Telangana CS complains to bankers on transfer of funds
Hyderabad, Oct 31 (INN): In a meeting held with Senior Management-General Managers and above-of both commercial and private banks in the state, Telangana Chief Secretary Dr Rajeev Sharma has informed them that with regards to the bank accounts of 8th, 9th and 10th Schedule Institutions there are violations of provisions of AP Reorganization Act 2014.
In addition to the Chief Secretary the meeting was attended by Special Secretary Finance K. Ramakrishna Rao and Secretary Women and Child Welfare Sunil Sharma.
The Chief Secretary brought to the attention of the bankers that several instances of unauthorized transfer of funds of public institutions and creation and operation of new bank accounts by persons, who are no longer authorized under the provisions of AP Reorganization Act, have come to the notice of the Government of Telangana.
He said that in many such instances, such persons transferred huge amounts of money unauthorized to different accounts or moved them in gross violations of the provisions of A.P. Reorganization Act, 2014.
It is further brought to their notice that several banks, holding accounts of institutions under 9th and 10th schedule of A.P. Reorganization Act, and operating statutory funds under 8th schedule including the funds of employee welfare have unilaterally, without consulting the Government of Telangana, transferred amounts out of these to their bank branches situated within the residuary state of Andhra Pradesh.
These funds were continuing prior to the division of the staff and their management distribution and disbursement is governed by the provisions of AP Reorganization Act and these public funds can no longer be operated by the unilateral will of Successor State of Andhra Pradesh.
All banks are advised to strictly follow the provisions of the Act as any violations in dealing with these funds would lead to stringent action being taken against all parties responsible in this matter and may entail civil and criminal action.
In a written circular Memorandum, as part of the meeting, the finance Secretary brought out other relevant issues to the notice of bankers.
News Posted: 31 October, 2014
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