Financial Sector Legislative Reforms Commission (FSLRC)

The Finance Minister, Shri Pranab Mukherjee in his Budget speech in Lok Sabha today announced that the Government proposes to set up a Financial Sector Reforms Commission to re-write and clean up the financial sector laws. This would bring the laws in line with the requirements of the sector doing away with the ambiguity and complexity crept in these old legislations with amendments and changes made in them over the years.

The Government also proposes to set up a Technology Advisory Group for Unique Projects like Tax Information Network, New Pension Scheme, National Treasury Management Agency, Expenditure Information Network, Goods and Service Tax which are in different stages of roll out. The Finance Minister said that the proposed Technology Advisory Group will oversee the creation of these reliable, secure and efficient IT projects needed for effective tax administration and financial governance.

The impact of flagship programmes would be evaluated by Independent Evaluation Office (IEO) to be set up as independent entity under a Governing Board chaired by Deputy Chairman, Planning Commission. The findings will be placed in the public domain to bring in more transparency and accountability in the implementation of these schemes.