The Punjab government has appointed retired IRS officer Arbind Modi as the Chief Advisor (Fiscal) in the Department of Finance to bring the economy back on track.
According to a notification issued by the Department of General Administration, former IRS and renowned Tax expert Arbind Modi will be working in the post on an honorary basis. He will be granted cabinet rank of the Government of Punjab and will be entitled to TA, DA, and reimbursement of expenses as per the rules as admissible to a Cabinet Minister. He belongs to Odisha and had worked in Union ministry of Finance and IMF.
The retired IRS officer will be provided a necessary Residential facility, Secretarial Staff, and vehicle by the state government.
Modi, a former member of the Central Board of Direct Taxes (CBDT), had played a key role in assisting then finance minister P Chidambaram in drafting a new direct tax code, but the Bill, which underwent many changes was not passed by Parliament. In 2017, Modi was asked by the Narendra Modi-led government to head a task force to draft new direct tax law to replace the existing Income Tax Act, which has been in force since 1961.
Punjab is currently facing financial challenges, with its debt burden projected to reach ₹3.65 lakh crore by the end of this fiscal year. With Modi’s appointment, the state government hopes to address this fiscal crisis with the expertise of one of the country’s top tax experts.
