CAG report slams Kerala’s KIIFB’s borrowings, minister adds note of auditor flouting norms

Thomas Isaac has objected to CAG’s references of the Kerala Industrial Infrastructure Fund Board (KIIFB) claiming that procedures had been flouted in preparation of the report.

Thomas Isaac has objected to CAG’s references of the Kerala Industrial Infrastructure Fund Board (KIIFB).

For the primary time within the historical past of Kerala, a CAG report was tabled within the meeting with an objection note by the finance minister. Thomas Isaac has objected to CAG’s references of the Kerala Industrial Infrastructure Fund Board (KIIFB) claiming that procedures had been flouted in preparation of the report.

The report tabled by the Comptroller and Auditor Common (CAG) within the meeting has come down closely on the state-owned KIIFB’s exterior borrowings by means of “Masala Bonds”, saying these weren’t in accordance with the Constitutional provisions and lacked legislative approval.

In his objection note Thomas Isaac mentioned that “this isn’t my intention at this stage of circulating the State Finance Audit Report, 2019 to His Excellency the Governor underneath Article 151 of the structure, to dwell on the deserves of the feedback launched by the CBAG. Evidently the mode and method by which it has been ready is extremely vires of the Laws of the C&AG itself, as has been defined above”.

The opposition Congress-led UDF objected to the note by Thomas Isaac, terming it unprecedented.

Union Minister V Muraleedharan, in a tweet, mentioned the CAG report was “a good slap on the corrupt regime” of Chief Minister Pinarayi Vijayan.

The CAG report has mentioned the approval given by RBI to the Kerala Infrastructure Funding Fund Board (KIIFB) to concern the Masala Bonds is questionable as a result of its permission allowed the federal government to route its personal international borrowings by means of the state-owned establishment.

The report was tabled within the meeting months after Isaac had courted an argument by releasing some parts of it to the media whereas alleging {that a} political conspiracy had been hatched to ‘choke’ Kerala’s improvement initiatives.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *