news details |
|
|
| Funding of Languishing Projects: Finance Deptt issues guidelines | | |
JAMMU, NOVEMBER 22: The Government has asked the Administrative Secretaries to urgently designate PIAs (Project Implementing Agencies) in their respective Departments to facilitate transfer of funds for completion of languishing projects approved by the High-Powered Committee.
“To streamline the process of financingand ensure timely completion of languishing projects approved by HPC for funding through Jammu and Kashmir Infrastructure Development Finance Corporation (JKIDFC), all the concerned Administrative Departments shall immediately designate PIAs in their respective Departments,” said an order issued by the Principal Secretary Finance, Navin K Choudhary.
It said each designated PIA shall open an escrow account in J&K Bank Moving Secretariat Branch on immediate basis and the Director Finance/FA&CAO of the concerned Department, Executive Director/Director Finance of JKIDFC and the concerned Bank branch shall execute a tripartite agreement for operationalization of the escrow account. “The whole exercise shall be completed by each Administrative Department within a period of 15 days with intimation to the Finance Department,” it said.
Director Finance/FA&CAO of the concerned Administrative Departments shall strictly ensure that payments are credited to the account of the contractor/implementing agency/vendor/claimant as the case may be directly through DBT, it said adding that it shall be the responsibility of the concerned Administrative Department to formulate a mechanism for submission of the claims to the Director Finance/FA&CAO concerned for settlement of payment through the designated mechanism in a time bound manner.
“Accordingly, all the concerned administrative Secretaries are requested to designate PIAs, open an escrow account and formulate a broad-based mechanism for DBT and timely transfer of funds on real time basis to meet the objectives of completion of languishing projects,” said the order adding that any amount transferred to each escrow account against any claim shall be settled through DBT within 48 hrs of its transfer from JKIDFC.
“Cognizant delay by any Director Finance/FA&CAO should invite penalty to the extent of interest accrued for the delayed payment for which Administrative Department concerned shall be responsible,” the order said adding that to avoid any such situation a coordinated framework shall be adopted by the departments under the overall supervision of Administrative Secretary involving Director Finance/FA&CAO, PIA and other implementing agencies.
Before incurring expenditure over any languishing project out of funds provided through JKIDFC, every Administrative Secretary is requested to ensure completion of the basic requisite formalities and issue a certificate accompanying each payment request.
It said each Administrative Secretary shall have to give a certificate to ensure sanction of Administrative Approval accorded to the original/revised project cost of each such project, to certify that the remaining part of the languishing project is not being funded through any other source of funding, that there is no land acquisition issue involved for the execution of the work, that all the necessary clearances pertaining to Forest and Environment have been obtained from the concerned quarters, wherever required, that original copy of DPR along with Technical Sanction and Cost benefit ratio has been vetted by the competent authority.
The Administrative Secretaries shall also certify latitude and longitude coordinates of each location of the project and ensure geo-tagging of all the languishing projects completed under this dispensation.
They will also ensure uploading of photographs before initiation and after completion of the work funded under this dispensation and submit project completion certificate duly signed by the head of the PIA and countersigned by the Administrative Secretary.
Pertinently, the Government has constituted a High-Powered Committee (HPC) headed by the Principal Secretary Finance for approval of languishing projects for funding through JKIDFC. The High-Powered Committee has in its four meetings convened till date approved 1296 languishing projects in various important sectors involving a cumulative investment of Rs 2720.87 crore. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
|
|
STOCK UPDATE |
|
|
 |
| BSE
Sensex |
 |
| NSE
Nifty |
|
|
| |
CRICKET UPDATE |
|
|
|
|
| |
| |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
