Ministry of Finance 

19.07.2016

Synchronising financial accounting year with calendar year

MANU/PIBU/0554/2016

Union Minister of Finance, Aurn Jaitley, stated that a Committee to examine the desirability and feasibility of changing the financial year has been constituted.

The Committee will look into the benefits and drawbacks of various dates for commencement of the financial year, taking into account impact on business, taxation systems and procedures, relationship between financial year and the working season and more.

The Committee has until 31 December 2016 to submit its report.

The Minister also reported approval from the Union Cabinet for the merger of several nationalised banks with subsidiary banks, including Bank of Mysore, State Bank of Travancore.

Relevant

Merger of Nationalised banks MANU/PIBU/0557/2016

Tags : financial year calendar year nationalised banks merger

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