Q. Which of the following is/are not correctly matched?
Committee/Panel : Significance
1. RangaRajanCommittee : Balance of Payments
2. Abid Hussain Committee : Committee on Capital Account Convertibility
3. Vijay KelkarCommittee : Goods & Service Tax
4. TaraporeCommittee : Committee on Trade policy
Select the correct answer using the codes given below:

[A] 1, 2 and 3 only

[B] 2 and 4 only

[C] 1 and 3 only

[D] 1 and 4 only

Answer: B
Notes:

Besides, economic reforms in various sectors, various Committees were setup from time to time (by the Government of India and by RBI) to discuss policy issuesrelated to international trade and balance of payments.

Some of the important Committees were –

  • Committee on Export – Import Policies & Procedures (Alexander Committee, 1978),
  • Committee on Trade policy (Abid Hussain Committee, 1984),
  • High – level Committee on Balance of Payments (Rangarajan Committee 1993), and
  • Committee on Capital Account Convertibility (Tarapore Committee I 1997 &TaraporeCommittee II 2006).

In 2003, the Vajpayee government forms a task force under Vijay Kelkar to recommend taxreforms. In 2004, Vijay Kelkar, then advisor to the Finance Ministry, recommends GST toreplace the existing tax regime.

Source: TMH Ramesh Singh

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