J-K Government Finalizes Settlement Mechanism for Employee Fund Transfers with Ladakh UT

J-K Government Finalizes Settlement Mechanism for Employee Fund Transfers with Ladakh UT

Asif Iqbal | November 30, 2023 | 11:01 AM IST | Jammu Kashmir | Follow on Google News

J-K Government Finalizes Settlement Mechanism for Employee Fund Transfers with Ladakh UT

J-K Government Finalizes Settlement Mechanism for Employee Fund Transfers with Ladakh UT

The Jammu and Kashmir Government finalized the settlement mechanism for GP Fund, SLI Balances, and Final Refund cases of employees in the Union Territory (UT) of J&K and UT of Ladakh today. Sanosh D Vaidya, Principal Secretary to Government, Finance Department, issued an order confirming the resolution.

The order stipulates that the transfer of General Provident Fund (GPF) balances for employees moving between J&K UT and Ladakh UT has been officially settled between the two governments. The Government of J&K collaborated with the Government of Ladakh to devise a proposed mechanism, which has been accepted by the latter.

Under the new mechanism, cases from the period up to 31-3-2020 have already been apportioned between the two UTs. The details of GPF balances will be shared through transfer entries, eliminating the need for actual fund transfers. However, cases from 1-4-2020 to 31-3-2023 will involve cheque transfers to the respective district fund office in the UT of J&K.

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These cases will be treated as final Refund cases by the drawing and disbursing officers (DDOs) in the UT of Ladakh. Upon receiving authority from the fund office, the amount will be transferred by the concerned DDO in the UT of Ladakh to the relevant district Fund office in the UT of J&K.

Starting from 1-4-2023, the UT of Ladakh issued Order No. 269-F of 2023 dated 21-02-2023, mandating that mandatory deductions for GP Fund subscriptions of employees from UT of J&K on deputation to UT of Ladakh should not be deposited in the GPF account Head of UT of Ladakh. Instead, the concerned DDOs will transfer the GPF subscriptions for such employees to the UT of J&K.

All concerned officers are directed to strictly adhere to these guidelines to ensure a seamless transfer of GPF balances for employees between the UT of J&K and the UT of Ladakh during the specified period.

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Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.