CAG can audit KIIFB, HC told
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As the outflow from the Consolidated Fund of the State is concerned, the Kerala Infrastructure Investment Fund Board (KIIFB) is amenable for audit by the Accountant General and is being audited based mostly on Section 14 (1) of the Comptroller and Auditor General’s (Duties, Powers and Conditions of Service) Act, 1971, in response to an affidavit filed by the Office of the Accountant General within the Kerala High Court on Tuesday.
In its affidavit, the Senior Deputy Accountant General (Admn), the workplace of the Accountant General (G&SSA), Kerala, Thiruvananthapuram, mentioned underneath Section 14 (2) of the Act, the Accountant General might, with the earlier approval of the President or the Governor of a State or the administrator of a Union Territory having a legislative Assembly, because the case could also be, audit all receipts and expenditure of anyone or authority the place the grants or loans weren’t lower than ₹1 crore.
In response to plea
The affidavit was filed in response to a petition difficult the constitutional validity of the problem of masala bonds to abroad traders by the State authorities and itemizing them on the London Stock Exchange.
According to the petitioner, the problem of bonds by the State authorities was in violation of Article 293(1).
The affidavit added that for the reason that bonds for borrowing cash had been backed and assured by the federal government, the final word legal responsibility and accountability needed to be borne by the State authorities.
The affidavit added that the CAG was a constitutional authority and the experiences ready by the CAG needs to be laid earlier than Parliament or acceptable legislature as per Article 151 of the Constitution.
It allows the legislature to supervise the functioning of the federal government and of anyone or authority, even a personal physique that was discharging features for and on behalf of the federal government.
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