BEST has only 57 crores in deposit and Investment

BEST undertaking, which also runs bus Transport, is in total mess. Losses in the department are mounting in the tune of more than Rs. 1000 crores. Situation is so grave, that the department is thinking of taking loans to  pay salaries to their employees every month. 44,000 employees are yet to receive their salaries. Of all this, when RTI Activist Galgali queried the BEST in regard to the deposits and Investment, it was revel that the total deposits and Investment in FD receipts are in tune of Rs. 57 crores only!

RTI Activist Anil Galagli had sought information regarding various investments & deposits invested by the BEST. The PIO in reply to the Anil Galgali said the total investments & deposits are worth Rs. 56,98,56,740/- A large percentage of the said amount is invested in the Electric Supply Contingency Reserve Fund also known as the ECRF. Along with ECRF, the BEST has also invested in the Generation of Electricity Fund (GEF). The net amount invested with both these funds are in tune of Rs. 44,19,28,740/- Majority of the other state players such as the Andhra Pradesh Power Finance Corporation Limited, Tamilnadu Power Finance And Infrastructure Development Corporation, UP Corporation Spinning Mills and Rajasthan as well as Haryana have invested in Bonds. Best has invested an amount of Rs, 11,25,00,000/-  (for 1 year) in Fixed Deposit in the Peddar road branch of Central bank of India for the BEST STAFF BENEFIT FUND and are earning an interest of 7% . Where's for the Best Staff Family Welfare Fund, BEST has invested an amount of Rs. 1,35,00,000/- at the same bank and are earning an interest of 7.40%. Canara Bank holds deposits of BEST for one year for the amount of 39,28,000/- for the BEST Employees Welfare Fund. On this amount they are earning of interest  7.55%

The auditor has also replied that there is not much liquidity with the best undertaking, it may face cash crunch.  Canara Bank account is being run on overdraf. Anil Galgali feels that if  BEST paid enough attention on investments & deposits during their good days, today the situation would have been much better.