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<ul><li>The decision came exactly a year after the Central government reorganised Jammu and Kashmir, bifurcating it into two <keyword id="390245" type="COMPANY" weightage="20" keywordseo="Union-Territories">Union Territories</keyword> of Jammu and Kashmir, and Ladakh.</li><li>Official sources told IANS that <keyword id="782539" type="PERSON" weightage="20" keywordseo="Murmu">Murmu</keyword> has resigned as the Lt Governor even though there was no confirmation about who his replacement will be in the highly sensitive Union Territory of Jammu and Kashmir. </li><li>Murmu will be replacing <keyword id="1928895" type="PERSON" weightage="20" keywordseo="Rajiv-Mehrishi">Rajiv Mehrishi</keyword>, a 1978 <keyword id="173528" type="POSITION" weightage="20" keywordseo="batch-IAS-officer">batch IAS officer</keyword> of the Rajasthan cadre, as the CAG. </li></ul>Jammu and Kashmir Lt Governor Girish Chandra Murmu has been appointed as the new Comptroller and Auditor General (CAG) of India. The decision came exactly a year after the Central government reorganised Jammu and Kashmir, bifurcating it into two Union Territories of Jammu and Kashmir, and Ladakh. Official sources told IANS that Murmu has resigned as the Lt Governor even though there was no confirmation about who his replacement will be in the highly sensitive Union Territory of Jammu and Kashmir. Murmu will be replacing Rajiv Mehrishi, a 1978 batch IAS officer of the Rajasthan cadre, as the CAG. A 1985 batch IAS officer of the Gujarat cadre, Murmu was Principal Secretary to Narendra Modi when he was Chief Minister of Gujarat. He became the first Lt Governor of the Union Territory of Jammu &amp; Kashmir. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-beirut-explosion-created-a-huge-mushroom-cloud-and-visible-blast-wave-but-nuclear-weapons-experts-say-it-wasnt-an-atomic-blast-heres-why-/articleshow/77362144.cms">The Beirut explosion created a huge mushroom cloud and visible blast wave, but nuclear weapons experts say it wasn't an atomic bomb. Here's why.</a> <a href="https://www.businessinsider.in/business/startups/news/microsoft-for-startups-lathika-pai-says-entrepreneurs-pitching-for-investments-need-to-have-this-one-question-answered-in-their-pitch-decks/articleshow/77352935.cms">Microsoft for Startups’ Lathika Pai says entrepreneurs pitching for investments need to have this one question answered in their pitch decks</a> <a href="https://www.businessinsider.in/careers/news/linkedin-tcs-disney-hotstar-zee-and-other-companies-hiring-right-now-in-india/slidelist/77352775.cms">LinkedIn, TCS, Disney+ Hotstar, Zee and other companies hiring right now in India</a>

​​Jammu and Kashmir Lt Governor Girish Chandra Murmu appointed as the new Comptroller and Auditor General (CAG) of India.

