J&K Govt orders disposal of dead stock

Srinagar, Jun 22: The Jammu and Kashmir Finance Department has directed all government departments and offices to identify and dispose of obsolete and unserviceable government assets in a time-bound manner to improve inventory management, prevent wastage and ensure compliance with the General Financial Rules (GFR).
In a circular issued by the Financial Commissioner (Additional Chief Secretary), Finance Department, Shailendra Kumar, the government noted that large quantities of dead stock have remained undisposed in several offices for long periods, leading to unnecessary occupation of storage space, deterioration of assets and inefficient utilisation of government resources.
The circular said the practice violates the provisions of Rules 217 to 223 of the General Financial Rules, which govern the management and disposal of obsolete, surplus and unserviceable government property.
All Administrative Departments, Heads of Departments, Treasury Officers and Drawing and Disbursing Officers (DDOs) have been instructed to immediately conduct a physical verification of stores and inventories, identify dead stock items and have them declared unserviceable by the competent authority in accordance with GFR provisions.
The Finance Department directed that the disposal of such items should be carried out transparently through public auction, tender, e-auction or any other approved method to ensure fairness and maximise government revenue.
Departments have also been asked to maintain proper stock registers, survey reports and disposal records for audit purposes. The proceeds from the disposal of assets must be deposited into the government treasury under the appropriate head of account, with all treasury challans and related documents preserved for future verification.
The circular further instructed Director Finance/Financial Advisors of all departments to monitor the exercise and submit monthly progress reports to the Finance Department, stressing that the disposal drive should be accorded top priority to strengthen transparency, accountability and efficient asset management across government institutions. (KINS)