Diplomat Correspondent
Jammu, (DD): The Jammu and Kashmir government has informed the Legislative Assembly that financial liabilities amounting to Rs 2504.46 crore will be transferred to the Union Territory of Ladakh as part of the post-reorganization financial settlement.
In a written response to a query by MLA Lolab Qaiser Jamsheed Lone, Finance Minister Omar Abdullah stated that the apportionment of assets and liabilities is being conducted as per GAD notification SO-329 (30/10/2020).
“Most of the recommendations regarding the division of assets and liabilities between J&K and Ladakh have already been implemented,” the minister said, adding that the matter has been taken up with Ladakh UT and the Ministry of Home Affairs (MHA) for finalization.
The Ministry of Home Affairs had earlier set up an advisory committee, led by former Defence Secretary Sanjay Mitra, with members Arun Goyal (Retd. IAS) and Giriraj Prasad (Retd. ICAS), to oversee the process.
Financial Burden on Ladakh: The UT’s financial capacity to absorb these liabilities will be tested, given its dependency on central funding.
Political Reactions: With Ladakh demanding statehood and constitutional safeguards, this financial adjustment could influence regional discourse.
Future Apportionments: This development suggests that J&K and Ladakh are moving towards a final settlement of their financial separation.
It remains to be seen how Ladakh’s administration and political representatives respond to this transfer.(DD)