Thursday 7 July 2016

Government forms panel to study the feasibility of adopting new financial year

NEW DELHI: The government has constituted a committee to study the feasibility of adopting a new financial year. India currently follows the April-March financial year as opposed to the calendar year in most countries.The committee headed by former chief economic advisor Shankar Acharya has to submit its report by December 31, 2016. "The committee will examine the merits and demerits of various dates for the commencement of the financial year including the existing date .

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