An alternate ripoff inside UPA program? CAG unearths punishment off farm loan waiver design

An alternate ripoff inside UPA program? CAG unearths punishment off farm loan waiver design

Headlines Now utilized the past review declaration recorded by Comptroller and you can Auditor-general towards the authorities, with made certain staggering revelations.

The brand new Joined Modern Alliance(UPA) government’s greatest election sop announced ahead of the 2009 Lok Sabha polls got an enormous affect the fresh electorate because it saw the new coalition back in energy into next successive term.

But not, the latest program which was originally supposed to benefit step three.5 crore small and marginal producers seems to have given birth to help you a unique con in newest techniques, that is already tainted on account of some frauds within the that institution or even the other.

Inside the , the newest UPA-1 got announced Rs 52,280 crore farm mortgage waiver having producers. This new pre-poll key delivered the next name into the UPA. But not, callous ministers and corrupt and ineffective government devices kept farmers entrapped when you look at the a horrible debt stage.

Headlines Today accessed the last audit statement recorded by the Comptroller and you can Auditor general(CAG) on the authorities, with made some staggering revelations.

«CAG accomplished a performance review to assess whether the debt waiver and you will rescue design is then followed in accordance with related direction and expectations. Brand new audit accomplished out of safeguarded 25 says of job audit from a whole ninety,576 farmers’ membership from online payday loans Virginia inside the 715 twigs of finance companies in the 92 areas. per cent account was those who were eligible however, were disqualified by credit associations. Six % of one’s seemed account just weren’t longer their rightful professionals. 8.62 percent was people who just weren’t qualified but still had either over waiver off debt settlement. Over 34 percent farmers weren’t given obligations waiver certificates therefore which makes them ineligible to have upcoming fund. Inside the 1000s of instances there was evidence of tampering, overwriting and you may modification off information. Although the scheme is actually intended for farmers actually, in some instances the new funds was indeed disbursed so you can small finance institutions. And, credit institutions fraudulently reported quantity related to focus fees. Financing ministry leftover it toward financial institutions accomplish notice-keeping track of. Discover zero oversight because of the funds ministry when you’re reimbursing says,» an integral part of the brand new declaration reads.

In writing a national height keeping track of committee was launched. not, they did not manage the obligation. Indeed, there is certainly zero supervision or overseeing within quantity of funds ministry, Set aside Lender regarding India(RBI) or Federal Financial having Farming and Outlying Advancement(NABARD).

In the event the CAG required the newest minutes in addition to plan from brand new meetings, or no, that have been held from this large-powered overseeing committee, it received an empty.

According to the government facts, funds pulled by the throughout the step three.5 crore growers were waived out-of. not, on account of constraint of tips, the fresh new CAG audited a sample sized less than step one lakh levels merely. Therefore the results of top autonomous review human body you are going to just be the tip of your iceberg.

Ranging from 2008 and you will 2012, Asia watched a couple of finance ministers- P. Chidambaram significantly less than who the new farm loan waiver was recommended and you can after then followed then Pranab Mukherjee not as much as whom brand new program currency always been disbursed instead of supervision.

The fresh CAG claims, for five age the federal government generated zero efforts to control an audit or perhaps to see if Rs 52,100000 crore away from taxpayers’ money are spent securely.

The fresh new finance ministry’s Company from Monetary Characteristics is the latest top expert responsible for implementing and you will managing the debt waiver scheme. However with next funds ministers Chidambaram and you will Mukherjee kept oblivious out of anything, the fresh new CAG seems which they grabbed simple to use.

Considered because of the UPA as the one or two most efficient ministers, both Chidambaram and Mukherjee have been found guilty of inaction and you can neglect in seeing as the new save reached the new required beneficiaries.

The fresh new CAG report has place the federal government scampering for most face rescuing steps. Less than Chidambaram, who’s got given that returned to restore the fresh new Indian benefit back on track, the latest loans ministry on the January 11 sample regarding a page so you can brand new RBI therefore the NABARD inquiring them to need instantaneous step.

A unique con from inside the UPA program? CAG unearths abuse off farm mortgage waiver scheme

(a) healing of money off ineligible beneficiaries(b) fixing regarding duty from bank officials and you will lender auditors(c) subscription off FIRs from inside the instances of tampering and you can forgery(d) step below banking regulations up against erring finance companies(e) recuperation from inadmissible passions advertised by financial institutions(f) issuance from financial obligation waiver and you will credit card debt relief permits so you can growers.

This new finance ministry provides finally become taking action into the findings of the CAG, nevertheless looks insufficient, too-late. The fresh CAG has only audited nearly 90,100000 account outside of the complete step three.5 crore farmers’ profile.

Issue now increases and this agency manage today review the rest more than step 3.forty-two crore levels and whether the money stolen carry out previously feel retrieved.

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