Page 13 - Banking Finance June 2017

ROUNDUP

Positive signal for Madhya Pradesh first to change fiscal yr to Jan-Dec
economy as IMD predicts The Central government may still be mulling shifting the financial year from April-
March to January-December, but Madhya Pradesh is first
normal monsoon off the blocks in announcing a merger of the fiscal and
The India Meteorological Depart- calendar year.
ment "The state cabinet has decided to change the financial year
pre-
to January-December from the current April-March. With
dicted this decision, the state budget will be tabled in the assem-
normal
bly in December-January while financial closure will be
monsoon
done in the month of December every year," State Legislative Affairs and Public
rainfall
for this year, sending a positive sig- Relations Minister Narottam Mishra told reporters after cabinet meeting.
nal to the farm sector and the over-
all economy. Chartered(s) found guilty of professional misconduct
ICAI's Board of Discipline has found four Chartered Accountants (CAs) guilty of
IMD said seasonal monsoon rainfall is
likely to be 96% of the long period professional misconduct. Acting on certain media
average (LPA), which is at the lower reports, post the government's demonetization
end of the normal range (96%-104%). announcement of last year, the CA Institute had
initiated suo-motu action in five cases for viola-
"The distribution of rainfall is also ex-
pected to be good," said IMD chief K tion of the CA law. The CAs were reportedly seen
J Ramesh, sounding optimistic about to be helping clients convert their unaccounted
the prospects for agriculture in the incomes as tax paid ones.
coming season. While four CAs have been held guilty for advising clients in a manner that was in
violation of the CA Act, the remaining one case would be concluded shortly once
Sales of khadi, village the awaited information is received, the CA Institute said in a statement.

goods top Rs. 50,000cr
Nepal to keep currency secured to Indian rupee
While khadi sales are being pushed
hard by the gov- Nepal will keep its currency pegged to the Indian Rupee to ensure stability in
ernment, the the financial system, according to Swarnim
surprise element Wagle, Member, Nepalese National Planning
is the bumper Commission.
demand for According to Wagle, the pegging was last re-
products such as honey, soaps, cos- viewed in 1994 when the exchange value would
metics, furniture and organic food be revised from 145 to 160 Nepalese rupees for every 100 INR. Since then the
items, which are produced by village Indian economy has strengthened whereas the Nepalese economy has became
industries and many of which are run
more dependent on remittance earnings, which now account for 27 % of the
by women.
Gross Domestic Product.
Data collated by Khadi & Village In-
After 23 years of low 1 to 2 per cent growth, Nepal is poised to record over 7
dustries Commission (KVIC) showed
that during the last financial year, per cent growth in 2016-17 (Nepal's fiscal ending is July). "With two months to
go before the fiscal ends, we are certain to record 7 per cent growth. The chal-
sales of village industries produce, or
Gramodyog, grew 24% to just a lenge is to maintain this growth in the future," he said. The country is also tak-
shade under Rs 50,000 crore. Mean- ing a number of policy measures to promote industrialization.
while, khadi products notched up Of the huge $3.2 billion aid received by the country, including $750 million from
sales of Rs 2,005 crore, up 33% from India, following the devastating earthquake in April 2015, the Reconstruction
Rs 1,635 crore in 2015-16. Board could so far spend only close to $1 billion.

BANKING FINANCE | JUNE | 2017 | 13

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