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Experts throw light on India’s tax structure, foreign exchange reserves


In his presentation, Homi Ranina noted that the Indian government is concentrating on the modernisation of tax regime and collection mechanisms. Photo: Supplied

Muscat: The Muscat chapter of The Institute of Chartered Accountants of India organised a seminar to analyse the Indian budget for the financial year 2014-15, jointly with Modern Exchange at the Al Falaj Hotel.

J. S. Mukul, the Indian ambassador to the Sultanate, was the chief guest at the event which was also addressed by  G. Padmanabhan, executive director of Reserve Bank of India (RBI) and Homi Ranina, tax expert and Supreme Court lawyer, who also is regarded as an authority on Indian tax laws.

"The newly elected Indian government is trying to tame inflation, increase employment opportunities and further strengthen the infrastructure by speedy policy implementation," stated Mukul, while addressing the seminar.

G. Padmanabhan stated that the Indian government is improving foreign exchange reserves through non-borrowing methods by increasing capital account inflows and reducing current account outflows. India's central bank has also shown increased efficiency in its monitoring mechanism. The emphasis is now more on the flow of Foreign Direct Investment (FDI) than the Foreign Institutional Investors (FII) inflows. The RBI has also formed a special committee on keeping a daily watch on foreign exchange market for better control, he added.

Agricultural activities
 Homi Ranina made a presentation and highlighted that the Indian government is concentrating on the modernisation of tax regime — collection mechanisms. Dedicated freight corridors are being developed and increasing export is a top priority. India being an agriculture-based economy, the Indian Government is working on the consolidation of agricultural activities and interlinking of rivers will also be very beneficial for the Indian economy.

The seminar was attended by more than 300 participants benefiting from the insightful presentation of the speakers.

The ICAI Muscat Chapter regularly organises technical mutual learning seminars for the overall benefit of finance professionals in Oman. "Our emphasis is on encouraging Omani finance professionals to participate in ICAI technical seminars to network with senior finance professionals for mutual learning opportunities," stated Umesh Kumar, the chairman of ICAI Muscat Chapter, in his welcome address.

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