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CURRENT AFFAIRSFEBRUARY 2020INSTITUTIONS IN NEWSPOLITY

ARUN JAITLEY NATIONAL INSTITUTE OF FINANCIAL MANAGEMENT

ARUN JAITLEY NATIONAL INSTITUTE OF FINANCIAL MANAGEMENT


Context: The Government of India has decided to rename National Institute of Financial Management (NIFM), Faridabad as Arun Jaitley National Institute of Financial Management (AJNIFM).


ARUN JAITLEY NATIONAL INSTITUTE OF FINANCIAL MANAGEMENT

KEY INFORMATION
  • Established in 1993NIFM, Faridabad, was set up as a registered society under Department of Expenditure, Ministry of Finance, Government of India with the mandate to train officers of various Finance and Accounts Services recruited by the Union Public Service Commission (UPSC) through the Civil Services Examination as also officers of Indian Cost Accounts Service (ICoAS). 
  • The Union Finance Minister is the President of the NIFM Society.
  • The institute has emerged as a resource centre in order to meet the training needs of Central Government for senior and middle level of management in the fields of public policy, financial management, public procurement and other governance issues for promoting highest standards of professional competence and practice.
  • NIFM also caters to the State Governments, Defence establishments, Banks, other Financial Institutions and PSUs. 
  • It has ventured beyond training into the field of management education and runs certain AICTE-approved programmes leading to Post Graduate Diplomas in Management, in various areas of Financial Management.
  • Former finance minister Arun Jaitley oversaw the introduction of the path-breaking Goods and Services Tax (GST) which brought the country under one tax regime. Under his stewardship the merger of Railway budget with general budget was effected. He also ensured the introduction of the Insolvency and Bankruptcy Code.

ABOUT ARUN JAITLEY

Arun Jaitley (28 December 1952 – 24 August 2019) was an Indian politician and attorney. A member of the Bharatiya Janata Party, Jaitley served as the Minister of Finance and Corporate Affairs of the Government of India from 2014 to 2019.

He was a Senior Advocate of the Supreme Court of India. He oversaw the introduction of the Goods and Services Tax which brought the country under one GST regime, demonetisationmerger of Railway budget with general budget and introduction of Insolvency and Bankruptcy Code.

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