<img class="gwt-Image" src="/photo/57838313.cms" /> The Comptroller and <keyword id="2088691" type="UNKNOWN" weightage="20" keywordseo="Auditor-General-of-India">Auditor General of India</keyword> (<keyword id="6356851" type="CITY" weightage="20" keywordseo="CAG">CAG</keyword>) plans to audit the impact of note ban and the affect it has had on government tax revenues, said <keyword id="1925426" type="UNKNOWN" weightage="20" keywordseo="CAG-Shashi-Kant-Sharma">CAG Shashi Kant Sharma</keyword>, according to <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>. 
 In an interview to PTI, he said the auditor is gearing up to audit tax revenues under the new Goods and <keyword id="645517" type="COMPANY" weightage="20" keywordseo="services-tax">Services Tax</keyword> (GST) regime and has started capacity building and reorienting its audit methodology and procedures. 
 Among the special audits, CAG has already completed audit of agricultural crop insurance scheme and flood control and flood forecasting and is now engaged in several important audits like Right to Education, National Rural Health Mission, defence pensions and <keyword id="2259162" type="UNKNOWN" weightage="20" keywordseo="Ganga-rejuvenation">Ganga Rejuvenation</keyword>, he said. "These reports should be ready by the end of the current year." 
 <keyword id="445" type="PERSON" weightage="20" keywordseo="Sharma">Sharma</keyword> asserted that CAG has audit jurisdiction over any body or authority which has any relation to government revenues and expenditure and resistance by some like city development bodies, DISCOMs and metro corporations will wither away. 
 
"We plan to audit certain issues related to fiscal impact of demonetisation, largely its impact on tax revenues," he said. 
 
The government had withdrawn old 500 and 1,000 rupee notes from circulation on November 8 last year, and announced a new tax amnesty scheme for those holding unaccounted junked currency. 
 
CAG audit may look into expenditure on printing of notes, RBI dividend payout and banking transaction data. 
 The auditor has also conveyed to the government its stand on the recent move of the <keyword id="6355040" type="ORGANIZATION" weightage="20" keywordseo="GST-Council">GST Council</keyword> to delete section 65 of the preliminary draft that authorised CAG to audit GST. 
 
"Our mandate covers GST just like the earlier taxation regimes were covered. We have already started work on restructuring of our revenue audit arrangements to methis likely challenge when GST is introduced. 
 
"This exercise would include issues of capacity building, data access and analysis, reorientation of audit methodology and procedures and developing end-to-end IT solutions," he said. 
 
Sharma said executive, legislature, judiciary and audit have clearly demarcated roles and responsibilities. 
 
"The framers of our Constitution were fully aware of the concept of checks and balances and hence you find the mention of Judiciary and CAG in the fifth part of the Constitution along with legislature and executive," he said. "The CAG's DPC Act of 1971 provides the details of the mandate and scope of audit available to us." 
 
Stating that there are no lacunae in CAG's empowerment but with advent of time, the governance models have undergone changes. 
 The September 2014 judgement of the <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> in the telecom case "reinforced an important principle that wherever public resources are being used by private companies for revenue generation, CAG will have a duty to examine as to whether the government is getting due share of such revenue," he said. 
 
"So, I can say that the bodies and authorities which have any relation to government revenues and expenditure are under the audit jurisdiction of CAG," he said. 
 
City development bodies, electricity distribution companies and metro corporations "resist" CAG audit on the ground of being autonomous or on the ground of getting no support of the government although they perform the functions which were earlier being performed by the government departments, he said. 
 
"I believe the situation will settle down with passage of time and such resistance will wither away," he added.

Demonetization – profit or
loss? Let CAG deconstruct it

<img class="gwt-Image" src="/photo/53410977.cms" /> The Comptroller and Auditor General of India has slammed defence public sector units (PSUs) for performing poorly because of which the objective of self-reliance could not be met. The reason, <keyword id="6356851" type="CITY" weightage="100" keywordseo="CAG">CAG</keyword> said, was that a majority of contracts that were entrusted to these PSUs were delayed, which adversely affected Indian Army’s plans for capability enhancement. 
 
The report from CAG repeats what the private sector feels about getting more orders from the government, since a majority of contracts in the last two years have gone to PSUs. As per the report, 63% of the contracts given to PSUs from 2007 to 2012 were delayed for various reasons. 
 "Besides impacting defence preparedness, the delay had financial implications towards loss of interest on payments made to <keyword id="3516494" type="UNKNOWN" weightage="100" keywordseo="DPSUs">DPSUs</keyword>. The objective of self-reliance in defence production had also not been achieved," said the CAG report which was presented in the parliament yesterday. 
 
Also read: <a href="http://www.businessinsider.in/Defence-minister-considering-purchases-worth-Rs-1-lakh-crore/articleshow/52882935.cms">Defence minister is considering purchases worth Rs 1 lakh crore</a> 
 
The<a href="http://www.businessinsider.in/Anil-Ambani-reliance-defence/articleshow/52500626.cms"> private sector</a> in defence manufacturing has already complained to the Prime Minister's Office (PMO) that the defence ministry is favouring PSUs despite their delays, because of which they don’t received orders as per their capabilities. 
 
The <a href="http://www.businessinsider.in/CAG-No-record-available-for-Rs-44000-cr-spending-by-ministries/articleshow/48237252.cms">CAG </a>report was prepared after a thorough study of at least nine<a href="http://www.businessinsider.in/Indias-defence-manufacturing-deals-will-take-place-under-these-5-categories/articleshow/52432285.cms"> major army projects</a> and assessing all contracts placed on PSUs. As per the report, the "inordinate delay in supply of critical weapons and equipment" had "hampered the modernisation and capability enhancement plan of Indian Army". 
 
The delays also led to the government facing a loss of Rs 1,931 crore because of accrued interest on advances that were paid to these DPSUs. 
 
Also read: <a href="http://www.businessinsider.in/CAG-thrashes-ONGC-over-Rs-8k-Crores-loss/articleshow/50106939.cms">CAG thrashes ONGC over Rs 8k Crores loss</a> 
 
<a href="http://www.thehindubusinessline.com/multimedia/dynamic/02071/BL22_NEWS_PAC_2071917f.jpg">Image source</a>

CAG slams defence PSUs for miserably failing self-reliance goals

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<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5644d41b2491f92b008b49d0-3056-2292/rtr2d4sx.jpg" alt="Blankfein Cohn" data-mce-source="REUTERS/Natalie Behring" />REUTERS/Natalie Behring</div></div></div>Goldman Sachs has promoted 425 people to managing director."Our new Managing Directors represent the best of our firm's dedication to excellence, leadership and client service, and we wish them continued success in their careers," Goldman CEO Lloyd Blankfein said in a statement.It's a big deal to be named a managing director. The title is just one step below "partner," which is one of the most highly-coveted titles in investment banking. The next class of MDs won't be selected until 2017. In 2013, <a href="http://www.businessinsider.com/goldman-managing-director-selection-2013-3">Goldman changed its managing director selection process</a> from every year to every two years. 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You Searched For "CAG Shashi Kant Sharma" and got 5 results

Demonetization – profit or loss? Let CAG deconstruct it

BI India Bureau

CAG slams defence PSUs for miserably failing self-reliance goals

BI India Bureau

Bihar election 2020 result- checkout winner candidate list

BI India Bureau

The entire list and a brief profile of 'Delhi ke nirmata'⁠— the makers of Delhi felicitated at Kejriwal's oath taking ceremony

BI India Bureau

The Goldman Sachs new managing director list is out!

Julia La Roche