All members of the council of ministers have been asked by the Chief Minister to complete the review process and submit their reports to him within 15 days, said an official spokesman.
This will enable the government to take a final decision on the release of utilised funds.
Projects approved by the ministers would be referred to the Executive Committee of the Punjab Infrastructural Development Board (PIDB) for further action, while cases of suspected irregularities would be sent for investigation. The entire process will be completed by April 30.
The meeting was attended, among others, by Finance Minister Manpreet Badal, Local Bodies Minister Navjot Singh Sidhu and Rural Development Minister Tript Rajinder Singh Bajwa.
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The Amarinder government had, at its first cabinet meeting, decided to hold back the unutilised funds of all departments pending review of the projects for which they had been sanctioned.
A total of about Rs 6,201.50 crore worth of projects sanctioned by the PIDB under the previous regime are now under the scanner of the new government, said the spokesperson.
The Chief Minister has directed the concerned departments to review these projects after fixing priority, and to study the tendering process to check if there were any irregularities in their sanction.
In case of any irregularity, an inquiry would be ordered into the matter and those guilty of wrongdoing would be brought to book, the CM instructed the ministers.
The Chief Minister underlined the need to integrate these available funds with centrally sponsored schemes to fast-track development projects in the state.
Other projects for which funds were yet to be released related to irrigation (Rs 100.84 crore), tourism (Rs 98.31 crore), governance reforms (Rs 39.45 crore), power (Rs 32.23 crore), medical education (Rs 2 crore) and higher/school education (Rs 17.60 crore), besides Rs 928.06 crore for other ongoing works including BRTS and liabilities towards enhanced land compensation, arbitration awards, and others, the spokesman said.