Latest news with #CAG
Time of India
4 hours ago
- Business
- Time of India
IT mantri announces ‘Har Ghar Fibre' by 2027
Porvorim: Stating that Goa will have 'Har Ghar Fibre' by 2027, IT minister Rohan Khaunte on Tuesday said that the rollout will begin in Sanquelim, Porvorim and Bicholim. He informed the assembly that the department has received Rs 50 crore as capital assistance for the pilot project in the three constituencies. 'The remaining rural connectivity will be taken up in the second part of the tender, which will come in very soon,' said Khaunte. He admitted that telecom connectivity in rural parts of Goa is poor because of which citizens struggle. He said that under Centre's BharatNet programme, work to create a new fibre network across the state has been tendered and the contractor has been selected. Khaunte said the contractor is expected to give Goan officials a presentation on implementation. Meanwhile, the department has facilitated the installation of 4G towers at 24 locations including in Bicholim, Sattari and Sanguem. Khaunte said a skill development centre will be started at the Tuem ESDM park to upskill youth from Pernem and nearby talukas for jobs there. He also spoke about plans to establish a Global Capability Center park in Goa, to attract multinational companies, but provided no details. Speaking earlier, opposition leader Yuri Alemao said Goa needs an IT advisory council comprising industry experts who can provide policy suggestions and a roadmap for the sector. ____________________________ CAG officers on witch hunt: Minister Porvorim: On the back foot after a series of adverse observations by the Comptroller and Auditor General (CAG), IT minister Rohan Khaunte accused CAG officers of going on a witch hunt. Khaunte said correspondence between the CAG and the IT department was being leaked to the opposition in order to malign the department. ' The office of the CAG is being misused. I have spoken to the chief minister about this and in a few days, things will become clearer. My charge is on certain officers of the CAG,' said Khaunte. GFP MLA Vijai Sardesai, however, reminded Khaunte that the NDA had won the 2014 elections largely because of the CAG's scathing observations about the then Congress-led UPA govt in Delhi. TNN
Economic Times
4 hours ago
- Business
- Economic Times
CAG points to inventory handling lapses at SAIL
The Comptroller and Auditor General (CAG) of India has flagged discrepancies in inventory handling practices of Steel Authority of India Limited (SAIL) from 2016 to to the auditor's report tabled in the Rajya Sabha on Tuesday, this led to loss of time and money at the public sector undertaking during this CAG found that faulty price fixation adopted by SAIL in the agreement for sale of blast furnace slag, a by-product of steel-making process, was detrimental to the financial interest of the company. Sale of slag at a lower rate resulted in inability to earn revenue of ₹441.40 crore between 2016 and 2023. "Market price of slag was between ₹500 and ₹1,220 per tonne during 2009-14, whereas the rate provided in the agreement was between ₹336.65 and ₹444.24 per tonne," the CAG said in a statement. The slag was provided by Bokaro Steel Plant during this period. Highlighting another anomaly, CAG said SAIL had not fixed any benchmark for inventory carrying cost per tonne of raw material, semi-finished material and finished goods. This is even though on an average, SAIL had an inventory of ₹21,698 crore from 2016-17 to 2022-23, which constitutes about 67% of its current assets. SAIL also failed to maintain stock levels of raw materials like iron ore, coke and sinter due to which blast furnace was put under off-blast state, resulting in inability to produce 932,000 tonnes of hot metal and earn potential revenue of ₹1,231.52 crore at Rourkela, Bokaro and Durgapur plants, the auditor to CAG, while all five integrated steel plants of SAIL have implemented SAP-ERP system, it was yet to be implemented in all units or offices of SAIL.
Time of India
4 hours ago
- Business
- Time of India
CAG points to inventory handling lapses at SAIL
The Comptroller and Auditor General (CAG) of India has flagged discrepancies in inventory handling practices of Steel Authority of India Limited (SAIL) from 2016 to 2023. According to the auditor's report tabled in the Rajya Sabha on Tuesday, this led to loss of time and money at the public sector undertaking during this period. Explore courses from Top Institutes in Please select course: Select a Course Category Finance Cybersecurity Data Analytics Public Policy Degree Technology Healthcare healthcare Product Management PGDM Others others Data Science Data Science Digital Marketing MCA Project Management MBA Leadership Operations Management Management CXO Artificial Intelligence Design Thinking Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Fintech & Blockchain India Starts on undefined Get Details Skills you'll gain: Duration: 9 Months IIM Calcutta SEPO - IIMC CFO India Starts on undefined Get Details The CAG found that faulty price fixation adopted by SAIL in the agreement for sale of blast furnace slag, a by-product of steel-making process, was detrimental to the financial interest of the company. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Senior Living Homes in Jigatala May Surprise You Senior Living | Search Ads Undo Sale of slag at a lower rate resulted in inability to earn revenue of ₹441.40 crore between 2016 and 2023. "Market price of slag was between ₹500 and ₹1,220 per tonne during 2009-14, whereas the rate provided in the agreement was between ₹336.65 and ₹444.24 per tonne," the CAG said in a statement. The slag was provided by Bokaro Steel Plant during this period. Highlighting another anomaly, CAG said SAIL had not fixed any benchmark for inventory carrying cost per tonne of raw material, semi-finished material and finished goods. This is even though on an average, SAIL had an inventory of ₹21,698 crore from 2016-17 to 2022-23, which constitutes about 67% of its current assets. Live Events SAIL also failed to maintain stock levels of raw materials like iron ore, coke and sinter due to which blast furnace was put under off-blast state, resulting in inability to produce 932,000 tonnes of hot metal and earn potential revenue of ₹1,231.52 crore at Rourkela, Bokaro and Durgapur plants, the auditor noted. According to CAG, while all five integrated steel plants of SAIL have implemented SAP-ERP system, it was yet to be implemented in all units or offices of SAIL.
