The CAG also slammed the managing director of the Goa Industrial Development Corporation for taking post facto approval of the corporation's board, while purchasing the medallions beforehand.
"The MD had no power to authorise such nature of expenditure as per the delegation of powers of GIDC. The expenditure was approved by the MD with the remark that the proposal may be placed before the board for its approval and ratification. However, the gold coins were procured and distributed, the proposal was ratified ex-post facto," the CAG noted in a report tabled in the ongoing monsoon session of the Assembly.
According to the report, each gold coin was worth Rs. 7,035, weighing 2 gms and was distributed to the employees of the corporation "to honour the sincere efforts of the staff commemorating the golden jubilee of the GIDC."
"The distribution of gold coins was in violation of the letter and spirit of financial propriety as envisaged for spending public monies," the CAG report said.
"Awarding gold coins on grounds of efficiency goes against the principles of financial propriety and is diversion of resources better employed for development of infrastructure," the CAG report said.
The report also said that the 'generosity' of the corporation came in a financial year (when the accumulated surplus profit of the corporation had dipped from Rs 56.12 crore to Rs 53.80 crore.
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