Par finance panel chief Moily for change in fiscal to Jan-Dec

The chairman of parliamentary panel on finance, M Veerappa Moily, today said he was for changing the financial year to January-December, but the government should not rush the process lest it disrupt the economy.

Finance Minister Arun Jaitley on Friday informed Parliament that the government was considering changing financial year to January-December from April-March.

The present financial year (April 1 to March 31) was adopted by the Government of India in 1867 principally to align the Indian financial year with that of the British government.

Prior to 1867, the financial year in India used to commence on May 1 of the current year to April 30 of the following calendar year.

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