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Time of India
30 minutes ago
- Time of India
Audit flags irregularities in Gurgaon civic body's accounts, rule violations
Gurgaon: Flagging financial irregularities worth Rs 9.1 crore in the 2023-24 fiscal year, a govt auditor in its report said that the corporation's accounts were "in a miserable condition" and in "need of improvement and closer supervision". The Haryana Local Audit department, said in the report released on Wednesday, that the corporation made advance payments of Rs 5.8 crore to other govt departments for development work. These advances, the report said, were often "drawn arbitrarily", even if they weren't required, reflecting a "sorry state of affairs". You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon On this, the auditor recommended that unutilised advance amounts should be refunded by the departments to MCG. Another Rs 3.2 crore was spent by MCG for projects awarded on quotation by the contractors instead of following the mandatory bidding process. This, the auditor said, was a clear violation of norms. The report, accessed by TOI, is set to be tabled at the MCG House when it convenes on Aug 11 to form the civic body's finance and contracts committee (FCC). The state auditor raised questions about other practices by MCG. It pointed out that the contract for treating waste at Bandhwari landfill site was originally given to Ecogreen Envirotech. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like She Was The Dream Girl In The 1980s, Here She Is Now. Boite A Scoop Later, work at the landfill was sub-contracted to other firms and the cost was to be borne by Ecogreen. The auditor has sought a response from MCG and said that, if required, the corporation should recover from Ecogreen the amount spent on the sub-contracts. The report noted that MCG went beyond its financial limit of Rs 2.5 crore a year in operating two of its cow shelters. "No concrete action was taken on the last audit report (2022-23); cases of temporary advances were noticed; excess/irregular and avoidable expenditure were noticed; irregularities noticed in works accounts of the MC (municipal corporation); cases of non/short recoveries and losses were pointed out; defective maintenance of record/non-completion of record were noticed; miscellaneous observations…" the auditor said. MCG commissioner Pradeep Dahiya could not be reached for a comment till Thursday night. The corporation gets time to respond to the auditor's concerns, after which the govt takes a final call on measures to be taken. Kuldeep Yadav, elected as the councillor from ward 11 this March, told TOI that these irregularities took place when the MCG House was not constituted. "There was no check on payments made to contractors by MCG officials and staff. We will seek clarification from officials on the irregularities flagged in the audit report at the meeting on Aug 11," Yadav said. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and s ilver prices in your area.
Time of India
34 minutes ago
- Time of India
Pre-Onam heist: Coconut oil stolen, cash left untouched
KOCHI: In a throwback to the 2007 Malappuram gold heist, where burglars famously drilled through the floor of Kerala Gramin Bank to steal 80kg of gold, a thief in Aluva recently tried the same tactic - this time, to steal coconut oil. Though the digging attempt failed, he still managed to escape with 30 litres of oil. With cooking oil prices soaring ahead of Onam later this month, coconut oil is being treated almost like a luxury item & grocery stores have started locking it up like treasure. In recent weeks, the price of coconut oil in Kerala has nearly doubled from around Rs 260 to over Rs 500 a litre. When grocery store owner Ayoob Puthanpurayil arrived at his shop in Ernakulam on Sunday, he found it ransacked. Thirty one-litre bottles of virgin coconut oil, priced at Rs 600 each, were missing, along with a few packs of gingelly oil, apples, and milk. "There was Rs 5,000 in the register and even a charity box - both untouched," he said. "The real loss was oil. It was worth three times more." The thief had tried to dig in through the sand behind the shop - a floor-level break-in attempt reminiscent of the Malappuram heist - but was thwarted by a plywood sheet installed to block rats. He eventually broke in through a narrow back door, likely limiting how much he could carry. "He must have worked for hours in low light to get that far," Puthanpurayil said. The shop was locked on three sides, one out of view from the road. Evidence showed the thief lingered inside. Curd packets were opened and partly eaten; empty water bottles lay scattered. Puthanpurayil said it was the fourth such attempt in the area. Though he had CCTV footage, he didn't pursue a case as police kept citing procedures. Police said no formal complaint was filed.
Time of India
an hour ago
- Time of India
Centre okays T to reschedule Rs 25k cr high interest loans
Hyderabad: In a significant financial relief for Telangana, the Centre has reportedly agreed to restructure high interest loans taken by the state over the past decade. Sources said the Reserve Bank of India has approved the repayment of nearly Rs 25,000 crore in fresh borrowings over the next two years — at lower interest rates and with longer repayment periods. The move is expected to save Telangana around Rs 2,000 crore annually, compared to the burden under previous terms. On Aug 5, the RBI disbursed Rs 5,000 crore, which the state govt immediately used to clear old, high interest loans availed from the Rural Electrification Corporation (REC). You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad The state had long raised concerns over loans contracted at steep interest rates from private financial entities, often routed through various government-owned corporations. These borrowings, scheduled for repayment over 10 years, placed a heavy fiscal load on the state exchequer due to their high servicing costs. In contrast, RBI loans come with lower interest rates (7% to 7.5%) and longer tenures of 25 to 30 years, offering significant relief. By comparison, loans from the REC carried an 11% interest rate and a 10-year repayment term, which became increasingly unsustainable. Chief minister A Revanth Reddy had repeatedly urged the Centre to allow rescheduling of such liabilities. Following a detailed review of Telangana's fiscal health, the Union finance ministry agreed to the proposal. In a parallel development, the Centre had earlier brought all off-budget borrowings under the Fiscal Responsibility and Budget Management (FRBM) framework, which reduced Telangana's eligibility to raise funds from the RBI during 2020–21. After these corporate loans were clubbed under FRBM, the state govt intensified its push for rescheduling, which was now accepted by the Centre. The state has raised funds through monthly bond issuances. With the RBI's green light, it can now rework the Rs 25,000 crore loan burden over two years. Funds raised from bond issues, such as the Rs 5,000 crore obtained recently, will be used solely to retire high-interest loans, not for new programmes or expenditure. Financial analysts said this restructuring will ease fiscal pressure and save nearly Rs 2,000 crore per year, giving the state room to stabilise its economy. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and s ilver prices in your area.
