Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Small taxpayers with€™ foreign assets to face 30 pc tax plus penalty; disclosure scheme opens till Dec 31
    PM urges MSMEs to tap opportunities from FTAs
    Govt cuts windfall gains tax on petrol, diesel, ATF exports
    Modi warns of weaponisation of resources, sea routes; urges energy self-reliance
    Current account deficit widens to USD 6.2 bn in Jun: RBI data
    Concessional swap facility attracts USD 56.85 bn forex inflows: RBI
    DFS Highlights Mechanism for Timely Redressal of Insurance Policyholders’ Grievances
    Forex kitty jumps USD 14.14 bn to USD 707 bn in one of the biggest weekly expansions
    PROVISIONAL ESTIMATES OF WHOLESALE PRICE INDEX, OUTPUT PRODUCER PRICE INDEX, AND TRIAL INPUT PRODUCER PRICE INDEX FOR THE MONTH OF JULY 2026, AND FINA...
    Logistics Data Bank Tracks 10 Crore EXIM Containers, Provides Visibility across Logistics Chain
    APEDA and Government of Tripura Organise International Organic Buyer-Seller Meet to Expand Global Market Linkages
    WPI inflation eases to 9.78 pc in July on softening in fuel prices
    IDFC FIRST Bank secures its first international rating with Investment Grade from S&P Global Ratings
    DRI busts illegal drug manufacturing facility in Jewar, UP; 30 kg drugs seized and two persons arrested
    UCO Bank launches IFSC Banking Unit at GIFT City
    Banking sector has key role to play as India on way to become 3rd largest economy: Gujarat CM
    India's exports to US rise 12.85 pc in Jul; shipments to China jump 64.57 pc: Govt data
    50 tonnes of copper without e-way bills seized by Delhi GST, Railways joint team
    India's exports surge 19.6 pc in Jul; trade deficit widens to six-month high
    CBI ARRESTS CGST SUPERINTENDENT IN BRIBERY CASE
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
August 15, 2026
Show AI Summary
Foreign asset voluntary disclosure permits eligible small taxpayers to regularise qualifying assets through tax, additional levy, and statutory immunity.
FAST-DS permits eligible small taxpayers to voluntarily disclose specified foreign assets or foreign income. It covers undisclosed foreign assets or income not offered to tax, subject to an aggregate value threshold of Rs 1 crore, and certain foreign assets omitted from the relevant return schedule, subject to a Rs 5 crore threshold and prescribed fee. Payment comprises 30 per cent tax and an additional equal amount. Disclosed income or investment is excluded from total income, with immunity from further tax, penalty and prosecution under the Black Money Act for the disclosed asset or income.
August 15, 2026
Show AI Summary
Free trade agreement opportunities require MSMEs to meet global standards and expand exports across textiles, machinery, medicines and seafood.
Free trade agreements are presented as export-market opportunities for Indian MSMEs because they reduce or eliminate import duties on a substantial range of traded goods. MSMEs are urged to expand exports of textiles, machinery, medicines and seafood, including shrimp, by meeting global quality standards and offering products competitively. Their export role is linked to self-reliance and their significant contribution to manufacturing, exports, GDP and employment.
August 15, 2026
Show AI Summary
Windfall gains tax on petroleum exports was reduced to support domestic fuel availability and limit export price advantages.
Special additional excise duty (windfall gains tax) on exports of petrol, diesel and aviation turbine fuel was reduced from 15 August 2026. Petrol export duty was reduced to nil, and export-duty rates on diesel and ATF were lowered. Duty rates for petrol and diesel cleared for domestic consumption remained unchanged. The export-duty framework seeks to maintain domestic petroleum-product availability and limit export advantages arising from higher global crude oil prices amid West Asia tensions.
August 15, 2026
Show AI Summary
Energy self-reliance drives diversified fuel sourcing, expanded offshore exploration, and domestic capacity to reduce geopolitical supply vulnerability.
Energy security policy seeks to reduce exposure to geopolitical pressure and supply disruption caused by dependence on overseas fuel and strategic maritime routes. India is diversifying crude oil and LNG sourcing while strengthening domestic hydrocarbon production through offshore exploration, seismic surveys, exploratory drilling and shared infrastructure. Expanded access to sedimentary basins is intended to unlock domestic oil and gas resources. Wider piped natural gas coverage, solar generation, critical-mineral exploration, and nuclear and other non-fossil energy sources support the broader objective of energy self-reliance.