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

Counted as it is among the world’s fastest growing economies, an unfathomable amount of money flows in and out of the Indian economic system. But there are cracks in said system, and ever so often, a fraudulent mastermind uses them to slip some cash out for their advantage. From <keyword id="19964851" type="General" weightage="20" keywordseo="ponzi" source="keywords">Ponzi</keyword> schemes to bank frauds, the Indian government and investors have fallen victim to many financial scandals — some of which were so sordid that they can be recounted like they happened yesterday. Here’s a rundown of the most infamous scams in Indian financial history: <h2><keyword id="20713434" type="General" weightage="20" keywordseo="harshad-mehta" source="keywords">Harshad Mehta</keyword> Scam (1992) – ₹4,000 Crore </h2>Perhaps the most iconic of all Indian financial scams, Harshad Mehta was known as the "Big Bull" of the stock market. He manipulated stock prices using illegal loopholes in the banking system. By obtaining unsecured loans from banks and investing them in the stock market, Mehta artificially inflated stock prices. His bubble burst when banks demanded their money back, revealing the massive fraud. This scandal led to a major reform in India's financial markets. Mehta died in jail before full legal accountability was reached, but the scam caused a significant loss to investors and led to tighter regulation in the Indian stock market. <h2><keyword id="23122396" type="General" weightage="20" keywordseo="satyam-scam" source="keywords">Satyam Scam</keyword> (2009) – ₹14,000 Crore </h2>Dubbed as India’s Enron, the Satyam scandal involved its founder, <keyword id="23122397" type="General" weightage="20" keywordseo="ramalinga-raju" source="keywords">Ramalinga Raju</keyword>, admitting to falsifying the company's accounts to the tune of ₹14,000 crore. Satyam Computer Services, once considered a blue-chip company, was found guilty of inflating profits and revenues. Raju admitted to the scam after a failed attempt to buy two Maytas firms owned by his family. This case brought corporate governance issues in India to the forefront. Raju was convicted, but the legal processes have allowed him temporary freedom through bail. But this incident called for improved transparency and stricter corporate governance norms. <h2>Punjab National Bank Scam (2018) – ₹13,700 Crore </h2>Diamond merchant Nirav Modi and his uncle Mehul Choksi orchestrated one of the largest frauds in Indian banking history by obtaining fraudulent Letters of Undertaking (LoUs) from Punjab National Bank (PNB). These LoUs allowed them to obtain loans from foreign branches of Indian banks without providing any collateral. The scam involved over ₹13,700 crore, and Modi fled the country, causing significant reputational damage to India’s banking sector. Nirav Modi’s extradition is still pending, and Mehul Choksi remains out of India’s legal jurisdiction. The scam, however, resulted in strengthened banking regulations regarding LoUs and SWIFT transactions. <h2><keyword id="23122399" type="General" weightage="20" keywordseo="vijay-mallya-scam" source="keywords">Vijay Mallya Scam</keyword> (2016) – ₹9,000 Crore</h2>The "King of Good Times" was living large while his airline, Kingfisher, was drowning in debt. Vijay Mallya allegedly defaulted on loans amounting to ₹9,000 crore from various banks. He fled to the UK in 2016, leaving creditors, employees, and stakeholders in financial distress. His lavish lifestyle amidst the collapse of his airline made this scandal a high-profile case. Mallya’s extradition process is ongoing, but he remains out of reach of Indian authorities. The main impact was enhanced scrutiny of loan defaults and triggered legal reforms on extradition. <h2>Saradha Chit Fund Scam (2013) – ₹2,500 Crore </h2>The Saradha Group, operating a ponzi scheme disguised as a chit fund, promised unrealistically high returns to its investors, mostly in West Bengal and Odisha. The scam collapsed, leaving over 1.7 million people, many of whom were low-income investors, without their life savings. Politicians and celebrities were also implicated in the case. While Sudipta Sen is behind bars, not all the accomplices have been held accountable. But this Ponzi scheme resulted in reform of chit funds and greater regulatory oversight on such investment schemes. <div type="Article" hostid="261" msid="112337071" title="Noida woman invests in stock market via an app, loses over Rs 69 lakh as it turns out to be a scam" mstype="2" mssubtype="0"></div> <h2><keyword id="6560832" type="General" weightage="20" keywordseo="2g-spectrum-scam" source="Orion">2G Spectrum Scam</keyword> (2008) – ₹1,76,000 Crore </h2>The 2G spectrum allocation scandal involved the underpricing of telecom licences to select companies in exchange for bribes. Telecom minister A. Raja was at the centre of this controversy, which allegedly caused a loss of ₹1.76 lakh crore to the exchequer. The case was seen as a massive blow to public trust in India’s telecom sector and led to significant political fallout. Sadly, all key figures involved were acquitted despite the Supreme Court’s intervention and cancellation of 122 telecom licences. <h2><keyword id="455134" type="General" weightage="20" keywordseo="coal-allocation-scam" source="Orion">Coal Allocation Scam</keyword> (Coalgate) (2012) – ₹1,86,000 Crore </h2>The coal allocation scam, or "Coalgate," involved the illegal allocation of coal blocks to private companies between 2004 and 2009. The CAG of India estimated a loss of ₹1.86 lakh crore to the exchequer due to non-competitive bidding. Many high-profile politicians and industrialists were implicated, making this one of the largest political scandals in India. While some officials faced legal consequences, many key players were not prosecuted. But it did trigger policy reforms in the allocation of natural resources. <h2>DHFL Scam (2019) – ₹34,615 Crore </h2>Dewan Housing Finance Corporation Limited (DHFL) was accused of syphoning off over ₹34,000 crore through a series of shell companies and fraudulent loans. Investigations revealed that the promoters used these funds for personal enrichment and illegal political donations. The case came to light after an investigation by investigative journalists and was later confirmed by a report from KPMG. The case is ongoing, and the main accused are in custody. For now, regulations governing non-banking financial companies (NBFCs) have been strengthened. <h2>Yes Bank Crisis (2020) – ₹3,788 Crore </h2>Yes Bank, under its founder <keyword id="19899935" type="General" weightage="20" keywordseo="rana-kapoor" source="keywords">Rana Kapoor</keyword>, was involved in questionable lending practices. The bank made high-risk loans to companies already in financial trouble, which eventually turned into non-performing assets (NPAs). Kapoor was arrested, and the Reserve Bank of India had to step in to stabilise the bank. The case highlighted serious lapses in corporate governance and risk management. As of now, Rana Kapoor is facing trial, and legal proceedings are active. The RBI has also introduced new measures to monitor the health of banks more rigorously. <h2>Commonwealth Games Scam (2010) – ₹70,000 Crore </h2>The 2010 Commonwealth Games held in New Delhi were overshadowed by corruption allegations involving inflated contracts and kickbacks. <keyword id="23122398" type="General" weightage="20" keywordseo="suresh-kalmadi" source="keywords">Suresh Kalmadi</keyword>, the head of the organising committee, was arrested for awarding contracts at exorbitant rates. The estimated loss to the exchequer was around ₹70,000 crore. This scam tarnished India’s image on the global stage. Kalmadi was arrested but the case has not resulted in major convictions or recoveries, except for stricter oversight on large public projects and international event planning. These scams not only caused financial damage but also eroded public trust in India’s institutions. In response, India has tightened regulatory frameworks, improved corporate governance, and adopted stricter banking standards, although challenges persist in tackling large-scale fraud. <div type="Article" hostid="261" msid="112896255" title="I was scammed out of $300K in a 3-month-long government impersonation scam" mstype="2" mssubtype="0"></div>

