Government Constitute Shankar Acharya Committee to Examine Desirability and Feasibility [ Current Affairs ]

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Union Government constituted a Committee to examine the desirability and feasibility of having ‘a new financial year’. The Union Finance Ministry has constituted four members committee.

  • The committee will examine the merits and demerits of various dates for the beginning of the financial year including the existing date (April to March) by taking into account the various relevant factors.
Image of Chief Economic Adviser Dr Shankar Acharya.

Image of Chief Economic Adviser Dr Shankar Acharya.

Showing image of Chief Economic Adviser Dr Shankar Acharya.

Composition:

  • The committee will be headed by former Chief Economic Adviser Dr Shankar Acharya.
  • It will also consist of KM Chandrasekhar (former Cabinet Secretary), PV Rajaraman (former Finance Secretary, Tamil Nadu) and Dr. Rajiv Kumar (Senior Fellow, Centre for Policy Research) as its members.

Terms of Reference of Committee:

  • The current financial year and the earlier studies made in the past on the desirability of change in financial year to take into consideration origination.
  • It will take into consideration suitability of the financial year from the following point of view:
Image shows the some points

Image shows the some points

Showing image of some points

  • Recommend date of beginning of the financial year which in its views is most appropriate for the country.
  • In case the committee recommends change in financial year, It will also work on the modalities for effecting the change.
  • It will includes:
Image shows the some changes

Image shows the some changes

Showing image of some changes require when committee recommends change in financial year

  • It can relate with institutions, experts, Government Departments and others as deemed necessary.
  • Committee will submit its report to the Union Government by 31st December 2016.

- Published on: July 7, 2016