CAG’s audit report slams Naidu government for financial bungling

[JackSeal]

The CAG mentioned in its report that the “Government incorrectly used funds that belong to its employees and created uncertainty in respect of beneifts due to the employees” besides enhancing the avoidable financial liability to the government. The accounting agency found that there was a short transfer of `663 crore to the National Securities Depository Limited.

The CAG highlighted the low-return investments made by the Naidu government in 2018-19 fiscal. The government's investments in statutory corporations, government companies and others were `9,500 crore of which unapportioned investments were `8,400 crore which is 88 per cent of investments.

“The average rate of return on investment was negligible at 0.01 per cent, far lower than the average rate of interest the government paid on its borrowings which is 6.37 per cent,” it pointed out.

With regard to availing the overdraft facility, a sign of pure fiscal management, the CAG highlighted that the government could maintain the mandated minimum cash balance for just 115 days with the Reserve Bank of India while it depended on ways and means, overdraft and special drawing facility to meet the requirement for the remaining period of the 2018-19 financial year. It also found that the government directed the corporations to put their deposits in PD accounts so that the minimum cash balance can be achieved.

Referring to the huge revenue deficit, the CAG said the revenue deficit had exceeded the ceiling prescribed by the 14th Finance Commission “for the last four years” (which means the entire duration of TD rule) despite release of post devolution revenue deficit grant by the commission.

[anandam2012]

1 minute ago, JackSeal said:

The CAG mentioned in its report that the “Government incorrectly used funds that belong to its employees and created uncertainty in respect of beneifts due to the employees” besides enhancing the avoidable financial liability to the government. The accounting agency found that there was a short transfer of `663 crore to the National Securities Depository Limited.

The CAG highlighted the low-return investments made by the Naidu government in 2018-19 fiscal. The government's investments in statutory corporations, government companies and others were `9,500 crore of which unapportioned investments were `8,400 crore which is 88 per cent of investments.

“The average rate of return on investment was negligible at 0.01 per cent, far lower than the average rate of interest the government paid on its borrowings which is 6.37 per cent,” it pointed out.

With regard to availing the overdraft facility, a sign of pure fiscal management, the CAG highlighted that the government could maintain the mandated minimum cash balance for just 115 days with the Reserve Bank of India while it depended on ways and means, overdraft and special drawing facility to meet the requirement for the remaining period of the 2018-19 financial year. It also found that the government directed the corporations to put their deposits in PD accounts so that the minimum cash balance can be achieved.

Referring to the huge revenue deficit, the CAG said the revenue deficit had exceeded the ceiling prescribed by the 14th Finance Commission “for the last four years” (which means the entire duration of TD rule) despite release of post devolution revenue deficit grant by the commission.

Babu garu adi atnha chesindi mana rasthra abivvruddikey...idanta kuda ycp vaalla kutra

[Ryzen_renoir]

Even ycp is doing the same , borrowing through corporations from the market to fund welfare schemes and salaries 

[bhaigan]

ivalti ki @paytm paisalu vachesinayi 

[Android_Halwa]

28 minutes ago, JackSeal said:

The average rate of return on investment was negligible at 0.01 per cent, far lower than the average rate of interest the government paid on its borrowings which is 6.37 per cent,” it pointed out.

0.01% rate of return uh ? 
 

Appu chesi pappu kudu ani dinne antaru..

[JackSeal]

17 minutes ago, bhaigan said:

ivalti ki @paytm paisalu vachesinayi 

Adhi non sakshi lo vachina news and CAG echina report ra jaffa