CAG: ‘presumptive loss' globally accepted norm in audit process

On his third and final appearance before the Joint Parliamentary Committee, looking into the 2G spectrum issue, Comptroller and Auditor-General of India Vinod Rai on Tuesday defended the various mechanisms and theories followed in reaching the “presumptive loss” incurred by the exchequer as the government failed to adopt a market-linked mechanism while giving away telecom licences in 2008.

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