CAG report pummels Kerala’s KIIFB’s borrowings, serve adds note of evaluator spurning standards

 

Without precedent for the historical backdrop of Kerala, a CAG report was postponed in the gathering with a protest note by the money serve. Thomas Isaac has had a problem with CAG’s references of the Kerala Industrial Infrastructure Fund Board (KIIFB) guaranteeing that systems had been mocked in planning of the report.

The report postponed by the Comptroller and Auditor General (CAG) in the gathering has descended vigorously on the state-claimed KIIFB’s outer borrowings through “Masala Bonds”, saying these were not as per the Constitutional arrangements and needed administrative endorsement.

In his protest note Thomas Isaac said that “this isn’t my aim at this phase of coursing the State Finance Audit Report, 2019 to His Excellency the Governor under Article 151 of the constitution, to harp on the benefits of the remarks presented by the CBAG. Clearly the mode and way wherein it has been readied is ultra vires of the Regulations of the C&AG itself, as has been clarified previously”.

The resistance Congress-drove UDF had a problem with the note by Thomas Isaac, naming it extraordinary.

Association Minister V Muraleedharan, in a tweet, said the CAG report was “a tight slap on the bad system” of Chief Minister Pinarayi Vijayan.

The CAG report has said the endorsement given by RBI to the Kerala Infrastructure Investment Fund Board (KIIFB) to give the Masala Bonds is flawed in light of the fact that its authorization permitted the public authority to course its own unfamiliar borrowings through the state-possessed organization.

The report was postponed in the gathering a long time after Isaac had sought a discussion by delivering a few parts of it to the media while claiming that a political intrigue had been incubated to ‘stifle’ Kerala’s improvement projects.

Heidi Phillips

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