Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: ACCOUNTING STANDARD :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: empanelment :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: cpt :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4%
 
 
Latest Circulars »
 Requirement of customer due diligence and need for maintenance of records
 Card Not Present transactions – Relaxation in Additional Factor of Authentication for payments upto ₹ 2000/- for card network provided authentication solutions
 Auction of Government of India Dated Securities December 05, 2016
 Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on December 05, 2016)
 RBI-Investment under PIS in M/s Laurus Labs Limited by FIIs/FPIs upto 49 per cent and NRIs upto 24 per cent
 RBI-Issuance of 35 days Cash Management Bills under Market Stabilisation Scheme (MSS)
 RBI-Information from Unauthenticated Sources – Advisory to banks
 RBI-Aadhaar-based Authentication for Card Present Transactions
 RBI-External Commercial Borrowings (ECB)
 Issuance of 28 days Cash Management Bills under Market Stabilisation Scheme (MSS)
 Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)

RBI-UCBs - Performance Audit Of Agricultural Debt Waiver And Debt Relief Scheme, 2008
January, 16th 2013

RBI/2012-13/381
UBD. BPD.PCB. Cir. No. 31/13.05.000/2012-13

January 15, 2013

The Chief Executive Officers
of All Primary (Urban) Co-operative 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 banks since the specific cases scrutinized by CAG and their observations thereon are already available with the banks. You are, therefore, requested to take following action in such areas :

Sr. No

Audit Observation

Remedial Measures

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.

(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.

2.

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.

3.

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.

4.

Reimbursement of inadmissible charges to banks.

(i) Recovery of such money

(ii) Fixing of the responsibility of claimant institutions and disbursing officials.

5.

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.

6.

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, is completed within 15 days from the date of issue of this Circular and reported to the concerned Regional Office of Reserve Bank of India.

4. Please acknowledge the receipt to the Regional Office concerned.

Yours faithfully,

(A. Udgata)
Chief General Manager-in-Charge

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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