Reform panel for financial sector laws soon

New Delhi, Feb 26 (Calcutta Tube) A financial reform commission will be set up soon to rewrite and clean up the ‘old’ laws of the country in this sector, Finance Minister Pranab Mukherjee said Friday in his budget speech.

‘Most of our legislations governing the financial sector are very old. Large number of amendments to these acts made at different points of time has also increased ambiguity and complexity.

‘The government proposes to set up a Financial Sector Legislative Reforms Commission to rewrite and clean up the financial sector laws to bring them in line with the requirements of the sector,’ he said in the Lok Sabha.

Mukherjee said the government has made a serious attempt to create an environment that supports transparency and accountability in the working of public institutions in the country.

‘The government had announced the setting-up of an Independent Evaluation Office (IEO) to undertake impartial and objective assessments of the various public programmes and improve the effectiveness of the public interventions,’ he said.

‘It has been decided that it would be an independent entity under a governing board chaired by the deputy chairman, planning commission. The IEO would evaluate the impact of flagship programmes and place the findings in the public domain. It would be funded by the planning commission,’ Mukherjee added.

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