December 2016 Current Affairs

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Union Government constitute Shankar Acharya Committee to examine desirability and feasibility of new financial year

Union Government constitute Shankar Acharya Committee to examine desirability and feasibility of new financial year
08 July 2016 Current Affairs: The Union Finance Ministry has constituted four members committee to examine the feasibility and desirability of having a new financial year. The committee has been tasked to examine the merits and demerits of various dates for the commencement of the financial year including the existing date (April to March) by taking into account the various relevant factors.

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

Terms of Reference of Committee : Take into consideration genesis of the current financial year and the earlier studies made in the past on the desirability of change in financial year. It will take into consideration suitability of the financial year from point of view of 

i) Correct estimations of receipts and expenditure of Union and State Governments. 

(ii) Effect of the different agricultural crop periods. 

(iii) Relationship of financial year on the working season. 

(iv) Impact on business. 

(v) Taxation systems and procedures. 

(vi) Statistics and data collection. 

(vii) Convenience of the legislatures for transacting budget work. 

(viii) Other relevant matters Recommend the date of commencement of the financial year which in its views is most suitable for the country. In case the committee recommends change in financial year, it will also work out on the modalities for effecting the change. It will include (i) Appropriate timing of change (ii) determination of transistional period (iii) Changing tax laws during transitional period (iv) Amendments needed in various statues (v) Changes in coverage of the recommendations of the Finance Commission. It can interact with experts, institutions, Government Departments and others as deemed necessary. The committee will submit its report to the Union Government by 31st December 2016.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
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October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
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26 AUG
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25 AUG
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