Maharashtra’s financial reporting under scanner as CAG flags off-budget debt, fund parking and weak oversight
Maharashtra's financial reporting faces serious concerns from the CAG. Off-budget borrowings and pending utilization certificates obscure the state's true financial position. Large sums remain parked in Virtual Personal Deposit Accounts, inflating the revenue deficit. The CAG also noted unspent funds and pending audits of autonomous bodies. Recommendations aim to restore credibility through improved transparency and accountability measures. Maharashtra’s financial reporting faces serious concerns from the CAG. Off-budget borrowings and pending utilization certificates obscure the state’s true financial position. Large sums remain parked in Virtual Personal Deposit Accounts, inflating the revenue deficit. The CAG also noted unspent funds and pending audits of autonomous bodies. Recommendations aim to restore credibility through improved transparency and accountability measures.
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