach to determine the appropriate time for writing off non-recoverable amounts and making additional efforts to recover outstanding funds.
The Advisor was briefed about the Corporation’s efforts to address the balance of assets and liabilities. It was pointed out in the event that provisions for interest on Budgetary Support should be transferred to the General Reserve, which has been duly addressed in the fiscal year. Besides, rectifications have been made to address the misclassification of certain assets, ensuring accurate representation and correcting previous observations, the meeting was informed.
The meeting was informed that appropriate bookings have been made in terms of income and expenditure and corrective measures have been taken for expenses related to employee benefits, Income Tax and other similar expenditures.
During the meeting, observations were also made regarding current liabilities and provisions, emphasizing the need for distinct classification as per the directives of the Controller and Auditor General of India. Besides, preparation of annual report was highlighted as an area needing improvement. The Corporation was asked to focus on publishing newsletters and making the annual report available on the website for public access.
