20 March, 2009

Where is this Rs. 51259.85 crore gone ????

What is the Govt. doing with all our money ?

According to the Comptroller & Auditor Generals report on their website http://www.cag.gov.in/, Chapter 2 Comments on Accounts, the following glaring findings are documented

Section 2.2 Unascertainable unspent balances in the accounts of Implementing agencies

For the year 2007-08 , the Union Govt. made a provision for transfer of central plan assistance of Rs. 51259.85 crore directly to state/district level autonomous bodies, authorities societies etc for implementation of centrally sponsored schemes. These have not been spent fully by the implementing agencies and lie unspent in their accounts.

The report clearly say "the aggregate amount of unspent balances in the accounts of the implementing agencies kept outside Govt. accounts is not readily ascertainable. The Govt. expenditure as reflected in the accounts to that extent is therefore overstated"

Where is this Rs. 51259.85 crore gone ????

Section 2.3. Opaqueness in Govt. accounts

Scrutiny of Union Govt. Finance accounts 2007-08 disclosed the Rs. 20273.52 crore under 28 major heads of accounts was classified under minor head '800-other expenditure' in the accounts constituting more than 50 % of the total expenditure under respective major heads.

This indicates a high degree of opaqueness in the accounts, the report says. It also says that the existing structure of the Govt. accounts does not truly reflect the current activities of the Govt. in these Ministries /Depts.

What all is the Govt. hiding from its people ???
What is it really doing with the tax payers money ???

Section 2.4 Understatement of Balances under Universal Service Obligation Fund

The USO fund was set up in April 2002 for achieving universal service objectives of increasing tele density in rural and remote areas. The resources for this are raised through universal access levy which is payable by all telecom operators under various licences

A total Universal service levy of Rs. 20404.44 crore was collected during 2002-03 to 2007-08 by the DoT but a disbursement of only Rs. 6371.44 crore was made from the USO fund. Thus the closing balance of the fund on 31st March 2008 should be Rs. 14099 crore as against the NIL balance shown under that head !!!! The report says that "closing balance of the USO fund as on 31st March 2008 was therefore understated by Rs. 14033 crore "

The report also says that this matter was presented to the parliament but no action has been taken

Where has this Rs. 14033 crore gone ???

Section 2.5 Overstatement of capital expenditure

The Govt. transferred Rs. 6500 crore in 2006-07 and Rs. 6000 crore in 2007-08 to the Social and Infrastructure Development fund (SIDF) for initiatives like upgradation of industrial training institutes, training of farmers etc. Thus entire amount was booked as capital expenditure in the accounts of these 2 years

The report says that examination of the expenditure of Rs. 3447.75 crore incurred during 2007-08 disclosed that Rs. 1586.75 crore was of revenue nature. It says that capital expenditure in the Consolidated Fund of India 2006-07 was thus overstated to the extent of at least Rs. 1586.75 crore. For 2007-08 capital expenditure of Rs. 6000 crore is overstated

This means that the Govt. is fooling us by telling us that they are spending our money on development where as they are really spending it on something else. Where has this money gone ?

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