Tuesday, November 26, 2019

CAG flags discrepancies leading to damages worth ₹2,507.66 crore in various CPSEs

New Delhi: The Comptroller and Auditor General (CAG) of India has flagged discrepancies that had financial implications worth ₹2,507.6 crore across 37 Central Public Sector Enterprises (CPSEs).

These CPSEs fall under 11 Ministries/Departments and the 54 individual observations have been highlighted in the CAG report on Union Government (Commercial)-Compliance Audit Observations.

A CAG statement said that the audit reviewed revenue generation and realisation activities in Airports Authority of India (AAI) over a period from 2013-2014 to 2017-2018.

“The Audit noticed deficiencies in internal control mechanism in revenue management, namely, non-compliance of credit policy and provisions of Finance Manual, which resulted in short collection of Security Deposit of ₹152.37 crore, non-charging of interest from defaulting parties of ₹78.24 crore and non-realisation of dues of ₹11.95 crore from airlines ceased operations,” the CAG said.

The CAG said that Passenger Service Fee (Security Component) recovery had not kept pace with the mounting expenditure as a result AAI had a deficit of ₹702.88 crore for the period 2013-2014 to 2017-2018 which was met by AAI from its own sources of revenue. The Non-recovery of dues of ₹2,411.73 crore from Air India Group and non-claiming of interest of ₹624.87 crore as agreed in the Memorandum of Understanding were also flagged by the CAG.
25/11/19 Business Line
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