March 11, 2016 1:37 PM

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$3 bn of country's money allocated for defence lying idle in US: Parrikar

Defence Minister Manohar Parrikar today said that 3 billion US dollar of country's money allocated for defence was found unused in a United States account. In reply to a question in the Lok Sabha today, he said the money had not been earning any interest either, and was just lying idle in the account.<br/><br/> The expenditure on Defence Capital acquisition in respect of orders placed on Foreign Vendors will be brought down to 30 percent in the next two years, he said. In 2014-15, it was worth over 24992 crore rupees which represented 38 percent of the acquisition.

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