Mumbai: Amid conflicting reports of the revenue losses incurred by the exchequer due to the counterfeit stamp-paper racket, the Comptroller and Auditor General (CAG) of India has asked the States to undertake a review to pinpoint the damage done to the economy.

"The CAG has directed Principal Accountant General of all States to undertake a review to ascertain losses incurred by the exchequer due to the fake stamp scam," a top official of the CAG's office said.

The endeavour comes at a time when revenue loss caused by the fake stamp figure has reportedly touched a staggering mark of Rs 33,000 crore. However, the Union Finance Ministry has stated that so far it could ascertain that the scam has depleted the coffers by over Rs 3,000 crore.

Maharashtra Revenue Minister Shivajirao Patil-Nilangekar has recently put the losses caused to the State to the tune of Rs 150 crore. However, the Minister stated that the figure could change once a detailed review was conducted in this regard.

For the task outlined by the CAG, all States would have to work in tandem in this regard and the CAG is expected to formulate guidelines for the task soon, the sources added.

Asked about the endeavour, Principal Accountant General for Maharashtra K S Menon said CAG has asked all Accountant Generals to undertake the review to pinpoint the exact damage done by the scam to the economy.

"Since the scam has percolated to majority of States, it will be a country-wide review," he said.