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Fiscal mismanagement, statistical jugglery mar West Bengal state finances The caution of utter financial mismanagement and blatant statistical jugglery to cover that up in the state finance of West Bengal has been cautioned by the economics related academic circles for quite some time. The same thing has been revealed in the latest report of the Comptroller and Auditor General (CAG). As per the CAG report, the instance of blatant jugglery has been witnessed in the attempt to project a lower revenue deficit through misclassification of revenue transactions under ...
Fiscal mismanagement, statistical jugglery mar West Bengal state finances
Fiscal mismanagement, statistical jugglery mar West Bengal state finances
Source: IANS
13/08/2023 8:55:49 AM
Finance Ministry should consider having online system for processing customs refunds: CAG Flagging inordinate delays in the implementation of the module for daily updation of exchange rate, the Comptroller and Auditor General (CAG) has asked the Finance Ministry to consider having an online system for processing customs refunds along the lines of the GSTN system to make it more efficient. The CAG said implementation of a system which captures daily fluctuation in the exchange rate, will minimise the undue benefit or loss to importers and exporters and correspondingly to the Dep...
Finance Ministry should consider having online system for processing customs refunds: CAG
Finance Ministry should consider having online system for processing customs refunds: CAG
Source: Accord Fintech
9/08/2023 1:15:05 PM
Blue Economy can make all the difference to Earth: CAG Girish Murmu The first senior officials' meeting of the Supreme Audit Institutions (SAI)-20 Engagement Group under India's G20 Presidency began here on Monday, with Girish Chandra Murmu, the Comptroller and Auditor General (CAG) of India, as the Chair of the SAI20 Engagement Group leading the deliberations. In his opening address, Murmu highlighted that SAI20 meeting is a symbol of global cooperation and collective efforts of the supreme audit institutions of the member G20 countries, to ensure...
Blue Economy can make all the difference to Earth: CAG Girish Murmu
Blue Economy can make all the difference to Earth: CAG Girish Murmu
Source: IANS
14/03/2023 9:13:32 AM
Blue economy occupies vital position in India's economic growth: CAG Comptroller & Auditor General of India (CAG) G C Murmu has said that the blue economy occupies a vital position in India's economic growth and it could well be the next multiplier of GDP and well-being, provided sustainability and socio-economic welfare are kept at the centre stage. He noted that India has a 7,517 km long coastline that is home to nine coastal states and 1,382 islands. He also said the coastal economy sustains over 4 million fishermen and other coastal communities. Th...
Blue economy occupies vital position in India's economic growth: CAG
Blue economy occupies vital position in India's economic growth: CAG
Source: Accord Fintech
28/02/2023 1:13:41 PM
Bengal Budget : State's accumulated debt to rise to Rs 6.47L cr by March 2024  As West Bengal's Minister of State for Finance, Chandrima Bhattacharya, presented the state Budget for the financial year 2023-24 on Wednesday, the budget documents projected the total accumulated debt of the state government to rise to Rs 6,47,825.52 crore by the end of the fiscal under review. This means that the accumulated debt figures by March 2024 will rise by 10.40 per cent from the figures of Rs 5,86,124.63 crore as per the revised estimates for 2022-23. As of March 2011,...
Bengal Budget : State's accumulated debt to rise to Rs 6.47L cr by March 2024
Bengal Budget : State's accumulated debt to rise to Rs 6.47L cr by March 2024
Source: IANS
16/02/2023 10:34:01 AM
India's first green bond sale to command `greenium` on strong demand The Indian government expects to issue its first green bonds at a 'greenium,' with yields below prevailing market rates, and has identified 400 billion rupees ($4.92 billion) in projects that can be funded with the proceeds, said two government sources. The government plans to raise 160 billion rupees through green bonds for the current fiscal ending March 31, with the first tranche of 80 billion rupees scheduled for auction on Wednesday. The proceeds would be used for 'gree...
