-The Hindu ‘Commercial banks may have to raise deposit rates more to meet a surge in credit demand; while banks have swiftly transmitted increases to lending rates, deposit rates have been laggards for most’ Under the backdrop of a highly uncertain global environment caused by globalisation of inflation, energy and food shortages, and synchronised tightening of monetary policy worldwide, the Indian economy was exhibiting signs of a gradual strengthening of the growth...
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What CAG's Nitpicking Over Kerala Worker Cess Says About the Problems With Purpose-Specific Taxes -Himanshu Upadhyaya
-TheWire.in Why should the money collected through purpose-specific cesses be funneled into a state's consolidated fund? On July 20, 2022, the Comptroller and Auditor General of India (CAG)’s report on Kerala’s finances for the fiscal year 2020-21 was tabled in the state assembly. Amongst several other observations, this report has noted how funds being kept outside the ‘Consolidated Fund’ of the state. The context here is the manner in which Kerala treats cess...
More »Why PM-CARES Is a 'Government Fund' and Well Within RTI Purview -Gaurav Vivek Bhatnagar
-TheWire.in The Union government submitted before Delhi high court that PM CARES Fund is “not a fund of Government of India and the amount does not go in the Consolidated Fund of India”. While there is enough information already in the public domain to assert that PM-CARES Fund (Prime Minister’s Citizen Assistance and Relief in Emergency Situation Fund) is controlled by the Government of India, the Union government still wants to maintain...
More »PM CARES "Not A Government Fund", Prime Minister's Office Tells High Court
-PTI/ NDTV.com An affidavit filed by an Under Secretary in the PMO who is discharging his functions in the PM CARES Trust on honorary basis said the trust functions with transparency and its funds are audited by an auditor - a chartered accountant drawn from the panel prepared by Comptroller and Auditor General. New Delhi: The PM CARES Fund is not a Government of India fund and the amount collected by it...
More »Centre used GST compensation cess elsewhere, violated law: CAG
-PTI/ The Hindu The CAG findings run contrary to Finance Minister Nirmala Sitharaman’s submissions in Parliament last week that states could not be compensated for revenue shortfall from the Consolidated Fund of India (CFI) relying on an opinion from the Attorney General of India which stated that there was no such provision in the law. The CAG has found that the Union government in the very first two years of the GST...
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