Financial Year Date Changed From April 1 to July 1, 2020? Fake News Circulated by Misquoting Finance Ministry Notification on Amendment to Stamp Act

New Delhi, March 30: The Finance Ministry on Monday quashed media reports that the financial year 2020-21 was changed by the Centre. The ministry in a statement said that a notification issued by the Government of India on Monday was related to amendments done in the Indian Stamp Act. The main aim to amend the act is to bring efficiency in collection of stamp duty on security market instrument transactions. Coronavirus Economic Package: Nirmala Sitharaman Announces Free Food, Cash Under Rs 1.7 Lakh Crore PM Garib Kalyan Yojana For Poor.

The Finance Ministry in the statement said, “There is fake news circulating in some sections of media that the financial year has been extended. A notification issued by the Government of India on 30th March 2020 with respect to some other amendments done in the Indian Stamp Act is being misquoted.” RBI Reduces Repo Rate by 75 Basis Points to 4.4%; Reverse Repo Rate Reduced by 90 Basis Points to 4% Amid COVID-19 Outbreak.

ANI's Tweet:

Earlier in the day, reports surfaced that the Centre changed the dates of the next financial year from April 1 to July 1 due to coronavirus outbreak.  Media reports misinterpreted the government's notification.

Income Tax Department's Tweet:

Meanwhile, the Revenue Department on Monday said the provisions of the amended Indian Stamp Act, which was to come into force from April 1, will now be effective from July 1. Through a notification the Revenue Department said these amended provisions will come into effect from July 1, 2020.

(The above story first appeared on LatestLY on Mar 30, 2020 10:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).