Yanamala Ramakrishnudu lambasts GVL over Personal Deposit Accounts

Amaravati: Lambasting BJP Rajya Sabha member G V L Narasimha Rao for his criticism against the State government regarding the Personal Deposit Accounts (PD Accounts), Minister for Finance Yanamala Ramakrishnudu stated that he was talking like an uneducated and ignorant man.

Ramakrishnudu said that there was no possibility for diverting money from the PD Accounts since every transaction will be monitored and highest transparency will be ensured in these accounts.

In a press statement on Monday, the Minister explained that there was no comparison between PD Accounts and 2G scam, since the PD Accounts belong to the government and 2G scam was related to a commercial activity.

GVL Narasimha Rao was making criticism against the State government without possessing minimum knowledge, he added. The PD accounts are nothing but a kind of financial accounts mentioned at Chapter-9 in the AP Financial Code, the Minister informed.

All the PD accounts are being opened in the name of the relevant departments, organisations and others, according to the APFC rules and guidelines, he said.

The PD Accounts could not be opened on the individual names, he confirmed. There were 72,652 PD accounts in the undivided Andhra Pradesh and after the bifurcation, the residuary State got 43,474 PD accounts whereas Telangana State was allotted 29,236 PD accounts, he explained.

He said that majority of these accounts belong to the local governments including panchayats, municipalities, Corporations and others. Their own resources, funds from the State and Central governments, Finance Commission funds and others will be deposited to the respective PD Accounts, he added.

Each panchayat or other local body generally would have three separate PD Accounts, including 1) For own resources, 2) For Finance Commission funds and 3) For grants from the State Finance Commission, the Minister informed.