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| Think Tank |
This week we focus on a complete analysis of the
 Banking Industry
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IIBI profits overstated, says CAG
PRESS TRUST OF INDIA
Calcutta, Sept 23: The Industrial Investment Bank of India (IIBI), a development financial institution, has overstated its profits for the year 1998-99 by Rs 2 crore, the Comptroller and Auditor General (Cag) has said.The Cag has commented that the IIBI had investment anamount of Rs 50 crore in Punjab State Electricity Board bonds at face value. However, these bonds were actually purchased at a cost of Rs 48 crore. As a result, this had led to an overstatement in profits and investments of IIBI for the year 1998-99. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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