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Poor inventory control system in PDD causes loss of crores to State exchequer Several equipments worth lakhs remain unused, complete shelf life 9/15/2020 11:43:41 PM Early Times Report Jammu, Sept 15: The poor and ineffective inventory control system of Procurement and Material Management (PMM) wing of Power Development Department has allegedly caused loss of crores of rupees to the State exchequer. Sources told Early Times that the procurement and supply of material and equipment in Power Development Department is made by the Procurement and Material Management (P&MM) wing of PDD but the lack of due diligence in assessing requirements before procurements has caused huge loss. They further said that the poor management of stock can be gauged from the fact that stock items recorded in the Priced Store Ledgers during 2011-12 to 2015-16 had not been valued. Moreover around 150 items valuing Rs 1.50 crore wherein 50 items for Jammu of worth Rs 1 crore and 100 items for Srinagar of worth 50 lakhs procured during last two decades were not lifted by the user divisions resulting in locking up of investment of Rs 1.50 crore. “Although the Jammu and Kashmir Financial Code envisages effective control over stock and store balances and of receipts and issues as well as reconciliation of balances at the close of each month with the priced store ledger but it has been observed that the practice was never followed leading to creates mess in the department,” they said. They further informed that over hundred store items valuing Rs 50 lakh belonging to Jammu and Srinagar procured during decades ago which had now completed their shelf life and were declared unserviceable and the action to write off the amount of these unserviceable articles was not done. Moreover accounts were not maintained to make adjustments of and to monitor profit and losses at the end of each year due to annual excess or shortfall representing the differences in values due to revision of rates, they informed.   Share This News with Your Friends on Social Network     Comment on this Story

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