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Kerala government continues attack on CAG over KIIFB

Last Updated 18 January 2021, 16:25 IST

Kerala government on Monday continued its tirade against the Comptroller and Auditor General of India (CAG) in connection with the controversial audit report that pointed out serious flaws with the Kerala Infrastructure Investment Fund Board.

When the report was tabled in the Assembly on Monday, Kerala Finance Minister Thomas Isaac said that it was improper on the part of the CAG to criticise the government in the report without holding any discussions with the state government. Isaac had made public his difference with the CAG report earlier also.

The CAG maintained that the borrowings done by a state government agency beyond the budget would become a liability. It said that the masala bonds issued by KIIFB for foreign borrowings were against the Constitution as only the Centre can borrow foreign funds. The RBI nod to the masala bond needs to be reviewed, the report said.

Isaac earlier invited criticism for revealing the contents of the report before tabling it in the Assembly. The Assembly Privileges and Ethics Committee is considering a complaint against Isaac.

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(Published 18 January 2021, 16:25 IST)

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