Finance department has fully complied with FRBM Act: J&K govt

JAMMU: The Jammu and Kashmir government today said that the methodology adopted by the finance department in calculating fiscal deficit and the net outstanding debt was fully in accordance to the J&K FRBM Act.

"The finance department strongly defends its stand on the issues of strict observance of financial discipline in government spending, particularly observance of the provisions of Fiscal Responsibility and Budget Management (FRBM) Act," an official spokesman said here.

"The methodology adopted by the finance department in calculating fiscal deficit and the net outstanding debt is fully in accordance with the recommendations of the 13th Finance Commission which were subsequently incorporated in the J&K FRBM Act," he said.

The spokesman said this while reacting to some media reports on the points raised in the 2012-13 CAG Report.

"The House of Legislature and the Public Accounts Committee (PAC) shall be looking into the variations reported in the media in due course," he said.