Updated Jan 18, 2021 | 23:43 IST
A three and a quarter page of the CAG report is highly critical of the KIIFB borrowings and terms it unconstitutional. For the first time, the report was tabled along with the minister’s damning observations.
Thomas Issac (File Photo) | Photo Credit: ANI
Key Highlights
The borrowings are not taken into the disclosure statements in the budget documents or in the accounts, the CAG has noted.
KIIFB has raised funds amounting to Rs 3016.57 crore from financial institutions till 2018 by issue of bonds which were to be repaid from petroleum cess and motor vehicle tax.
An amount of Rs 2,150 crore raised through masala bonds in foreign countries is part of the Rs 3016.57 crore off-budget borrowings.