VISION: Journal of Indian Taxation
Year : 2018, Volume : 5, Issue : 1
First page : ( 91) Last page : ( 103)
Print ISSN : 2347-4475. Online ISSN : 2395-2571.
Article DOI : 10.17492/vision.v5i1.13237

Strengthening Financial and Taxation Regulatory Framework in India: A Review of Recent Legislations

Jain Sandeep

FCA, Fellow Chartered Accountant, Delhi, India. Email id: caskcindia@gmail.com

Online published on 9 April, 2019.

Abstract

A number of legislations and institutional measures have been implemented in recent times by the government of India to ensure an efficient financial and taxation system. These measures focus on developing an unambiguous legal framework and transparent supervisory procedures. This paper reviews some of the recent legislations in this regard which are aimed at bringing our financial and taxation system in alignment with the changing environment. Some of the legislations reviewed include Prevention of Money Laundering Act, 2002; Credit Information Companies (Regulation) Act, 2005; Government Securities Act, 2006; Payment and Settlement Systems Act, 2007; Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and Financial Sector Legislative Reforms Commission (FSLRC), 2013. An overall assessment of these reforms shows that a number of effective legislations are being put in place for an efficient and transparent financial and taxation system and India remains committed to adoption of international standards and best practices wherever necessary.

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Keywords

Financial system, Taxation, Money laundering, Black money, Credit information.

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