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State Govt has signed the MoU, completed work under Vaidyanathan package : Khangendra Jamatia
TIWN
State Govt has signed the MoU, completed work under Vaidyanathan package : Khangendra Jamatia
PHOTO : Minister Khagendra Jamatia and board of directors attending a meeting of NFSCBL at State Guest House. TIWN Pic Nov 10

AGARTALA, November 10 (TIWN): The state Govt. of Tripura has signed the MoU under Vaidyanathan package and has completed all the activities under the package, said Minister of Co-operation, Fisheries and Home (Fire service) Khangendra Jamatia while speaking in the meeting of the board of directors of the national federation of state cooperative banks limited (NAFSCOB) at state guest house here today.

It has been possible through our joint activities. But it is seen that response from Govt. of India is not adequate in terms of Recapitalization Assistance to TSCB limited and also to the cooperative credit societies. However, Khangendra Jamatia was careful not to mention that every year the state government is unable to utilize huge amount of central funds, 25% to 30% unused funds are returning back to centre.

Necessary computer hardware, software etc. has not also been provided to the cooperative societies under Management Information System (MIS). If this continues, it will have serious results on the cooperative societies. And the cooperative societies will be deprived of their dues.

Managing Director of NAFSCOB, B. Subrahmanyam said that major chunk of the Govt. of India share, as was assessed for recapitalization of the state co-operative bank (Apex Bank) and PACs in the state of Assam under revival scheme of short term cooperative credit structure (STCCS) has not been released by the NABARD as yet.

In fact against assessed amount of Rs. 11868.09 lac for the Apex bank no amount has been released by the GOI and likewise amount of Rs. 1454.18 lac being part of the assessed amount for PACs is yet to be released, he added.

He further mentioned that other co-operative banks in the north eastern region have also remained deprived from availing of the GOI share though the amounts have been cleared by the State Level Implementation Committee (SLIC) and that most of the important bench mark activities for release of the amounts have been completed by the SCBs/ respective state Govts.

The amount pending for release based on the recommendation of the SLICs are as follows:-

Arunachal Pradesh-------------Rs. 3651.75 lacs

Assam----------------------------Rs. 13322.27 lacs

Manipur-----------------------Rs. 4162.00 lacs

Meghalaya--------------------Rs. 566.27 lacs

Mizoram----------------------Rs. 2176.00 lacs

Nagaland ---------------------Rs. 5465.00

Tripura-----------------------Rs. 1759.27 lacs

He also said that relevant of the income tax Act now in force, makes it obligatory for this bank to make payment of income tax at rate at per with companies, registered under companies Act 1956. Whereas the state cooperative banks were totally exempted from payment of income tax under section 80 (P) till assessment year 2006-07, the said exemption stood withdraw from the assessment year 2007-08 causing huge erosion in net profit scenario in the year ending final accounts bank, he added.

As restoration of section 80 (P) of the income tax Act has not been effected so far, NAFSCOB is urged upon to take up with appropriate authority for bringing suitable changes in the tax structure for the state cooperative banks (including DCCBs) so that, tax burden is substantially reduced and it becomes possible for the bank to redeploy residual profit for improvising its net worth, B. Subrahmanyam said.

It is important to mention that CPIM and its Party organs regulary complain about Central Govt's stepmotherly attitude, lack of commitments, lack of funding to State, however documentary evidence suggests otherwise even though State and CPIM machinery continues slogan of deprivation by Centre. CAG audit report finds failure in utilization of 28.74% of budget allocation for 2012-13 fiscal. Tripura under leadership of Manik Sarkar is not even able to spend the existing Central allocated money for various projects.

Deprivation by Central Govt to Tripura is an absloutely baseless lie as Central Govt showering money in excess to Tripura which Tripura is unable to spend.

In the page no 1 of 257 paged CAG report below, in the Table No: 1.1.1 the report shows that, as per budget a total of 4,970.55 crores of rupees was allotted to 18 departments under SOCIAL SECTOR category. Among them,leaving the Labour Organisaztion and PGP and TRP department, all the 16 departments failed to expense and utilize the budget allocation. In this report, CAG further raises questions on different works implemented by these departments and indicated the loopholes and remedies which will be brought to the readers shortly. In this report, it is clear that among 4,970.55 cores, only 3,541.91 crores are expensed.

CAG Report showing unspent money by State Govt

 

 


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