AAI has incurred a loss of Rs 58 crore: CAG
A loss of Rs 58 crore has been incurred by Airports Authority of India (AAI) as Delhi airport operator DIAL failed to include utilisation of customs duty scrip as income, government auditor CAG has found.
New Delhi: A loss of Rs 58 crore has been incurred by Airports Authority of India (AAI) as Delhi airport operator DIAL failed to include utilisation of customs duty scrip as income, government auditor CAG has found.
The Comptroller and Auditor's General (CAG) said Delhi International Airport Limited (DIAL) had utilised Rs 91.38 crore worth of custom duty scrip (CDS) for the fiscal year 2011-12 as income and not shared revenue earned on account of electricity charges.
However, it did not account for it while measuring the value of fixed assets, it said in a report tabled in Parliament.
"This deprived of the AAI from getting 45.99 percent share (as per Operation, Maintenance and Development Agreement between AAI and DIAL) of the above revenue which worked out to Rs 42.23 crore (45.99 percent of Rs 91.83 crore)," the CAG said, adding that AAI also sustained loss of Rs 9.84 crore (upto January 2013) towards interest on the above amount.
It said DIAL's statutory auditors also pointed out that the airport operator should have recorded the CDS amount for payment of duty on imports as income for the financial years ending on March 2011 and March 2012.
DIAL was entitled to CDS under Served From India Scheme (SFIS), under which service providers are entitled to duty credit scrip as a percentage of foreign exchange earned by them that can be utilised for payment of import duty in case of imports.
CAG also said that DIAL was collecting Rs 9.66 per unit in case of low tension electricity connection and Rs 6.91 per unit for high tension connection from concessionaires as electricity charges. But the supplier, BSES Limited was charging Rs 6.47 per unit for both type of connections.