SRINAGAR: Finance Department will come out with an SRO barring statutory bodies and other corporations of the state from hiring people without financial concurrence of the department or in the absence of budgetary support from the government. This was stated by Principal Secretary, Navin Chaudhary in a meeting held to work out modalities for improving the financial health of Jammu and Kashmir Cements Limited (JKCL) here on Wednesday.
Chowdhary said the JKCL must also prepare an inventory of its assets which are not being optimally utilised. He said these assets could be utilised to improve the financial health of JKCL, an official release read.
He said the state departments, especially public works, power, PHE, I&FC, etc., should be directed to use OPC 43 Grade cement only manufactured by JKCL for construction purposes which can withstand the cold climatic conditions that prevail for four to five months in Kashmir during winters, the release read.
He said the finance department will issue directions to these departments to mandatorily purchase cement from JKCL with one-month advance indent from the departments. “The departments will be asked to release payment to JKCL preferably on the date of delivery or within maximum of week’s time,” he said.
Chowdhary said this would enhance the working capital of the JKCL “which has come under financial strain due to various unforeseen reasons over the past few years”. He said JKCL must immediately restore order in its balance sheet in order to emerge as a strong institution that would not only help in generating employment but would also compete in open market and expand its operations, it added.