10 financial scams that shook India: A dive into deception

The Comptroller and Auditor General (CAG) of India is an authority instituted vide Article 148 of the Constitution of India. The prime responsibility of this authority is to audit the receipts and expenditures of the state governments and the union government in India including those of the entities and corporations financed by the government. The reports generated by the CAG are crucially important for the Public Accounts Committees (PACs) and Committees on Public Undertakings (COPUs), which are part of the state and central governments. Here are a few FAQs that will clarify many things about CAG? <ol><li>What is full name of CAG? The expansion of CAG reads as ‘The Comptroller and Auditor General of India’. </li><li>Who is the present CAG president? The incumbent CAG is Rajiv Mehrishi, IAS who assumed his office on 25 September 2017. Born on August 8, 1955 Rahiv Mehrishi is a former Indian Administrative Service (IAS) officer belonging to the 1978 batch of the Rajasthan cadre. Rajiv is the 13th Comptroller and Auditor General of India (C&amp;AG) and also the Vice - Chairman of United Nations Panel of External Auditors.</li><li>Who was the first CAG in India? V. Narahari Rao, a former civil servant was the first CAG who remained in his office from 1948 to 1954. In recognition of his significant contributions to the civil service in India, the government of India awarded him the highest civilian award namely Padma Bhushan in the year 1954.</li><li>Who can appoint CAG? The President of India appoints the CAG (The Comptroller and Auditor-General of India) based on the recommendations made by the Prime Minister. On his appointment to the office, the CAG needs to take the oath or affirmation in front of the President of India. </li><li>How can the CAG be removed from his office? The CAG can be removed from his office only if both the houses of parliament pass a resolution to do so on grounds of misbehavior or incapacity. The tenure of the CAG is 6 years or till the age of 65, whichever happens earlier while he serves from his position. </li><li>What is the power of CAG? Ranked 9th in the country in terms of his powers, the CAG enjoys the status that is similar to that of a judge of the Supreme Court of India.Vide article 148 of the Constitution of India, the CAG enjoys an independent office in the country. The CAG is also the head of the Indian Audit and Accounts Department. He too has the most important duty to protect the interests of the public exchequer. The Indian Audit and Accounts Service provides the support necessary for the CAG to carry out his functions. </li><li>What are the important functions of CAG? Auditing the state and central government accounts and finding the performance of the consolidated fund of the state and the union government's irrespective of whether they happened inside or outside IndiaAuditing all the revenues into the consolidated funds of the state and central governments and all the transactions connected to the public accounts and the contingency funds of the union and state governments.</li></ol>

