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Govt orders rationalization of inoperative official bank accounts 12/9/2016 11:06:05 PM Early Times Report JAMMU, Dec 9: In order to rationalize the inoperative bank accounts of various government departments and drawing and disbursing officers, the state government today ordered that all the government bank accounts lying inoperative for more than 2 years and having no balance as on December 9, 2016 will be closed with immediate effect. As per an order issued by Finance Department, the bank accounts of Drawing and Disbursing Officers, having positive cash balance but lying inoperative for more than 2 years, shall be closed and the money will be transferred to Finance Secretary's official account. Meanwhile, the cash balance of government accounts which are lying inoperative for more than one year will be transferred to Finance Secretary's account but they will not be closed. The State Drawing and Disbursing Officer and J&K Bank have been asked to ensure that no banking transaction takes place in these accounts. The said order will, however, not apply to bank accounts operated by School Education Department and Panchayats. The J&K Bank and other nationalized/scheduled banks have been directed to initiate necessary action in time bound manner and refrain from opening any new government bank accounts without the concurrence of Finance Department.   Share This News with Your Friends on Social Network     Comment on this Story

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