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NABARD withholds Rs 300 crore of funds to State 'Undergoing development works come to grinding halt' 12/8/2016 10:44:28 PM Arun Singh Early Times Report JAMMU, Dec 8: In a great shocker to the Jammu and Kashmir, the National Bank for Agriculture and Rural Development (NABARD) has withheld the funds to the tune of Rs 300 crore meant for various development works particularly for rural areas. Moreover, the State Finance Department has miserably failed to take pro active measures by making arrangement of funds from other resources so that the undergoing works could not come to grinding halt. Sources told Early Times that NABARD had withheld the release of whopping loan on not getting Utilization Certificate from the State. "The funds amounting Rs 300 crore has to be released by the NABARD during May-June this year but same was not received by the State due to non submission of Utilization Certificate by the State," they said further adding that the amount has to be expended in both regions equally i.e Rs 150 crore for each region for the various development works but as the funds are getting delayed, the working conditions are becoming harsh in Kashmir region with the setting in of winter season and some part of Jammu province which also remain snowbound during winter season. They further informed that the delay in release of funds by the NABARD, has put huge inconvenience to the contractors as their payments of the work done have not been cleared yet by the department due to shortage of the fund and many works have been abandoned midway by them due to constraints of funds. But shockingly in such conditions, the Finance Department has failed to the take steps to keep the pace of the work continue as it was the duty of the Finance Department to take immediate measures to arrange funds from its other resources so that the pace of development work may not suffer due to non release of funds from NABARD and the rural people be benefited through connectivity with the construction of roads and bridges.   Share This News with Your Friends on Social Network     Comment on this Story

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