Government has sought public comments on the desirability of replacing the existing period in a bid to improve budgetary process and cash management. The government as well as most corporates in India follow April 1 to March 31 as the financial year.<br/><br/>A post on mygov site said there are many arguments for and against the change in financial year which revolve around issues of budget and cash management by government, seasonality of government revenues and expenditure and impact of monsoon on budget forecasting. <br/><br/>Our correspondent reports, public comments are invited by September 30. To examine the feasibility of having a new financial year, the government has already set up a committee headed by former CEA Shankar Acharya.<br/><br/>The committee, which will submit its report by December, will have to provide reasoning for the suitability of the financial year from the point of view of correct estimation of receipts and expenditure of central and state governments.<br/><br/>Besides Acharya, the members of the committee are former Cabinet Secretary K M Chandrasekhar, former Finance Secretary Tamil Nadu P V Rajaraman and Centre for Policy Research Senior Fellow Rajiv Kumar.