Management of investment of fund of Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) suffering from deficiencies
GN Bureau | November 24, 2016
The Comptroller and Auditor General (CAG) detected non-recovery of unutilized grant and interest thereon for e-Bharat -Project from National Institute of Smart Government (NISG), Hyderabad.
“DeitY gave an advance of Rs 10.50 crore to NISG for execution of e-Bharat Project Preparation Facility. As NISG failed to execute the project, DeitY diverted an amount of Rs 3.36 crore for another World Bank assisted project “India e-Delivery of Public Services” again to be executed by the NISG and Rs 6.36 crore was refunded by NISG to DeitY leaving behind an amount of Rs 0.78 crore of unutilised grant with the NISG. Interest on unutilised grant amounting to Rs 7.77 crore upto January 31, 2016 has also not been recovered by DeitY from NISG,” said the CAG report.
The report on union government (communications and IT sector) said: “Controller of Communication Accounts (CCA), Rajasthan Telecom Circle allowed front loaded subsidy of Rs 71.49 crore on the basis of claims submitted by M/s Tata Teleservices Limited (TTSL) during 2008-2010 without conducting any check regarding genuineness of Customer Application Forms (CAFs) before disbursement of subsidy. Further, CsCA at Odisha and Kerala circles paid subsidy on duplicate claims amounting to Rs 0.82 crore to BSNL and Reliance Communication Limited.”
On management of investment of fund of Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI), the CAG report said that it “suffered from deficiencies like incorrect assessment of investable funds on daily net accretion basis and also monthly investable fund basis. The delay in Investment resulted in loss of potential return to the tune of Rs 984 crore. Delay in reinvestment of returns from Government of India Special Security Floating rate Bond, non-adherence to Insurance Regulatory and Development Authority (Investment) Regulations and instances of non-availing of Cenvat credit were also noticed”.
It also noted that the “lack of effective action at Head Post Offices and Divisional Offices in Andhra Pradesh, Bihar and Jharkhand Postal Circles resulted in non-realisation of 1,364 dishonoured cheques valued at Rs 11.62 crore received from state government towards payment of wages under Mahatma Gandhi National Rural Employment Guarantee Scheme”.
On the management of vacant plots of land in Department of Posts, the CAG report said that the department did not assess the actual requirement before acquiring/purchasing the plots of land.
The Department of Posts “was in possession of 472 vacant freehold plots measuring 6.77 lakh square meters having value of Rs 209.55 crore as of December 2015. Besides, 100 plots measuring 4.08 lakh sq. meter acquired on lease as far back as in 1978 for construction of post office buildings/staff quarters were still lying vacant and an amount of Rs 3.37 crore was paid towards lease rent upto 2014. 241 plots of 3.24 lakh square meter acquired at Rs 13.94 crore were encroached. Failure of the department in taking adequate precautionary measures not only resulted in encroachment but also led to unnecessary litigation which could have been avoided”.
When her husband died last year, 60-year-old Chakkamma was not sure whether she would be able to have some money of her own: she has a son who looks after her, but she wanted to maintain a degree of independence. Opportunity came knocking when the Tamil Nadu government, as part of its Pudhu Vaazhvu (or new
Should Shiv Sena MP Ravindra Gaikwad be arrested for assaulting an Air India employee?
The Railways was unable to meet its operational cost of passenger and other coaching services. During 2014-15, there was a loss of Rs 33,821.70 crore on passenger and other coaching services. The freight services earned a profit of Rs 38,312.59 crore which indicated that 88.28 percent
Seasoned BJP parliamentarian Nand Kumar Sai, who took charge as the chairperson of the National Commission for Scheduled Tribes (NCST) on February 28, has his work cut out for him. Archana Mishra caught up with Sai, 71, on his first day in office where he
Should there be automatic termination as member of parliament if that person takes oath as minister/chief minister in a state?
When the truth was a few steps away from Modi’s gaze In November 2014, prime minister Narendra Modi made his first visit to his constituency Varanasi and launched a massive cleanliness drive at Asi ghat, which was covered in mud and silt. When locals sa