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State News

Jun 17, 2020
5:33PM

J&K administrative Council accords sanction to adoption of Municipal Accounting & Budgeting Rules, 2020

AIR
In Jammu and Kashmir, the Administrative Council today accorded sanction to adoption of the Jammu and Kashmir Municipal Accounting and Budgeting Rules, 2020, to facilitate implementation of Accrual Based Double Entry Accounting System in Urban Local Bodies.

The adoption of the manual by the Municipal bodies will guide them in proper implementation of provisions of Municipal laws, specifically related to accounts and audit. This will bring more transparency in maintaining accounts, enforcing discipline with defined timelines for completion of accounts, audit, filing of response to audit paras, along with preparation of budget and its execution.

The new rules will also strengthen internal controls through segregation of duties, specific controls in handling and accounting of cash, security, stores and general maintenance by delineating roles and responsibilities for various accounting models.
 

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