Financial Action Task Force (FATF) was founded by the G-7 countries in 1989 to develop and promote national and international policies to combat money laundering and terror financing. The membership of the FATF is limited to 35 countries at present. India has an observer status. India is a member of the Asia-Pacific Group, a FATF-style regional body. Membership of FATF will allow India easy access to real-time information on money laundering and terror financing and help to raise the diplomatic pitch against perpetrators. It will also make India more attractive in the eyes of global investors.
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Financial Action Task Force(FATF)
February 3rd, 201013th Finance Commission of India
February 3rd, 201013th Finance Commission
The 13th Finance Commission, which makes recommendations on sharing of tax revenues by the Centre and States, has suggested a new path for fiscal prudence in its report submitted to President Pratibha Devi Singh Patil on December 30, 2009.
The Commission was headed by Vijay Kelkar. Other members of the Commission were B.K. Chaturvedi, Indira Rajaraman, Atul Sarma and Sanjiv Misra.
The recommendations of the 13th Finance Commission, Finance Minister Pranab Mukherjee said “would get reflected in the 2010-11 Budget”.
The report, Kelkar said, dealt with the sharing of tax revenue between the Centre and States, distribution of funds among States and support to local bodies. The Finance Commission report assumes significance in view of the ongoing reforms in indirect and direct taxes, which will have a bearing on the tax collections.
