Financial system in J&K transparent: L-G

Jammu, May 19

Asserting that the promotion of good governance in financial management is one of the core objectives of the government, Lieutenant Governor Manoj Sinha on Wednesday said the financial system in J&K is one of the most transparent one.

He released ‘Annual report – Promoting Good Governance’ compiled by the Finance Department to showcase major initiatives undertaken in 2020-21 to bring transparency and accountability in the execution of the public works. “Promoting good governance in the financial management has been one of the core objectives of the government. The financial system in J&K is one of the most transparent systems anywhere and is amongst the key changes that have taken roots in the UT,” the L-G said.

The report in the form of an e-book provides insight into reforms, steps implemented by the Finance Department to institutionalise prudence in financial management in J&K, which has truly transformed the UT.

The L-G also highlighted major reforms taken by the government to bring transparency to the financial system and making it more robust.

Sinha said implementation of transformative reforms such as BEAMS (Budget Estimation and Allocation Monitoring System) that enables online budgetary process and timely release of funds against approved works, online submission of bills through J&K PaySys, and mandatory administrative approvals, among others, have brought financial systems in J&K at par with any other progressive systems in the country. — PTI