Madhya Pradesh has become the first state to switch to the January-December financial year from the existing April-March cycle. A decision to this effect was taken at the state cabinet meeting held in Bhopal.
The move breaks a 150-year tradition as India started adopting the April-March financial year from 1867. So, now the Budget session of the next financial year will be held either in December 2017 or January 2018.
Important Takeaways from above News for BOB PO Exam-
- Madhya Pradesh became the first state to shift to January to December financial year
- India started adopting the April-March financial year from 1867
- The CM of MP is Mr. Shivraj Singh Chauhan
- Governor of MP is Mr. Om Prakash Kohli (Additional charge).