TEAM HERALD
PANJIM: The Comptroller and Auditor General has observed in its just released report that compliance to various rules, procedures and directives was lacking in various government departments and this was evident from delays in furnishing utilization certificates against loans and grants by various grantee institutions.
The report also pointed out that the average returns on government investments was 0.22% in the last five years while it paid an average interest of 7.46 to 7.49% on its borrowings during this period and recommended better value for government investments.
The report for the year financial ended March 31 also noticed delays in submission of annual accounts by autonomous bodies and departmentally managed commercial undertakings. “There were many instances of outstanding cases and misappropriation for which departmental action was pending for long periods,” the report observed.
According to the CAG a large number of abstract contigent bills were pending adjustment at the end of March 2012.
The CAG report recommended that the government should ensure timely receipt of utilization certificates against the financial assistance provided to institutions and departments.
