Srinagar, Mar 13: Chief Minister Omar Abdullah on Thursday said financial liabilities amounting to more than Rs 2,500 crore will be transferred to the Union Territory of Ladakh in accordance with the apportionment of assets and liabilities following the reorganisation of J-K.
Responding to a query by Member Qaysar Jamshaid Lone regarding the apportionment of assets, liabilities, and loans, the Chief Minister explained that the process is being carried out in accordance with Notification SO-339 of GAD, dated October 30, 2020.
“The apportionment was designed to ensure a fair transfer of assets, liabilities, and budgets between the two Union Territories. Once the process was completed, an official gazette notification was issued on October 31, 2020,” he said.
Omar Abdullah, who also holds the position of Finance Minister, further revealed that most of the committee’s recommendations have already been implemented.
On the matter of public debt, the Chief Minister explained that financial liabilities totaling ₹2,504.46 crore are to be transferred to the Union Territory of Ladakh. He added that the issue has been raised with the Ministry of Home Affairs and the Ladakh administration for further resolution.
