Financial Year Changed to 1 July? Finance Ministry Says It’s Fake!

Ministry of Finance released a press note which mentioned that the financial year has not been extended.

Updated30 Mar 2020, 06:27 PM IST
WebQoof
3 min read

With India under a 21-day lockdown in light of the coronavirus outbreak, a barrage of unverified images and videos have been shared on social media, which are creating panic among people.

CLAIM

News agency PTI tweeted that the government has changed its financial year from 1 April to 1 July in view of the ongoing pandemic, citing an official notification.

Financial Year Changed to 1 July? Finance Ministry Says It’s Fake!
(Photo Courtesy: PTI/ Screengrab)

Several Twitter users shared the official notification making the same claim. As per the notification dated 30 March, “In exercise of the powers conferred by section 11 of the Finance Act, 2019 (7 of 2019), the Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of Finance, published in the Gazette of India vide S.O. 115 (E), dated the 8th January, 2020 namely:—In the said notification, for the words and figures “the 1st day of April 2020, the words, figures and letters “the 1st day of July 2020” shall be substituted.”

Financial Year Changed to 1 July? Finance Ministry Says It’s Fake!
(Photo Courtesy: Twitter/ Screengrab)
Financial Year Changed to 1 July? Finance Ministry Says It’s Fake!
(Photo Courtesy: Twitter/ Screengrab)
Financial Year Changed to 1 July? Finance Ministry Says It’s Fake!
(Photo Courtesy: Twitter/ Screengrab)

WHAT’S THE TRUTH?

Ministry of Finance released a press note which mentioned that the financial year has not been extended. It mentioned that the notification in question was issued in relation to amendments being made to the Indian Stamp Act.

“This change was earlier notified to be implemented from 1 April 2020. However, due to the prevailing situation, it has been decided that the date of implementation will now be postponed to 1 July 2020.”

Financial Year Changed to 1 July? Finance Ministry Says It’s Fake!
(Photo: Accessed by The Quint)

The ministry also tweeted that the financial year has not been extended.

PTI later took down its tweet. Evidently, a notification on the Indian Stamps Act was misinterpreted as the financial year being changed in the view of the coronavirus pandemic.

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Published: 30 Mar 2020, 05:39 PM IST

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