Hyderabad: The Union Cabinet is likely to give its nod of approval tomorrow (Jan 9) for a policy on corporate governance providing for establishment of "Serious Fraud Office" to tackle white-collar crimes.

Disclosing this at the concluding session of CII (Confederation of Indian Industry) Partnership Summit in Hyderabad on January 8, Union Finance Minister Jaswant Singh said he would be placing before the Cabinet a report on corporate governance prepared by former Indian Ambassador to US Naresh Chandra.

"We recognise the importance of corporate governance... the answers to India's problems lie in greater delivery and not in policies," he said in an extempore address at the session.

Referring to fast-track reforms and a new policy of openness in his hitherto "conservative" ministry, Singh said it was decided to "outsource the functioning of revenue department".

On media projection of the Kelkar committee's report, he said, "Regrettably, most of the attention is focussed on ups and downs of tax rates.. of course, I agree that tax rates have maximum sex appeal. But, what is more important is the administrative reforms and computerisation".

Setting aside the prepared speech copy, Singh chose to speak extempore and remarked sarcastically, "I have chosen to speak to you extempore at the cost of my job. My officials want to me read out from the prepared text so that I do not commit any blunder before presenting the budget."

PTI