Mis(management) of Public Finances

Mis(management) of Public Finances

The Comptroller and Auditor General of India(CAG) has pointed out various loopholes in the way money for development purposes is utilized in J&K. The report also criticizes the budgets presented by economist-turned-politician Haseeb Drabu. According to the report, 95 percent of public debt was utilized for repayment of the principal and interest on public debt […]

JK’s financial management in a mess: CAG

JK’s financial management in a mess: CAG

SRINAGAR: The Comptroller and Auditor General of India has pointed out various loopholes in the way money for development purposes is utilised in J&K. The report also criticises the budgets presented by economist-turned-politician Haseeb Drabu. According to the CAG’s report, 95 percent of public debt was utilised for repayment of the principal and interest on […]

CAG nails nine state depts for gross unaccounted-for spending in 2015-16

CAG nails nine state depts for gross unaccounted-for spending in 2015-16

SRINAGAR: Nine departments of the Jammu and Kashmir government have spent nearly Rs 2,000 crore in “violation of budgetary provisions” during the financial year 2015-16, the Comptroller and Auditor General (CAG) of India has said in its state finances report. According to the report, an expenditure of Rs 1,961.44 crore was incurred under 59 major […]

CAG finds urban bodies incompetent, callous, deficient

CAG finds urban bodies incompetent, callous, deficient

SRINAGAR: On paper, urban local bodies (ULBs) are mandated with planning and undertaking projects of economic and social development. On ground, projects meant for development have repeatedly been left incomplete, houses meant for poor people sanctioned but never constructed, and solid-waste management not even begun. According to the Comptroller and Auditor General of India, work […]

JK govt incurred over 42 pc of expenditure in 29 grants in Q4

JK govt incurred over 42 pc of expenditure in 29 grants in Q4

JAMMU: In violation of Jammu and Kashmir’s financial code on rush of expenditure, the state government has spent Rs 23,234 crore in 29 grants in the last quarter of the fiscal 2015-16, which is over 42 per cent of the total expenditure of Rs 54,660 crore, a CAG report has said. Ladakh Affairs Department topped […]

JK Bank branches gave loans without checks: CAG report

JK Bank branches gave loans without checks: CAG report

SRINAGAR: Two branches of Jammu and Kashmir Bank have flouted rules in disbursement of loans, the Comptroller and Auditor General (CAG) of India has said in its latest report. According to the CAG, the JK Bank’s Panchkula branch in Haryana had sanctioned a term loan of Rs 1.90 crore and working capital of Rs 25 […]

Sheep husbandry dept falling far short of set targets

Sheep husbandry dept falling far short of set targets

SRINAGAR: Self-sufficiency in mutton, wool and milk production is the easiest to achieve among the consumables Jammu and Kashmir has the potential to produce. However despite the state having its own Sheep Husbandry Department, which is meant for improving sheep breeds and increasing yields, its production has decreased since 2011. According to the latest report […]