Mumbai: The Reserve Bank will shortly put in circulation new coins of Rs 5 denomination to commemorate 150th year of Comptroller and Auditor General of India (CAG).

The coin will bear the logo of CAG along with year "1860-2010" on the bottom of the logo.

The role of the CAG evolved through practice and tradition in British India. The Government of India Act 1858 introduced a system of an annual budget of Imperial Income and Expenditure in 1860.

The budgeting system laid the foundation of the system of Imperial Audit. Sir Edward Drummond took charge in November 1860 as the first Auditor General. The term Comptroller and Auditor General of India was first used in 1884.


Latest News from Business News Desk