Rs 73.77 Cr Loans Disbursed During 2021-22, Recovered Just Rs 1.03 Crore
New Delhi- The revenue receipts of Jammu and Kashmir in 2021-22 increased by 13 per cent as compared to the previous year but it still fell short of the budget estimates by 39 per cent, the Comptroller and Auditor General (CAG) said on Tuesday.
Presenting the Union Territories Finances Audit Report for the year ending March 31, 2022 in Parliament, the federal auditor said the Government of Jammu and Kashmir had an outstanding liability of Rs 29,335.41 crore.
Besides, there are outstanding borrowings amounting to Rs 2,122.77 crore of Jammu and Kashmir Infrastructure Development Finance Corporation (JKIDFC) and Rs 10,321.83 crore of J&K Power Corporation Limited.
“During 2021-22, revenue receipts increased by 13 per cent with respect to last year, but it fell short of budget estimates by 39 per cent. The UT’s own tax revenue increased by 32 per cent and non-tax revenue increased by 19 per cent with respect to previous year,” the CAG stated.
It said there was an increase in revenue receipts by Rs 6,742 crore and increase in revenue expenditure by Rs 6,635 crore with respect to previous year which resulted in reduction of revenue deficit to Rs 31 crore from Rs 138 crore the year before.
“The increase in capital expenditure by Rs 589 crore was major contributor in increase of fiscal deficit. The government could not keep its fiscal deficit and primary deficit within the projections estimated in the budget. Against projection of revenue surplus of Rs 28,337 crore in budget there was revenue deficit of Rs 31 crore during 2021-22,” the report stated.
It said Rs 42,690.77 crore grants-in-aid from the central government constituted 72.07 per cent of the total revenue receipts of Rs 59,238.50 crore for 2021-22.
The total committed expenditure accounted for 75.93 per cent of revenue expenditure during 2021-22, the report said.
It said there was revenue deficit of Rs 30.83 crore in the accounts of Jammu and Kashmir for the year 2021-22 which was understated by Rs 200.29 crore due to misclassification of revenue expenditure as capital expenditure, non-payment of interest on state compensatory afforestation fund and deposit.
“There was fiscal deficit of Rs 11,150.61 crore during 2021-22 which was understated by Rs 41.53 crore due to non-payment of interest on state compensatory afforestation fund and state compensatory afforestation deposit,” it said.
Red flagging poor loan recovery, the CAG said that during 2021-22, the Jammu and Kashmir government disbursed loans and advances of Rs 73.77 crore and recovered loans and advances amounting to Rs 1.03 crore.
“Out of total loans disbursed during 2021-22, loans amounting Rs 40 crore was disbursed to J&K Road Transport Corporation (JKRTC) Limited which already had outstanding loans of Rs 439.23 crore ending 31 March, 2021 (Rs 383.73 crore received from erstwhile State and Rs 55.50 crore from UT of J&K),” it said.
According to the last audited accounts for the year 2018-19, the report said JKRTC booked losses of Rs 117.62 crore.
The report said the total accumulated balance of J&K at the end of 31 March 2022 in reserve funds was Rs 920.13 crore.
“There is cumulative aggregate balance in these funds at the end of 30 October 2019 amounting Rs 2,806 crore of erstwhile State of Jammu and Kashmir which is yet to be bifurcated between two successor UTs (J&K and Ladakh),” it said.
On budgetary management, the report stated that an amount of Rs 21,646.17 crore was incurred under 33 schemes/subheads in 10 grants without budgetary provisions during 2021-22.
“During 2021-22, a sum of Rs 158.76 crore of revenue expenditure was disbursed under Capital Major Heads of expenditure, thereby, resulting in overstatement of Capital Expenditure and understatement of Revenue Expenditure and Revenue deficit to the extent of Rs 158.76 crore,” it said.
The report said supplementary provisions aggregating Rs 3,919.78 crore obtained in 22 cases, involving Rs 50 lakh or more in each case during the year proved unnecessary as the expenditure did not come up to the level of the original provisions.
The CAG said there were huge savings of Rs 100 crore and above by the departments under Capital Section in 22 grants amounting to Rs 18,723.63 crore.
The report said 3,089 number of Utilisation Certificates (UC) for grants paid up to 30 October 2019 amounting to Rs 8,158.32 crore by the erstwhile state and 770 number of UCs for grants paid by the UT of Jammu and Kashmir amounting to Rs 3,137.11 crore were outstanding up to 31 March last year.
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