New financial year: After MP, Telangana to move to a January-December cycle

The move is in line with the Centre's plan; current Apr-Mar cycle has been in practice since 1867

Telangana Chief Minister K Chandrasekhara Rao on Tuesday announced that his government was ready to adjust the state's financial year (FY) to a January-December cycle, instead of the current April-March one, in practice in India since 1867. The move would be in line with the Centre's plan.

Rao held a meeting with senior officials of the finance department regarding the matter.

Earlier this month, Madhya Pradesh Chief Minister Shivraj Singh Chouhan had announced that his government would adopt the new financial year cycle from next annual Budget in December this year.

Madhya Pradesh was the first state to announce the change