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| Erstwhile regimes invested | | Rs 653 cr in PSUs, got zero return | | Early Times Report
jammu, Dec 11: Erstwhile regimes in Jammu and Kashmir had invested a whooping Rs 653.52 crore equity and shares of State PSUs, Statutory Corporations, Government Companies, Joint Stock Companies and Co-operative Institutions. However, no dividend or interest was received by the exchequer costing pubic purse crores of rupees.
The documents in possession of the Early Times revealed that the erstwhile State Government invested in the equity and shares of State PSUs, Statutory Corporations, Government Companies, Joint Stock Companies and Co-operative Institutions. Total investment by the State in 39 entities was Rs 653.52 crore (based on information/Data received from PSUs) till 2018. No dividend or interest was received from any entity during 2017-18.
It was informed further that during the year 2017-18, the State Government draw and booked an amount of Rs 541.46 crore below Minor Head-"190-Investment in Public Sector and Other Undertakings" subordinate to relevant Major Heads of Account under Capital Section. Against the booked amount, PSU's concerned had shown an investment of Rs 96.08 crore only resulting in difference of Rs 445.38 crore between Statement No. 16 and 19 of Finance Accounts (Volume-II). Though the matter was referred to the State Government but no response in this regard was received from the State Authorities concerned."
The then State Government didn't enact any specific Guarantee Act which would prescribe limit for the Guarantees to be given by the State Government and charging of Guarantee Commission/Fee thereupon. However, as per Section 9 (2) (c) of the FRBM Act, 2006, the State Government is required to limit the amount of the annual increment risk weighted guarantees to 75 per cent of the Total Revenue Receipts (TRR) in the year preceding the current year or at 7.5 per cent of GSDP of the year preceding the current year, whichever is lower. The total outstanding Guarantees given by the State Government in the year 2018 aggregated to Rs 2,414.10 crore (under reconciliation with State Government) which is 5.75 per cent of Total Revenue Receipts of Rs 41,978.47 crore of 2016-17 and 1.90 per cent of GSDP of Rs 1,26,847 crore (current prices) of 2016-17, as available on the web-site of the Ministry of Statistics and Programme Implementation, Government of India The then State Government didn't assess the risks of the various Guarantees.
The erstwhile State Government had set up a Guarantee Redemption Fund (GRF) for meeting the obligations arising out of Guarantees issued on behalf of the State Government Departments/State owned Corporations and PSUs and other Autonomous and Statutory Bodies. It prescribed two per cent as Guarantee Commission/Fee for giving Guarantee. An amount of Rs 2.00 crore was received as Guarantee Fee/Commission during 2017-18. |
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