Jammu and Kashmir's Financial Transition Post-Reorganisation: A Closer Look

Chief Minister Omar Abdullah announced the transfer of financial liabilities over Rs 2,500 crore to Ladakh as part of Jammu and Kashmir's reorganisation. During the Assembly session, Abdullah noted that most asset and liability allocations were implemented, and further processing is coordinated with the Ministry of Home Affairs.

Jammu and Kashmir Chief Minister Omar Abdullah confirmed on Thursday that financial liabilities totaling more than Rs 2,500 crore will be allocated to the Union Territory of Ladakh. This allocation forms part of the broader apportionment of assets and liabilities following the reorganisation of J-K.

During the Assembly's Question Hour, in response to a question from National Conference member Jamshaid Lone, Abdullah highlighted the steps taken according to the notification from the general administration department issued in October 2020.

Further discussing public debt apportionment, Abdullah mentioned that the issue has been escalated to the Ministry of Home Affairs and Ladakh UT for continued processing. The Jammu and Kashmir Reorganisation Act, 2019, which came into effect on October 31, 2019, details this restructuring following the revocation of Articles 370 and 35-A.

(With inputs from agencies.)