Bill to empower legislature on financial matter introduced in J

Srinagar, Aug 2 (UNI) Jammu and Kashmir Deputy Chief Minister Muzaffar Hussain Baig today introduced a bill in the Legislative Assembly to empower legislature to have control over the financial matters to a greater extent.

Elaborating the reasons and objects of the bill, he said it was to provide for the responsibility of the government to ensure prudence and fiscal management, strengthening of revenue surplus, reduction in fiscal deficit, prudent debt management, greater transparency, conduct and fiscal polity.

Deputy Chief Minister Muzaffar Hussain Baig, who also hold portfolio of Finance and Planning said the basic aim of the bill is to empower legislature to have control over the financial matters to a greater extent.

He said the bill provides for taking legislature into confidence while dealing with the matters pertaining to fiscal management, debt management, fiscal policy, revenue deficit, greater transparency, thus giving a free hand to legislature to control the financial matters.

The Deputy Chief Minister said that by virtue of the bill financial matters can be sanitised in the legislature and members could guide to impose financial regularities and ensure prudence in fiscal management and fiscal stability by progressive strengthening of revenue surpluses.

He said the bill also provides for participatory role for legislature in ensuring greater transparency in fiscal operations of the government and conduct of fiscal policy in medium term framwork and for matters connected there with or incidental thereto.

He said though the task for the Finance Ministry gets difficulty by the bill to convince and get approval of the legislature in financial matters yet there should be firm political will to accomplish the task and empower the legislature with financial powers for the overall benefit of the state.

He said the bill also satisfies the demand of the Finance Commission, which has asked the states to provide for such a law.

He said though some states are not in the favour of such a bill because Finance Ministry gets weakened by it yet this type of law would be beneficial for the state, he maintained.

Mr Baig, while replying to the amendments moved by Mir Saifullah and Ali Mohammad Sagar of National Conference (NC), said the amendments are not technically viable and as such can not be made part of the Act.

Referring to the point raised by leader of the opposition Abdul Rahim Rather about a bill of same nature he had introduced and was pending in the house, Mr Baig said that he was not aware of such a bill. However, after bringing the new bill when he came across the bill presented by the leader of opposition he found both were almost alike.

However, he suggested to the leader of opposition that if he presses the bill could be sent to a select committee.

Mr Rather said that he has already supported the bill and expressed no objection for its passage.

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