NEW DELHI: Union Finance Minister Dr. Manmohan Singh has convened a meeting of the top Jammu and Kashmir officials and experts of the special cell in the Ministry here to discuss the grim financial position of the trouble State.
The unprecedented financial crunch has deprived thousands of employees of their salary for June besides relief assistance to thousands of migrants in Delhi and Jammu.
Though the Center has given about Rs 140 crore in assistance to the State in the past month, these funds were exhausted by paying salary to the employees, informed sources said.
Some of the funds released by the Center were withheld by the Jammu and Kashmir Bank, which had provided an overdraft of Rs 600 crore to the State to meet its financial crisis. The State coffers are toll ally empty and it is not in a position to meet its day-to-day requirement.
Informed sources said the Center provided assistance and another Rs40 crore to the State to tide over its critical position.
This money was released to the State administration as September dues.
Article extracted from this publication >> July 31, 1992
