CAG says there’s an absence of proper records in Indian Railways for accounting & agreements

Source:  www.business-standard.com

In its report on the finances of the Indian Railways, the Comptroller and Auditor General (CAG) highlighted the lack of proper accounting by the department for financial transactions.

The findings of CAG for the fiscal 2012-13 also show that the Railways is not following its own rules and regulations laid down under the financial and engineering code for efficient execution of projects.

“Indian railways also incurred Rs 1,670.24 crore more than the authorisation given by Parliament. The fund balances of railways had declined from Rs 15,654.48 crore in 2008-09 to Rs 4073.41 crore in 2012-13”, said CAG.

It also noted there were persistent excess during the last four years in one revenue grant and one appropriation which indicate the failure of Indian Railways to accurately estimate budgetary requirements in order to enforce fiscal discipline. More info

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