Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: ACCOUNTING STANDARD :: empanelment :: Central Excise rule to resale the machines to a new company :: form 3cd :: due date for vat payment :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: VAT RATES :: TDS :: VAT Audit :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« Latest Circulars »
 Inclusion of “Suryoday Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934
  Trade Repository for OTC Foreign Exchange and Interest Rate Derivatives
 RBI to regulate peer-to-peer lending firms
  Export Data Processing and Monitoring System (EDPMS) Issuance of Electronic Bank Realisation Certificate (eBRC)
 Export Data Processing and Monitoring System (EDPMS) Issuance of Electronic Bank Realisation Certificate (eBRC)
 Auction for Sale (Re-issue) of Government Stock (GS)
 RBI-Auction of Government of India Dated Securities September 18, 2017
 RBI releases Handbook of Statistics on the Indian Economy 2016-17
 Sources of Variation in Foreign Exchange Reserves in India during April-June 2017
 Inclusion of “Emirates NBD Bank (P.J.S.C)” in the Second Schedule to the Reserve Bank of India Act, 1934
  Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission

RBI-Performance Audit of Agricultural Debt Waiver and Debt Relief Scheme, 2008
January, 17th 2013

RBI/2012-13/377
RPCD.CO.FSD. No. BC. 58/05.04.02/2012-13

January 14, 2013

The Chairman/ Managing Director/
Chief Executive Officer 
All scheduled commercial banks & Local Area Banks

Madam/Dear Sir,

PERFORMANCE AUDIT OF AGRICULTURAL DEBT WAIVER AND DEBT RELIEF SCHEME, 2008

As you are aware, the Performance Audit of the Agricultural Debt Waiver and Debt Relief Scheme (ADWDRS), 2008 is being undertaken by the Office of the Comptroller and Auditor General (CAG).  During the Exit Conference held with Officers of CAG on December 7, 2012, the following major observations were made with regard to implementation of  the Scheme :

  1. Ineligible accounts of farmers extended benefits under the Scheme. The audit has noted that to provide benefit to ineligible farmers, instances of tampering and over-writing, inadequate documentation, etc. had taken place.

  2. Benefit was only extendable to farmers directly but in some cases loans extended to MFIs were claimed and disbursed.

  3. Less/Excess benefit extended to eligible accounts.

  4. Reimbursement of inadmissible charges to banks.

  5. Non-issuance of Debt Waiver and Debt Relief Certificates.

  6. Outcome relating to fresh loans not monitored.

2.  In view of the above, the Government of India has desired that immediate corrective measures be taken by all the concerned Institutions.  Details of specific cases scrutinized by CAG and their observations thereon are already available with Banks.  You are, therefore, requested to take following action in such areas :

(i)

Ineligible accounts of farmers extended benefits under the Scheme. The audit has noted that to provide benefit to ineligible farmers, instances of tampering and over-writing, inadequate documentation, etc. had taken place.

(i) Recovery of such money from such ineligible beneficiaries. 
(ii) Fixing of responsibility of bank officials as well as auditors. 
(iii) Considering lodging of FIRs in cases of tampering of records.

(ii)

Benefit was only extendable to farmers directly but in some cases loans extended to MFIs were claimed and disbursed.

(i) Fixing of responsibility of the officials responsible for such disbursal. 
(ii) Recovery of such money.

(iii)

Less/Excess benefit extended to eligible accounts

(i) Recovery in cases of excess payment. 
(ii) Fixing responsibility of banks’ officials as well as auditor responsible for such act.

(iv)

Reimbursement of inadmissible charges to banks.

(i) Recovery of such money 
(ii) Fixing of the responsibility of claimant institutions and disbursing officials.

(v)

Non-issuance of Debt Waiver and Debt Relief Certificates.

(i) In cases where such certificates have not been issued, these should be immediately issued. This should be completed by February 28, 2013.

(vi)

Outcome relating to fresh loans not monitored.

(i) Such monitoring should be immediately undertaken in respect of beneficiaries granted relief under the Scheme.

3.  Please ensure that the action, as indicated above, be completed in one month from the date of issue of this Circular and be intimated to us, under advice to the Ministry of Finance, Department of Financial Services, Government of India.

Yours faithfully

(C.D. Srinivasan)
Chief General Manager

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions