Isaac says the loans are taken for meeting capital expenditure to enhance critical infrastructure and welfare schemes benefitting the masses.
RBI made party in case | ED directed to issue notice to central bank | The petitions will be heard next on November 15.
When former finance minister TM Thomas Isaac put the combined revenue from liquor and lottery at 13% of state's revenue receipts, he included central transfers too.
Ex-finance minister has asked from which WhatsApp University the Governor learned that liquor and lottery were Kerala's major sources of income.
The former finance minister of Kerala has claimed the state-owned CIAL charges significantly lower rates.
The summons were issued as part of its probe into alleged violations in the financial dealings of KIIFB when he was the state Finance Minister in the previous LDF government.
Isaac has sought the quashing of the two summons issued in connection with the dealings of KIIFB.
Last month, announcing his decision to not appear before the ED, the former finance minister of Kerala had called the central agency a political tool of BJP.
Not a single rupee spent by KIIFB has gone into Balagopal's deficit calculations though the CAG had wanted it.
Kerala Minister for Cooperation and Registration V N Vasavan said it was a state subject as per the Constitution and requested the union government to reconsider the move.