Govt to take 6 months to divide J&K Bank assets, liabilities and ownership

With the new development, the Centre will automatically get the 60% share that the state of Jammu and Kashmir holds, but via the Union Territories

The government will take six months to divide the assets, liabilities and ownership of J&K Bank and other state government-floated companies between the Union Territories of Jammu & Kashmir and Ladakh, according to the Jammu and Kashmir Reorganisation Bill, 2019, which was cleared by Parliament on Tuesday.

First, the central government will form one or more advisory committee(s) within 90 days for the asset and liability division between the two Union Territories. The committees will have to submit their reports within six months to the lieutenant governor of the Union Territory of Jammu & Kashmir, “who shall act on the