CAG Flags Massive Backlog in Accounts of PSUs, Bodies in J&K

JAMMU, Apr 8: The Comptroller and Auditor General of India has flagged a significant backlog in the finalisation of accounts of Public Sector Undertakings (PSUs) and autonomous bodies in Jammu and Kashmir, with a large number of accounts pending as of March 31, 2024.

The audit authority urged the Union Territory government to strictly adhere to timelines for preparation and submission of accounts to improve financial discipline, transparency and governance.

The CAG warned that persistent delays undermine transparency and legislative oversight, stressing the need for companies, corporations and autonomous bodies to submit annual accounts within stipulated timeframes.

According to the report on UT finances for the year ended March 31, 2024, only four companies had their accounts audited up to 2022-23, while 139 accounts of 35 companies and corporations remain pending, with delays ranging from one to 12 years.

The report also noted that eight autonomous bodies failed to submit 40 annual accounts, with delays stretching between three and 14 years.

The CAG said such delays keep the outcomes of government investments outside legislative scrutiny, weakening accountability and delaying corrective action.

Among the worst defaulters, Jammu and Kashmir Overseas Employment Corporation Ltd has 12 pending accounts since 2010-11. Jammu and Kashmir Minerals Limited and inactive firms like Jammu and Kashmir International Trade Centre Corporation Ltd and Jammu and Kashmir Road Development Corporation Ltd have arrears of up to nine years.

Jammu and Kashmir Cable Car Corporation Ltd has eight pending accounts since 2014-15, while Jammu and Kashmir Medical Supplies Corporation Ltd has seven pending since 2015-16.

Similarly, Jammu and Kashmir Police Housing Corporation Ltd and Jammu and Kashmir Asset Reconstruction Ltd have six years of arrears each.

The report further highlighted that Jammu and Kashmir Power Development Corporation Ltd has five pending accounts since 2017-18, while Jammu and Kashmir Entrepreneurship Development Institute has not submitted accounts since 2018-19.

Infrastructure and transport entities, including Jammu and Srinagar Mass Rapid Transit Corporations, along with Jammu and Kashmir Power Transmission Corporation Ltd and Jammu and Kashmir Power Corporation Ltd, also reported multiple pending accounts.

Among autonomous bodies, the Compensatory Afforestation Management and Planning Authority recorded the highest pendency with 14 accounts pending since 2009-10.

The report also flagged delays in institutions such as Sher-e-Kashmir University of Agricultural Sciences and Technology (Srinagar and Jammu), which have three pending accounts each, and Employees Provident Fund Organisation in J&K, which has four pending accounts.

Other bodies with arrears include the Jammu and Kashmir Housing Board, Khadi and Village Industries Board, Building and Other Construction Workers Welfare Board, and State Legal Services Authority.

Additionally, accounts of the Food, Civil Supplies and Consumer Affairs departments in both Kashmir and Jammu have remained pending for decades, with some dating back to the 1970s, the report added. (Agencies)