Scheme for Collection of Taxes - RBI Instructions
THE Government of India has decided that the date of closure of Residual Transactions for the month of March 2014 be fixed as April 15, 2014 for the Financial Year 2013-14. Accordingly, RBI has issued instructions on special arrangements and Reporting and Accounting of March Transactions.
There is a whole clever exercise to show next year's revenue as this year's and for this the entire system is made to undergo a fraudulent procedure. We should stop this sometime. The Revenue received in April does not go to Pakistan - it remains with India; nothing is going to happen if it is not shown as March Revenue. The election year is the best time to put an end to this fiscal budgetary fraud.