-TheWire.in At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore. Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks’ audited accounts and the Reserve Bank of India’s (RBI) findings regarding bad loans on the...
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NGOs in trouble can file annual returns for last five years till 14 June
-PTI New Delhi: NGOs whose licences were suspended for non-compliance of government rules have been given a final deadline of 14 June to file their returns for the last five years. They would have to upload their annual returns for the financial years 2010-11 to 2014-15 along with a renewal application under the mandatory Foreign Contribution (Regulation) Act, a home ministry spokesperson said on Tuesday. The government is estimated to have cancelled the...
More »Haryana spent 'Beti Bachao, Beti Padhao' funds on laptop bags, mugs -Sukhbir Siwach
-The Indian Express The auditor also pointed out that there was no provision in the scheme for purchase of laptop bags and mugs. Chandigarh: Finding loopholes in the implementation of Beti Bachao-Beti Padhao (BBBP) campaign launched by Prime Minister Narendra Modi in 2015, the Comptroller and Auditor General (CAG) found diversion of funds meant for the campaign in Panipat district. According to CAG’s latest report, over Rs 3 lakh were spent on “preparation”...
More »Rural employment scheme gets highest-ever funding
-The Hindu FM allocates Rs.48,000 crore for MGNREGA; says it will be brought under digital scrutiny The Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), once described by Prime Minister Narendra Modi as a “living monument of the UPA’s failure,” got its highest ever allocation — Rs.48,000 crore — since its inception over a decade ago. Finance Minister Arun Jaitley, however, indicated that the funds dispensed would come under increased digital scrutiny. “The...
More »Unaccounted flow of funds to NGOs a 'major problem': SC
-The Hindu "This is a major problem. They are getting money from all over the world. Mind-boggling..." Chief Justice of India T.S. Thakur observed. New Delhi: Noting that NGOs get “mind-boggling” funds and it has become a “major problem,” the Supreme Court on Wednesday said it will consider asking the Law Commission of India to bring an effective law to regulate the flow of money to a total 29.99 lakh NGOs functioning...
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