Parthasarathi Shome Appointed As the Adviser to Finance Minister of India

The Union government of India appointed Parthasarathi Shome, the tax expert, as the adviser to finance minister P Chidambaram. Shome was appointed with a rank of minister of state and this also indicated his comeback to the Secretariat building after almost 5 years.

Shome was also the adviser to P Chidambaram during the UPA-I. He was the working brain behind fringe benefit tax as well as banking cash transaction tax on the withdrawals of the cash. These tax policies were aimed towards keeping a check on black money which was a subject of sharp criticisms apart from the securities transaction tax.

For past few months, he was also associated with acquiring back the investor confidence. He was the head of committee on General Anti-Avoidance Rules (GAAR) as well as retrospective amendments, the controversial legislative idea which was taken by Pranab Mukherjee in previous budget session.