CAG Audit - What is prime responsibility of CAG in audit

<ul><li>India is going to fulfill the <keyword id="879547" type="ORGANIZATION" weightage="20" keywordseo="sustainable-development-goals">sustainable development goals</keyword> before 2030. </li><li>The government claims to have reduced maternal and infant mortality rates, and under-five mortality rate, said the minister without giving any figures. </li><li>However, some of Javedkar’s claims conflict with one of a report released by the Indian government earlier this year. </li><li>In July 2019, the Comptroller and Auditor General (CAG) of India released a report highlighting the gaps in achieving the key objectives of the 2030 Agenda. </li></ul> Environment minister <keyword id="119642" type="PERSON" weightage="20" keywordseo="Prakash-Javadekar">Prakash Javadekar</keyword> today said that India will achieve its health-related sustainability goals well in advance. “We are happy to announce that the goals set for 2030 will be achieved much earlier,” <a href="https://twitter.com/PIB_India">said the minister.</a> The goal is to keep maternal mortality rate to less than 70 deaths per 100,000 live births. As per the target, under- 5 mortality should go down to 25 deaths per 1000 live births, <a href="https://data.unicef.org/topic/child-survival/child-survival-sdgs/">according to the UN. And infant mortality rate should go down to zero by 2030. </a> A release by Press Information Bureau also said that mortality of infants, mothers and children under-five is declining. “At the current rate of decline, India should able to reach its <keyword id="620876" type="ORGANIZATION" weightage="20" keywordseo="SDG">SDG</keyword> target (MMR-70, U5MR-25) much before the due year i.e. 2030,”<a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1587494"> said the release. </a> These claims come two months after Comptroller and Auditor General (CAG) raised doubts that India may fall short in health-related sustainable goals. This is primarily due to inadequate spending on primary healthcare infrastructure. It also cited lack of data to track the progress of SDG as one of the reasons. <a href="http://www.censusindia.gov.in/vital_statistics/SRS_Bulletins/MMR%20Bulletin-2014-16.pdf">According to the Census</a> in 2017, as many as 130 women died per 100,000 live births. Infant mortality and under-five mortality rate was at 33 and 39 deaths per 1,000 live births. As per CAG, spending on healthcare itself is lower than what is budgeted for. It pointed out a massive gap in proposed budget and allocated budget into sprucing up India’s healthcare. The National Health Mission was allocation 13.6% less in 2018-19 than the proposed budget,<a href="https://www.indiaspend.com/india-unlikely-to-meet-health-related-sustainable-development-goals-says-govt-auditor/"> reported India spend. </a> The states are not spending enough either. As per National Health Policy 2017’s recommendations, states should spend 8% of their budgets by 2020. As many as seven states spent anywhere between 3.29% and 5.32% between 2012-2017. Overall, India spends a mere <a href="https://www.businessinsider.in/india-spends-just-1-2-of-its-gdp-on-healthcare-but-a-policy-can-change-that/articleshow/64665303.cms">1.2% of its GDP on healthcare.</a> It ranks lower than Singapore, which itself is known for its low spending on public health.

Indian minister is happy that they reduced mother and child mortality but CAG reports say something else

While we Indians are happy thinking that we belong to a country that is an emerging superpower, the truth is that this ‘so-called’ emerging superpower is not going to have a single operational aircraft carrier for the coming eight months. 
 
