RBI governor Urjit Patel appeared before the committee to brief it on the impact of demonetization.
Parliamentary Accounts Committee (PAC): Currently headed by Prof. Kuruppassery Varkey Thomas, Senior Congress MP of Ernakulum Constituency, Kerala.
Functions/Features of the Committee : To examine the appropriation accounts and the finance accounts of the Union government and any other account laid before the Lok Sabha.
In scrutinizing the Appropriation Accounts and the Reports of the Comptroller and Auditor-General thereon, it is the duty of the Committee to satisfy itself: that the money shown in the accounts are legally disbursed, validity of its purpose and conformation to the authority which governs it; and that every re-appropriation has been made in accordance with the provisions made in this behalf under rules framed by competent authority.
While other Department Related Standing Committees can adopt reports with dissent notes by some members, the PAC must adopt all reports by consensus. This is unique about the PAC, and helps it maintain neutrality
All the deliberations of the committee are confidential.
The functions of the Committee extend however, “beyond, the formality of expenditure to its wisdom, faithfulness and economy” and thus the committee examines cases involving losses, nugatory expenditure and financial irregularities.
The Committee examines cases involving under-assessments, tax-evasion, non-levy of duties, misclassifications etc., identifies the loopholes in the taxation laws and procedures and makes recommendations in order to check leakage of revenue
The government submits an Action Taken Reporton the recommendations of the PAC which is then laid before the parliament
To examine audit reports of various autonomous and semi-autonomous bodies, the audit of which is conducted by the CAG, it considers the justification for spending more or less than the amount originally sanctioned.
Shortcomings in the proceedings of PAC:
Recently summoning PM by PAC as well as even during the UPA government, the then PAC Chairperson Murli Manohar Joshi’s decision to summon Prime Minister Manmohan Singh in connection with the 2G scam had triggered a massive controversy.
Conclusion: The general public should be allowed to view evidence proceedings of committees, testimony of witnesses, minutes of meeting of the PAC should be made public should be made public either by telecasting it or allowing the press or by making the transcript of testimony public.A set time limit within which CAG audit reports should be presented to the Parliament as well for government departments to submit Action Taken Report can be affixed.
Moreover the PAC should have suo motu(Suo motu, meaning "on its own motion," is a Latin legal term, approximately equivalent to the term suasponte.) power of investigations and they should be allowed with certain technical assistance through Lok Sabha or Rajya Sabha Secretariats.
In past however some related events where in the transparency was practiced:
FIPB will be abolished in financial year 2017-18, as announced by Finance Minister Arun Jaitley during 2017-2018 budget speech in Lok Sabha....
Cabinet has approved the doubling of solar park capacity to 40,000 MW. State will identify the solar park developer and also the land on which it would be built. This step is taken in accordance with Indiaï¿½s greenhouse emissions commitment at the global stage as part of INDCs (Intended Nationally Determined Contributions (INDCs)...
Under the Draft Energy Savings Certificates regulations, Central Electricity Regulatory Commission (CERC) has approved the trading of ESCs on power exchanges....
Ratan Watal committee has given its recommendation of forming a new Payment Regulatory Board and various points related to payment regime in India,which is opposed by RBI as it would be a threat to RBI autonomy....
Government has chosen India Infrastructure Finance Co. Ltd (IIFCL) as the lead promoter of a credit enhancement guarantee fund, announced in the 2016-17 Union budget....
The Central Board of Direct Taxes (CBDT) announced signing of four more unilateral Advance Pricing Agreements (APAs) In February, 2017....
India has a large diaspora which is increasing day by day and contrary to it India lacks any evacuation policy in particular to safeguard them.Owing to globalization and increasing instances of threat to Non-residential Indians a well formulated policy is needed which is politically and financially sound. ...
Government has launched pilot projects to introduce Direct Benefit Transfer (DBT) in fertilizer sector in 16 districts of the countries....
Government of India has sought to adopt SECC data to serve a base for various socio-economic welfare schemes as it is accurate, more valid and target-oriented and will ensure the qualitative approach over binary approach by BPL. It needs to be regularly updated and verified for efficient eradication of poverty and eliminate the redundant beneficiaries....
The basic aim of such saving and investment schemes is to dupe investors fraudulently. Therefore there is a need to resolve both the supply side problems like regulation deficit etc. along with demand side problems like poor awareness, to curb the financial losses to the economy due to these schemes...
ANy vacancy in cecreteriate?
I want to know that when the bpscexam will held likewise 60 62 exam
I think cdpo requirenment 2017 will be uploades
Notification this mont.
Can you please provide me the syllabus for bpsc mains gs paper syllabus. I am not getting it.
sir,your prediction about cut off for general(85-95) is on the basis of 9000 results or more than that.further there is 35% horizontal reservation to women.please clarify
sir please do reply on the above comment.also tell about the expected date for main exam
Due toï¿½previous records of jpsc ....can u tell there were any possibilities that jpsc conduct
7th jpsc as on 12 nov 2017....can we prepare for it