Jammu: Jammu and Kashmir Chief Minister Omar Abdullah on Thursday said financial liabilities amounting to more than Rs 2,500 crore will be transferred to the Union Territory of Ladakh in accordance with the apportionment of assets and liabilities following the reorganisation of J-K.
The chief minister was replying to a query by National Conference member Jamshaid Lone during the Question Hour in the Assembly.
“After the reorganisation of J-K, the apportionment of assets and liabilities is to be carried out as per the notification issued by the general administration department in October 2020,” Abdullah said.
Most of the recommendations have been implemented, he added.
On the apportionment of public debt, he said financial liabilities of Rs 2,504.46 crore are to be transferred to Ladakh.
“The matter has been taken up with the Ministry of Home Affairs and Ladakh UT for further processing,” he said.
The Jammu and Kashmir Reorganisation Act, 2019, provides for the reorganisation of the state of J-K into two Union Territories — Jammu and Kashmir and Ladakh — effective October 31, 2019.
It followed the revocation of Articles 370 and 35-A.