The only aircraft carrier that India has, called <a href="http://www.businessinsider.in/This-Is-Why-The-NewAircraft-Carrier-INS-Vikramaditya-Is-Important-For-The-Indian-Navy/articleshow/25805872.cms">INS Vikramaditya</a>, is undergoing maintenance refit, and would be fit for use only after eight months, and till then, we are pretty much without one. 
 The problem doesn’t end here. The 44,570-tonne <keyword id="317546" type="ORGANIZATION" weightage="100" keywordseo="INS-Vikramaditya">INS Vikramaditya</keyword> is probably going to be the only aircraft carrier in India for the next six-seven years. 
 The central audit body, the CAG of India, presented a report in Parliament yesterday, which said that the second aircraft carrier of India, the 40,000-tonne homemade <keyword id="312412" type="ORGANIZATION" weightage="100" keywordseo="INS-Vikrant">INS Vikrant</keyword>, which is already been delayed for long now, will be ready only by 2023. 
 
Also read: <a href="http://www.businessinsider.in/Indian-Navys-Blue-Water-journey-the-road-ahead/articleshow/47515574.cms">Indian Navy's Blue Water journey: the road ahead</a> 
 
Talking of the use of aircraft carriers, they are used to display raw combat power when they are in the high seas, with fighter jets and missiles ready to be launched in case of adversaries. It’s because of this use that the Indian Navy has been asking for three aircraft carriers, one each for the western and eastern sea-boards, and one extra in case of these timely refits. 
 
However, the CAG report, which <a href="http://www.businessinsider.in/CAG-slams-DPSUs-for-project-delays/articleshow/53410883.cms">slammed the defence PSUs</a> for being sluggish with the projects given to them, says that we can’t expect even a two-carrier force till 2023. 
 
Also read: <a href="http://www.businessinsider.in/Heres-how-Modi-has-strengthened-Indias-navy/articleshow/48972278.cms">Here’s how Modi has strengthened India’s navy</a> 
 
However, the Navy is confident that INS Vikrant, first approved in May 1999 and beginning its construction in November 2006 will be ready by December 2018. 
 
"INS Vikrant will not have its Russian aviation complex (aviation armaments, mobile systems, arresting gear, hydraulic stations and other equipment) and the Barak-8 long-range surface-to-air missile systems by then. But we are planning sea trials from 2018 onwards," a senior officer told <a href="http://economictimes.indiatimes.com/news/defence/India-to-stay-without-aircraft-carrier-for-8-months/articleshow/53409482.cms">ET</a>. 
 
<a href="https://upload.wikimedia.org/wikipedia/commons/6/6d/INS_Vikramaditya_in_Baltic_Sea.jpg">Image source</a>

You Searched For "CAG of India" and got 6 results

Jammu and Kashmir Lt Governor Girish Chandra Murmu appointed as the new Comptroller and Auditor General (CAG) of India.

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CAG slams defence PSUs for miserably failing self-reliance goals

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10 financial scams that shook India: A dive into deception

Ashmita Gupta

CAG Audit - What is prime responsibility of CAG in audit

BI India Bureau

Indian minister is happy that they reduced mother and child mortality but CAG reports say something else

Preeti Soni

India's only aircraft carrier is going away for eight months, and it's not a good thing

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You Searched For "CAG of India" and got 6 results

​​Jammu and Kashmir Lt Governor Girish Chandra Murmu appointed as the new Comptroller and Auditor General (CAG) of India.

IANS

CAG slams defence PSUs for miserably failing self-reliance goals

BI India Bureau

10 financial scams that shook India: A dive into deception

Ashmita Gupta

CAG Audit - What is prime responsibility of CAG in audit

BI India Bureau

Indian minister is happy that they reduced mother and child mortality but CAG reports say something else

Preeti Soni

India's only aircraft carrier is going away for eight months, and it's not a good thing

BI India Bureau

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Jammu and Kashmir Lt Governor Girish Chandra Murmu appointed as the new Comptroller and Auditor General (CAG) of India.