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: ACCOUNTING STANDARDS :: TDS :: form 3cd :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: articles on VAT and GST in India :: VAT Audit :: cpt :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD
 
 
« Auditing »
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s Report Under Income Tax Act, 1961
 Provisioning pertaining to Fraud Accounts
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
 Conference on Companies Act gets under way
 New bureau to dissolve state-run banks' power to choose auditors
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
 ICAI forms 'prima facie' view on NSEL auditor
 Firms appoint new auditors in shift to meet new standards
 Cadre restructuring in I-T dept may open scrutiny of closed cases
 RBI issues new guidelines on concurrent auditing at branches

SC notice to Comptroller and Auditor General (CAG)
September, 05th 2009

The Supreme Court on Friday issued notices to the country's top auditor Comptroller and Auditor General (CAG) and others on a petition accusing it of failure to recover "around Rs 10,000 crore" from banks and deploy it for welfare of the disabled.

The petition filed by one Ravi Shankar Bhushan, a disabled person working in an NGO, said that CAG had not complied with the apex court's directions given in April 2004.

CAG was to recover the money illegally collected by banks from individual borrowers by rounding-off interest rate and ensure that the money was used for welfare of disabled.

A bench headed by Chief Justice K G Balakrishnan sought replies from the Ministries of Finance and Social Justice and Empowerment, CAG, RBI, the Indian Banks' Association and 26 public sector banks, including State Bank of India.

The petition has sought a direction to the ministries to disclose details of disbursements made to disabled in accordance with the apex court decision's and also frame appropriate schemes for disabled like their rehabilitation, entrepreneurial activity, prevention and early detection.

Bhushan claimed that only Rs 150 crore had been recovered so far against Rs 10,000 crore collected by banks by rounding-off interest rates.

The petition noted that RBI had given approval to the system of rounding-off of the rate of interest to be levied by the banks by up to 0.25% and shift the burden of the same on to the borrowers.

Bhushan alleged that CAG was not collecting the money expeditiously and the banks were also not giving full details about the dues in a time-bound manner.

Though a Trust headed by CAG was set up, it appeared that apart from starting a scholarship scheme for disabled students envisaging a maximum expenditure of Rs one crore per year as late as August 2008, nothing further seems to have been done in the matter, the petition said.

Further, the amount recovered was to be used for separate schemes and not for funding existing government programmes for disabled persons, it said, adding that the amount was to go into a fund which was over and above the sum spent by the Government of India for disabled persons.

It is in the interest of justice and transparency that prominent NGOs working in this area and disabled persons should be involved in framing of schemes, the petition said.

The apex court had in 2004 barred banks and the Centre from keeping the money, which was collected illegally by rounding-off interest rate, and had directed CAG to recover the excess amount from them and deposit the same in a corpus fund for the benefit of the disadvantaged.

Bhushan, who had collected the information under the Right to Information Act, said that the apex court's decision in 2004 had not been implemented.

The apex court, while deciding the PIL in 2004, had held that the fund managed by CAG should be collected for the benefit of disabled persons and the excess collection of Rs 723.79 crore collected annually since 1993 by the banks all over the country should be deposited in the fund.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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