Time of India
7 hours ago
- Business
- Time of India
CAG flags financial loss due to SAIL's poor inventory management from 2016-23
According to the CAG, while all the five integrated steel plants of SAIL have implemented SAP-ERP system, the same was yet to be implemented in all units or offices of SAIL. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Comptroller and Auditor General ( CAG ) of India has flagged discrepancies in inventory handling practices of Steel Authority of India Limited SAIL ) from 2016-2023. According to the auditor's report tabled in the Rajya Sabha on Tuesday, this led to loss of time and money at the public sector undertaking during this found that faulty price fixation adopted by SAIL in the agreement for sale of Blast Furnace slag (a byproduct of steel making) was detrimental to the financial interest of the Company. Sale of slag at a lower rate resulted in inability to earn revenue of Rs 441.40 crore during 2015 to 2023.'Market price of slag was between Rs 500 and Rs 1,220 per tonne during 2009-14, whereas the rate provided in the agreement was between Rs 336.65 and Rs 444.24 per tonne,' a CAG statement said. The slag in question was provided by Bokaro Steel Plant during this another anomaly, India's supreme audit institution said SAIL had not fixed any benchmark for inventory carrying cost per tonne of raw material, semi-finished material and finished goods. This is even though on an average, SAIL had an inventory of Rs 21,698 crore during 2016-17 to 2022-23 which constitutes about 67 per cent of its current also failed to maintain stock levels of raw materials like iron ore, coke, sinter due to which Blast Furnace was put under off-blast state resulting in inability to produce Hot Metal of 9.32 lakh tonnes and to earn potential revenue of Rs 1,231.52 crore at Rourkela, Bokaro and Durgapur Steel Plants, the auditor to the CAG, while all the five integrated steel plants of SAIL have implemented SAP-ERP system, the same was yet to be implemented in all units or offices of SAIL. 'The IT systems in each Plant were running in isolation which led to various control issues like non-availability of real time data on stock of raw materials, absence of centralised vendor database and manual intervention in SAP-ERP system,' the auditor these, the stock verification report was not prepared as prescribed in the guidelines on stock verification of the Central Marketing Organisation. 'In 46 out of 49 stockyards, stock verification was not conducted on half yearly basis, as prescribed in the policy, in one or more years during 2016-17 to 2022-23,' the CAG said while adding in 10 stockyards, stock verification had not been conducted at all during this period.
India Today
8 hours ago
- Politics
- India Today
Bihar elections: Schemes in place but money not being used - constantly!
As with every election, leaders and hopefuls in Bihar are currently busy making promises. The question voters should ask is: even if the promises are kept, is the money allocated to schemes actually being used?A Comptroller and Auditor General of India report released on July 24 found some 'major cases of non-utilisation of the entire budget provision (Rs 100 crore and above) amounting to Rs 7,567.93 crore in 20 Scheme Head of Accounts'. The report is based on 2023-24 highest unutilised fund, Rs 1,628 crore, was for the second phase of the Swachh Bharat Mission. Next to this was an unused Rs 1,500 crore for the Indira Awaas Yojana, which provides grants for housing construction to poor people. Additionally, there's an unused amount of Rs 1,387.52 crore related to various health schemes. Notably, a separate CAG report recently highlighted the extremely grim situation of healthcare in the state. Despite that, the funds for health-related works recommended by the Finance Commission, infrastructure maintenance under the National Health Mission, renovation of health centres under Saat Nishchaya-2 and construction of buildings of health sub-centres under the NABARD-sponsored scheme were completely Read | Why healthcare needs to be centre stage in Bihar electionsOther major schemes include Pradhan Mantri Gram Sadak Yojana with Rs 1,100 crore unused, Rs 849.84 crore unused for financial aid to colleges and non-government schools, the National Rural Drinking Water Programme with Rs 336 crore of unused funds, and UNDERUSEDWhile many grants remained completely unutilised, many others were only half used. Among the large schemes worth Rs 1,000 crore and more, essential departments such as agriculture, education, home, disaster management, etc., saw unused funds consistently since than Rs 10,000 crore remained unutilised as grants for education every year between FY20 and FY24. In terms of share of the full budget, nearly 53 per cent of the grants in rural development were left unused in FY24 and around 47 per cent of the grants in agriculture and disaster management were left unused CAG report suggests that the consistent underutilisation of funds is mainly due to overbudgeting, lack of proper expenditure planning, bureaucratic delays, poor accountability and weak financial controls.- EndsTune InMust Watch
