The Jammu & Kashmir government has revealed that Ladakh Union Territory will assume Rs 2504.46 crore in liabilities from the former state of Jammu & Kashmir. This information was disclosed in a written response to a question in the Legislative Assembly by MLA Lolab Qaiser Jamsheed Lone.
Minister in-charge of Finance, Omar Abdullah, stated that the transfer of these financial liabilities is mandated by notification SO-329 of the General Administration Department, dated October 30, 2020, which outlines the apportionment of assets and liabilities between the two territories.
According to the Minister, the majority of the recommendations for this division have been implemented. The matter of the outstanding liabilities has been communicated to the Ladakh Union Territory administration and the Ministry of Home Affairs.
Following the reorganization of Jammu & Kashmir, the Ministry of Home Affairs established an advisory committee to oversee the distribution of assets and liabilities. This committee, led by former defense secretary Sanjay Mitra, included retired IAS officer Arun Goyal and retired ICAS officer Giriraj Prasad.
