Financial Sector Reforms in India: Implications for Banking and Taxation

Mr. Sandeep Jain

doi:https://doi.org/10.17492/vision.v3i1.7071

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Financial Sector Reforms in India: Implications for Banking and Taxation

Sandeep Jain

Vol 3, Issue 1, January - June 2016 | Pages: 42-53 | Research Paper

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https://doi.org/10.17492/vision.v3i1.7071

Published Online: June 18, 2016

Author Details ( * ) denotes Corresponding author

1. * Sandeep Jain, FCA, Chartered Accountant, Senior Partner – SKC, Delhi, India (caskcindia@gmail.com)

Financial sector reforms in India have formed an important component of the overall economic reforms process initiated in the early 1990s. These reforms have followed a well calibrated approach. The general approach to financial sector reforms has been a transparent, collaborative and consultative process aimed at resolving many possible dilemmas. While the scope of financial sector reforms is immense, this paper focuses on the implications of these reforms for banking and taxation. In general, both these areas have witnessed significant transformation from reforms in terms of switchover to international best practices, enabling legislation, effective monitoring and supervision, and technology.

Keywords

Financial sector reforms, Banking sector, Tax reforms, Development