The PAC for once has to be rightly commended for taking a rigid but upright view, a highly commendable perceptive one at that.
The difficulty of ‘correct estimation’ as sought to be adduced to the undeniably glaring unconstitutional omission reported on by the CAG, cannot be sanely regarded to hold (even a drop of) water; as such, has been rightly rejected as not tenable. In fact, the excuse given is prima facie inexcusable by any standard or logic, as it offends the common understanding of, and offends the very concept of ‘estimation’ – for, ‘estimation’ , after all, constitutes the essential element or condition (sine quo non !) of / for each and every one of the proposals- regardless of it pertaining to Revenue or Expenditure; being the subject matter of a ‘financial budget’ presented to the Parliament as an annual ritual. It is the Finance Minister, as its chief architect, who, -while on his feet in person (and emphasising , repeatedly , with all the force humanly possible, the word ‘I’) -commends to the august House his proposals/recommendations.
BY the way, the ghost of interest said to haunt the government , it needs to be remembered, is not to be mistaken as wholly relatable to the simple and straightforward cases of excess tax paid by taxpayers/on their account , by way of Advance tax, TDS, or the like. If one were to take a conscious note of the largeness of the delayed refunds giving rise to significant interest payment , going by a reasonable guess, those could be refunds mostly arising because of ‘ high-pitched’ assessments made by the lowly AO on the first occasion but eventually /finally, after a prolonged litigation, happens to be annulled in entirety or partly. This is an aspect which specially, rather incisively , calls for / deserves a detailed inquiry/ separate exercise and investigation by the empowered CAG, to the end of his duly reporting.
Over to experts, with the hope of eliciting their eminent contribution on the subject.
<previousWhy the Re. can keep falling ?- Answer by one with common sense must be very simple - as going by the law of nature - reference is to the gravitational pull of mother earth- falling comes naturally, with no efforts made, while on the contrary, to accomplish 'rising' , human has to exert and exhaust all his will power to firstly rise, then to maintain and keep rising to higher and higher levels. That reminds one of an old joke (admittedly borrowed, but) just to impulse and enthuse we, the ordinary mortals, to take easy and relax in a moment of any such so-dubbed deep crisis): Class teacher asked pupil , - why a ball thrown up comes down on its own, and with a greater velocity ? Pat came the answer- sir, there is none up above to catch it, that is why !
Times of India (blog) - 1 day ago
People ask me, will the exchange rate go to Rs 70 to the dollar? ... This will keepblowing for 12-18 months. ... Why the rupee can keep falling.
Times of India - 1 day ago
Times of India - by Saurabh Sinha - 4 hours ago