Major Committees 2016: R S Sharma Expert Committee and Justice MB Shah Committee (Download PDF)

Doorsteptutor material for competitive exams is prepared by world's top subject experts: get questions, notes, tests, video lectures and more- for all subjects of your exam.

R S Sharma Expert Committee Purpose: To review the Company (Cost Records and Cost Audits) Rules 2014 The Composition of the Committee: R. S. Sharma, former Chairman and Managing Director, ONGC - Chairman

  • R. K. Jain, Additional Secretary, Ministry of Health & Family Welfare - Member
  • Chandra Wadhwa, former President, ICWAI - Member
  • Aruna Sethi, Adviser (Cost), Ministry of Corporate Affairs - Member-Convener

Terms of Reference

  • To examine the Companies (Cost Records and Audits) Rules, 2014 including the prescribed classes of companies/industries/sectors and threshold limits.
  • To examine the current cost Audit scenario in the country. To suggest measures optimally utilise Cost Audit as an instrument of promoting transparency and efficiency in business and industry.
  • To identify and suggest principles that govern assignment of greater opportunities to cost professionals
  • To suggest measures to enhance the utility of Cost Audit Reports to the government and other regulators/related agencies and the manner and extent of their filing.
  • To study prevalent international practices relating to Cost Records in large economies and draw comparison to current Indian scenario.
  • To look into and make suitable recommendations about issues incidental to the above.

Justice MB Shah Committee

Purpose: Committee on Black Money

About Justice MB Shah

  • In its first major step after assuming charge, Prime Minister Narendra Modi’s government has ordered the formation of a Special Investigation Team (SIT) to investigate black money, mostly hoarded abroad.
  • Retired Supreme Court judge MB Shah will head the SIT.
  • Its other members include
  1. Secretary revenue
  2. deputy governor of the Reserve Bank of India
  3. director of the Intelligence Bureau
  4. director of the Enforcement Directorate
  5. director of the Central Bureau of Investigation (CBI)
  6. chairman of the Central Board of Direct Taxes
  7. chairman of the Central Board of Direct Taxes
  • As per an estimate by the US-based think tank Global Financial Integrity, the illegal money outflow from India is around $462 billion.
  • The money that are earned and transferred illegally to abroad in tax havens like Cayman Islands and Mauritius are generally to evade tax refers to the black money.
  • Real estate believed to account for nearly a third of black money transactions.
  • Other major areas of black money transactions include manufacturing, gold and consumer goods purchases.

- Published/Last Modified on: November 28, 2016

Committees/Govt. Bodies

Developed by: