It refers to Madhya Pradesh government having decided to make calendar-year as fiscal-year starting 01.01.2018. Although the much-appreciated move is certainly a step in right direction, but adopting at state-level will create unnecessary confusion and operational difficulties also because even banks are presently adopting British legacy of old fiscal-year of April-March. It is high time that central government should adopt calendar-year to be fiscal-year at central and state levels including for banks as per recommendations of various expert-committees first being headed by LK Jha and now another committee headed by Shankar Acharya.
Both these committees made thorough study in the matter before making recommendations to be in tune with more than 150 countries of the global world and also to achieve multiple other advantages. It is indeed regretted that recommendations of expert-committees set up at high costs gather dust in cupboards without being implemented.
Earlier NDA government led by Atal Bhiari Vajpayee as Prime Minister changed British practice of presenting Union Budget in the evening to now in the morning. Evening presentation of Union Budget was adopted by British rulers in India so that presentation of Indian budget could be listened in Britain during day-timings there.
MADHU AGRAWAL