Chief Minister Omar Abdullah today informed the Legislative Assembly that a committee had been constituted to ensure the transparent distribution of assets, liabilities and budget between the Union Territories of Jammu & Kashmir and Ladakh following the reorganization.

Responding to a query from Member Qaysar Jamshaid Lone regarding the apportionment of assets, liabilities and loans, the Chief Minister stated that the process is being carried out in accordance with Notification SO-339 of GAD, dated October 30, 2020.

 “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.

The Chief Minister, who also holds the portfolio of Finance Minister, further informed that most of the committee’s recommendations have already been implemented.

“Regarding the apportionment of public debt, financial liabilities amounting to ₹2,504.46 crore are to be transferred to the UT of Ladakh. The matter has been taken up with the Ministry of Home Affairs and the administration of Ladakh,” he added.