After Vodafone, GAAR, Prime Minister takes charge of Ministry of Finance

NEW DELHI: Prime Minister Manmohan Singh has called for a reassessment of the general anti-avoidance Rules (GAAR), the measure that became the highlight of last budget former finance minister, Pranab Mukherjee.

In a strong intervention on Friday, the PMO said the GAAR rules will not be finalized pending an approval from the PM. Coming a day after the department of revenue restricted for action against Vodafone, instruction signals GAAR Singh desire both to correct the course that the Ministry of Finance followed in Mukherjee, as well as his new aggression in the economy.

Within 12 hours of issuance of the Ministry of Finance the draft guidelines GAAR, Singh tried to distance himself from them saying they have been placed at the official level and are only meant for questions and comments from interested parties. "They have not been seen by the Prime Minister and will be finalized with the approval of Prime Minister, who holds the portfolio of Finance, only after considering the comments received," the PMO said in a statement.