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Taxation down by 3% due to floods, treasuries drying up in JK 1/21/2015 11:22:56 PM Bashir Assad Early Times Report Jammu, Jan21: Unprecedented as it is, the Jammu and Kashmir treasuries are empty for last seven days as no money was received during this time through local receipts. According to the Finance Department officials, the state realises taxes to the tune of 6 to 7 thousand crore yearly, however, the taxation is low by 2 to 3 % due to which the financial health of the state has further deteriorated. The officials in finance department told Early Times on Wednesday that the taxation is low by 2 to 3% as the commercial hub of the Srinagar city was totally devastated in the floods during the month of September last year. They said the business houses which were contributing enormously to the local receipts are suffered heavily in floods due to which taxation could not be done. The officials said that till 2010, the state government would raise over draft from the JK Bank to meet the demands under unfavourable economic conditions. However, after the JK Bank was brought under the control of RBI, the overdraft option was closed under RBI guidelines. They said to raise loan from the market the state has to follow a set procedure. "It is not that we approach a financial institution to raise loan as and when required. There is a set procedure for financial borrowings" a senior official said. He said the loan has to be raised through bidding under RBI guidelines. He said we cannot approach a financial institution on our own, we have to follow RBI procedure for that. Meanwhile a number of government departments and organisation do not have even salaries for their employees. Many heads of departments are seen approaching the commissioner secretary finance for release of money but return hopelessly as the Finance Department has nothing to offer to the HoDs.   Share This News with Your Friends on Social Network     Comment on this Story

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