Early Times Report
Jammu, Jan 10: The report of Comptroller and Auditor General (CAG) of India has revealed that the erstwhile PDP-BJP regime in Jammu and Kashmir diverted the funds released by the Government of India to help businessmen, who had suffered losses during 2014 floods and 2016 unrest, to fulfill its own commitments.
According to the CAG Report the PDP-BJP regime during its tenure had announced an interest relief scheme for the businessmen who suffered losses during 2014 floods and 2016 unrest. The scheme was known as the Chief Minister’s business interest scheme. The then J&K Government announced that it would pay 1/3rd of the loan installment of the businessmen who have suffered losses and 2/3rd will be borne by the beneficiaries.
The CAG report has pointed out that the J&K Government diverted Rs 200 crore from the Prime Minister’s Development Package to pay the installments of the beneficiaries. It has stated that 19 powerful business houses of J&K were the biggest beneficiaries out of those ten borrowers had not suffered any losses. These 19 borrowers were given Rs 41.32 crore as interest s > PM’s package meant to help poor businessmen distributed among powerful tycoons
> JK Bank got Rs 199.96 crore; 10 borrowers who had suffered no losses among beneficiaries
The CAG report has pointed out that out of Rs 200 crore, Rs 199.96 crore were given to Jammu and Kashmir Bank only, while other banks just got peanuts.
The report has stated that when the audit pointed out all these discrepancies, the Finance Department of J&K Government had replied that to verify whether the borrowers had suffered losses or not was the duty of J&K Bank.
The report has also pointed out that the J&K Bank sanctioned a term loan of Rs 8.5 crore in favour of a powerful trust in Srinagar in 2018 to set up a centre for the visually impaired children. The trust was also a beneficiary of the interest subvention scheme. In addition to it the then J&K Government provided Rs 20 lakh financial assistance to the trust. When auditors raised the query the Finance Department replied that Rs 20 lakhs were given on the recommendation of the J&K Bank for a noble cause.
The funds sanctioned by the Prime Minister to help the small businessmen were used to benefit the powerful business houses in Jammu and Kashmir and the former government used these to appease a powerful lobby of businessmen in J&K. | 