Omar: Rs 2,500 cr in liabilities to be transferred to Ladakh

Chief Minister Omar Abdullah informed the Legislative Assembly on Thursday that financial liabilities totaling Rs 2,504.46 crore are set to be transferred to the Union Territory (UT) of Ladakh. This announcement came in response to a query from MLA Qaisar Jamsheed Lone regarding the apportionment of assets, liabilities and loans between the UTs of Jammu & Kashmir and Ladakh.

Abdullah explained that the process is being carried out as per Notification SO-339 of the General Administration Department (GAD), dated October 30, 2020. He added that a committee had been formed to ensure the transparent and fair distribution of assets, liabilities and budgets between the two UTs.

“The apportionment was to be conducted in a manner to ensure a fair transfer of assets, liabilities and budget between the two UTs. After completion of the process, an official gazette notification was issued on October 31, 2020,” he said.