The Union government on Wednesday set up a four-member committee to examine the desirability and feasibility of having a new financial or fiscal year, an official statement said.
"The committee, headed by former Chief Economic Adviser Shankar Acharya, will examine the merits and demerits of various dates for commencing the financial year, including the existing April 1 to March 31," the statement said.
The other three members of the committee are former Cabinet Secretary K.M. Chandrasekhar, former Tamil Nadu Finance Secretary P.V. Rajaraman and Centre for Policy Research senior fellow Rajiv Kumar.
The committee has been asked to submit its report by December 31.
--IANS
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