In a recent development, Chief Secretary Rajneesh Goel has issued a circular emphasizing the need for accountability and prudent management of public funds in state-owned companies, local bodies, universities, and medical colleges in Bengaluru.
The circular comes after the misappropriation of taxpayers’ money amounting to crores at the Maharshi Valmiki ST Development Corporation Ltd. although the circular does not specifically mention this instance.
The directive includes conducting comprehensive reviews of banking operations, verifying term deposit details, and maintaining a separate register for deposits, which should be presented to internal auditors monthly.
The circular also emphasizes the need for a robust risk management framework and investing term deposits in joint accounts, with secretaries ensuring compliance and directors overseeing board meetings and audit committees.
Published 29 June 2024, 23:29 IST