Everyday news about this CAG , Coal & BJP ....

Finally thought of finding out wh at is this chaos all about ...so here it goes bit simplified version.... The CAG(Comptroller and Auditor General of India) is an authority established by the constitution of India and is independent from govt's influence. It has been formed to keep a check on govt's revenues and expenditures. CAG's ROLE :Its main role is to audit and check accounts relating to all Union & state govt departments and offices, including Railways, Posts and Telecoms. It also scrutinises the accounts of companies owned or financed by the government. What is the Scam all about ? Coal Mining Scam or Coalgate is allegedly a corruption scandal in which the Comp troller and Auditor General of India (CAG) office accused the Government of Indi a for providing the nation's coal deposits to private and state-run entities in an irregular and arbitrary manner instead of publicly auctioning them off to the highest bidder, resulting in a loss of approximately INR186,000 crore to the ex chequer during the period 2004-2009.There were leaks of the report in media in M arch 2012 which claimed the figure to be around INR1,060,000 crore . Discussion about the issue was placed in the parliament on 26th Aug , 2012 by the prime min ister Manmohan Singh with wide protests from the opposition. The CAG report on coal block allocations states that nearly 150 coalfields were allotted to private and state-run firms without transparency and objectivity bet ween 2005 and 2009. According to the Comptroller and Auditor General of India, this is a leak of the initial draft and the details being brought out were observations which are und er discussion at a very preliminary stage. On 29th May 2012, Prime Minister Manm ohan Singh offered to give up his public life if found guilty in this scam. Latest Happenings : 1.The BJP helds Prime Minister Dr. Manmohan Singh , who then held direct charge of the coal ministry responsible and and demanded his resignation. 2.Prime Minister Dr. Manmohan Singh opposes the allegations 3.Scrap allocated coal blocks, says CAG & BJP and reallocate the coal blocks 4.Rejecting BJP's demand for cancellation of coal block allocations in the wake of the CAG report, Congress today said it will spur inflation and hike cost of p ower and steel.