New Delhi/Leh: The Rural Development Ministry has sanctioned Rs 36.65 crore for the Union Territory of Ladakh under the Pradhan Mantri Gram Sadak Yojana, or PMGSY, for the financial year 2023-24.
A circular issued by the Ministry on October 19 said the UT administration must transfer these funds to Ladakh Rural Road Development Agency (LRRDA) within a maximum period of 30 days from the date of receipt of these funds.
The circular also said in case of delay beyond 30 days in the transfer of the central share to the Single Nodal Agency, interest will be charged at the rate of 7 per cent per annum.
“In case of non-transfer beyond this period, Central Government may also be constrained to stop further releases,” the circular said.
The corpus of Rs 36,65,62,500 will be used for the construction of roads and bridges, district roads, and PMGSY roads in the Union Territory that shares its borders with China and Pakistan.
This is the first tranche of the first instalment of the Programme Fund of Annual Allocation 2023-24 to Ladakh under the PMGSY.
The Centre has, under the third phase of the PMGSY, targeted to construct a 500-km rural road network in Ladakh.