Author:
Publication: Outlook
Date: September 24, 2007
URL: http://www.outlookindia.com/full.asp?fodname=20070924&fname=Railways+%28F%29&sid=1
Laloo has been claiming that the railways
made a profit of Rs 21,578 crore in 2006-07. But the actual figure was Rs
11,000 crore. Here's the secret of Laloo's added profits:
* Rs 9,000 crore pension funds shown as cash
surplus
* Miscellaneous funds-Rs 2,500 crore-included in earnings
* Rs 1,700 crore due to the Indian Railway Finance Commission as dividend
for lease of wagons put in the profit account
* Profits shored up by showing advance earnings for 2007-2008 in last year's
balance-sheet
* Monies in the suspense account-funds promised but not yet transferred-reflected
in the earnings/profits
* Tonnage carried by freight trains raised despite repeated objections and
safety concerns. This brought in Rs 5,000 crore.
* Hidden costs to passenger tickets earned the railways Rs 325 crore