India's first green bond sale to command `greenium` on strong demand
India's first green bond sale to command `greenium` on strong demand
Source: Reuters
24/01/2023 2:01:53 PM
NRC project cost escalated from Rs 288 cr to Rs 1602 cr The Comptroller and Auditor General of India (CAG) in its latest report pointed out that due to time over run initially conceptualised National Register of Citizens (NRC), the project cost escalated from Rs 288.18 Crore to Rs 1602.66 Crore. The CAG report for the year ended 2020, which was submitted in the Assam assembly on Saturday, said that in the NRC updating exercise, highly secure and reliable software was required. "Due to lack of proper planning in this regard, to the exten...
NRC project cost escalated from Rs 288 cr to Rs 1602 cr
NRC project cost escalated from Rs 288 cr to Rs 1602 cr
Source: IANS
25/12/2022 11:36:49 AM
Accounting profession must remain in tune with technological changes, says CAG The accounting profession has to remain in tune with the technological changes and keep in step with the new disruptive business models of the 21st century, Comptroller and Auditor General of India Girish Chandra Murmu said on Saturday. Addressing the 21st World Congress of Accountants hosted by the Institute of Chartered Accountants of India, putting spotlight on "Building Trust and Enabling Stability, he said that this is necessary as the economy is going through massive transformat...
Accounting profession must remain in tune with technological changes, says CAG
Accounting profession must remain in tune with technological changes, says CAG
Source: IANS
20/11/2022 9:14:34 AM
West Bengal's fiscal health: Debt to GSDP ratio, past debt service matters of concern Serious concerns are being raised from various quarters on the trend of borrowing by the cash-strapped West Bengal government and the nature of using the borrowings. The first concern is the huge debt to gross state domestic product (GSDP) ratio in the state. As per the statistics of the state finance department and the latest CAG report, West Bengal's debt to GSDP ratio for the financial year of 2020-21 reached an alarming level of 37.05 per cent, up from 35.68 per cent in 2018-19. ...
West Bengal's fiscal health: Debt to GSDP ratio, past debt service matters of concern
West Bengal's fiscal health: Debt to GSDP ratio, past debt service matters of concern
Source: IANS
23/04/2022 9:34:05 AM
Himachal's fiscal liabilities see growth of 14.57%: CAG The fiscal health of Himachal Pradesh has deteriorated with overall liabilities at the end of 2019-20 at Rs 62,212 crore that have grown at 14.57 per cent over the previous year, the Comptroller and Auditor General of India (CAG) said on Wednesday. The total fiscal liabilities-Gross State Domestic Product (GSDP) ratio in 2019-20 increased by 2.31 per cent over the previous year and stood at 37.60 per cent, which was above the target of 14th Finance Commission. Internal debt of the gover...
Himachal's fiscal liabilities see growth of 14.57%: CAG
Himachal's fiscal liabilities see growth of 14.57%: CAG
Source: IANS
15/12/2021 3:19:28 PM
CAG to audit natural resources: Girish Chandra Murmu The Comptroller & Auditor General of India (CAG) will conduct the natural resources accounting (NRA) for a tighter scrutiny and accounting of mineral and energy resources of this country. CAG Girish Chandra Murmu said this while inaugurating the new office building for the Principal Accountant General (audit) here on Monday. Speaking at the function, Murmu said the nation is looking forward to Sustainable Development Goals (SDGs) to make life better for the future generations. &q...
CAG to audit natural resources: Girish Chandra Murmu
CAG to audit natural resources: Girish Chandra Murmu
Source: IANS
23/11/2021 9:36:41 AM
TN power sector companies incurred Rs 13,000 Cr loss: CAG  Increased power purchase, coal handling, financing and employee costs has resulted in the five Tamil Nadu state power sector companies incurring a loss of about Rs 13,176 crore, said the Comptroller and Auditor General (CAG) in its report for 2018-19. According to the report tabled in the Assembly the Tamil Nadu Generation and Distribution Corporation Ltd (TANGEDCO) last fiscal suffered an increased loss of Rs 4,862 crore mainly due to higher costs. The CAG report has put the erst...
TN power sector companies incurred Rs 13,000 Cr loss: CAG
TN power sector companies incurred Rs 13,000 Cr loss: CAG
Source: IANS
25/06/2021 1:35:03 PM