| 1. |
1.1(3
of 2007)Annual Accounts of Autonomous Bodies |
In
2005-06, there were 259 central autonomous
bodies whose accounts were to be certified
under Section 19(2) and 20(1) of the CAG’s
(DPC) Act, 1971. Government of India released
Rs.13222.69 crore towards grants and Rs.175.47
crore towards loan to 251 bodies during
2005-06. Information on the amount of Government
grants released to the remaining 8 bodies
was not available. Grant amounting to Rs.5257.28
crore (39.76 percent of total grants) were
disbursed by the M/o Human Resources Development
to 92 educational institutions, Rs.1007.59
crore (7.62 per cent of total grants) were
disbursed by the Ministry of Health and
Family Welfare to 23 health and research
institutions and Rs.438.95 crore (3.32 per
cent of total grants) were disbursed by
the Ministry of Commerce to 7 autonomous
bodies. Audited accounted for 2004-05 of
255 central bodies were to be placed before
the Parliament by 31.12.05. Of these, audited
accounts of 81 bodies were submitted for
audit within the stipulated time. The accounts
of 8 bodies were not submitted for audit
by the concerned organizations as on December,
2006. |
| 2. |
6.1.1(11
of 2007) Export Credit Guarantee Corporation
of India Ltd. |
The Export Credit Guarantee
Corporation of India Ltd.
extends pre-shipment credit guarantee and
post shipment guarantee to banks. Under the
schemes, the company fixes a discretionary
limit upto which banks are permitted to extend
advances to an exporter. To exceed the limit,
banks have to obtain prior approval of the
company except where operation of the account
was satisfactory. The company issues a ‘Specific
Approval List’ containing the names
and addresses of the exporters who have defaulted
.such exporters could be granted advance by
the banks against the company’s guarantee
only if the company give its specific approval
in writing. The City Union Bank Ltd.(CUBL)
which had a discretionary limit of Rs.40 lakh
only sanctioned (July 2000) an advance credit
facility of Rs.5.00 crore to Beautiful Diamonds
Ltd.(Exporter) and reported(November, 2000)
the same to the company. The CUBL had been
availing of credit facility from a consortium
of 13 other banks and operation of the account
with them was irregular from 1998-99 due to
non realization of export proceeds from Overseas
buyers and had a working capital gap of around
Rs.50.00 crore. .In spite of delay in payment
by an CUBL and the embargo imposed by the
Reserve Bank of India, the Company extended
guarantee cover to an exporter resulting in
a loss of Rs.2.95 crore.
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