Change financial year commencement date to Jan 1: Sushil Modi

PATNA: Senior BJP leader Sushil Kumar Modi has urged the Union government to adopt January 1 as the date for commencement of financial year.

The financial year, at present, begins from April 1.

Talking to reporters on the sidelines of his Janata Darbar here on Tuesday, Modi said the NDA government at the Centre was known for taking courageous steps and he hoped it would also take a “historic decision” to change the financial year, the traditional start of which remains a British legacy.

Arguing his point, Modi said the suggested financial year would give the government adequate time before monsoon to carry out development activities. He also quoted reports of various expert committees, which have recommended a change in the existing financial year.

Modi said, apart from demonetising high currency, the Union government had taken many other measures to strengthen the economy.

He claimed the merger of railway budget into Union budget would be beneficial for the economy and would have positive influence on development of the country’s largest public transporter.

The BJP leader said the merger would not impact the autonomy of railways and its separate identity would remain intact.

Asked whether the Union government would consider Bihar’s demand for special status, the former deputy chief minister said what Prime Minister Narendra Modi had given to Bihar in terms of financial package was much more than granting special status.

“Moreover, in the new scheme of things, the term special status has become history. This may be the reason why chief minister Nitish Kumar has stopped harping on special status to Bihar,” he said.