JKIDFC not to take up new languishing projects for financing

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Ziraat Times
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Srinagar, May 27: In a significant decision, the administration of the Union Territory has announced that Jammu & Kashmir Infrastructure Development Finance Corporation (JKIDFC) will not take up new projects for funding after completion of the ongoing projects.

“After completion of the projects, the JKIDFC shall cease to take any further languishing project in J&K,” reads an order issued by the Finance department.

JKIDFC was set-up in 2018 for financing languishing infrastructure projects in the erstwhile state. It raised funds from the market for completion of various infrastructure projects in J&K.

The Finance department said that funding of JKIDFC projects would be done through budgetary route out of the surplus revenue accruals of JKIDFC with the government.

It also said that a Project Monitoring Unit (PMU) would be set-up in the Finance Department for maintenance, up-gradation and modifications of IT enabled systems being implemented in the Department which include BEAMS, JKPaysys, PROOF, EMPOWERMENT portal, e-Audit portal, Mera Vetan, GRAS, GPF system, DBT, PFMS and E-Billing System etc.

“The PMU shall also look after the affairs of the JKIDFC as per existing structure for payment of bills furnished by PIAs on JKIMS portal for the completion of the projects implemented through JKIDFC, debt servicing and other statutory compliances,” the order states.

The PMU shall be under direct control of the administrative secretary, Finance Department, with an officer of the level of additional secretary/joint director well -versed with these systems as its nodal officer, the order says.

“The PMU shall be created initially for a period of 5 years and as per the requirement of the Department extended further with the approval of the competent authority,” the order states. —(KNO)

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