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

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 brining 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.