August 14, 2026
Show AI Summary
Current account deficit widened as merchandise trade imbalance expanded, despite stronger services surplus, transfers, and positive capital inflows.
India's current account deficit widened in June 2026, principally because merchandise imports increased faster than exports and expanded the merchandise trade deficit. A higher services surplus, increased net transfers and a narrower net income deficit provided partial offsets. Net capital inflows, including foreign direct investment and foreign portfolio investment, supported a positive overall monthly balance. During the April-June quarter, despite increased services surplus and net transfers, the overall balance shifted to a deficit as the merchandise trade deficit widened.
August 14, 2026
Show AI Summary
Concessional foreign-currency swap facility closes early for new FCNR(B) deposits while ECB and OFCB access remains available.
The concessional swap facility for FCNR(B) deposits encourages foreign-currency inflows and supports foreign-exchange liquidity. New FCNR(B) deposits eligible for the facility must be mobilised by 31 August 2026, while swaps for eligible deposits may be availed until 11 September 2026. The swap arrangement for External Commercial Borrowings and Overseas Foreign Currency Borrowings remains available until 31 December 2026.
August 14, 2026
Show AI Summary
Insurance grievance redressal requires initial insurer complaint, prompt acknowledgement, and escalation through integrated monitoring channels when resolution remains unsatisfactory.
Insurance policyholder grievances must first be raised with the concerned insurer, whose Grievance Redressal Officer and Board-level monitoring committee oversee redressal. Complaints received through digital channels, correspondence or call centres are recorded in the insurer's Complaints Management System, integrated with Bima Bharosa. Insurers must acknowledge complaints immediately and resolve them within 14 days. Where no response is received within a reasonable period or the response is unsatisfactory, policyholders may escalate through Bima Bharosa or designated helplines, email or physical correspondence.
August 14, 2026
Show AI Summary
Foreign exchange reserve growth reflects increases in foreign currency assets, gold holdings, special drawing rights, and IMF reserve position.
India's foreign exchange reserves rose to USD 707.002 billion for the week ended 7 August 2026. The increase comprised higher foreign currency assets, gold reserves, special drawing rights and the reserve position with the IMF. Foreign currency asset valuation incorporates appreciation or depreciation of non-US currencies held in reserve assets. Measures including the FCNR(B) scheme were introduced to attract additional foreign exchange inflows.
August 14, 2026
Show AI Summary
Wholesale and producer price indices show July inflation movements, provisional estimates, final revisions, and manufacturing input-price trends.
Wholesale Price Index, Output Producer Price Index, and trial Input Producer Price Index estimates under the 2022-23 base-year series set out provisional July 2026 measures and final May 2026 revisions. All-commodities WPI stood at 110.0 in July 2026, with year-on-year inflation of 9.78 per cent. The all-commodities Output PPI was unchanged at 109.9, while the trial Input PPI for manufacturing was provisionally estimated at 105.9. Final May WPI, Output PPI and trial Input PPI measures were revised from their respective provisional estimates.
August 14, 2026
Show AI Summary
Logistics data visibility enables EXIM container tracking, operational analytics and multimodal shipment monitoring across India's logistics chain.
Logistics Data Bank provides near real-time visibility of India's EXIM container movement through technology-based tracking and stakeholder monitoring tools. RFID-based coverage extends across ports, terminals, inland logistics facilities, rail networks, industrial zones, borders and highways. The platform uses RFID, Internet of Things, Big Data and Cloud technologies, with analytics on dwell time, transit time, and port and terminal performance to identify logistics bottlenecks. LDB 2.0 adds high-seas tracking of export containers and multimodal shipment visibility.
August 14, 2026
Show AI Summary
International organic buyer-seller linkages support Tripura producers through direct sourcing engagement, market access and sustainable export opportunities.
International Organic Buyer-Seller Meet in Tripura created a direct platform for organic producers, Farmer Producer Organisations, exporters and international buyers to explore sourcing opportunities, market requirements and long-term commercial linkages. Organic and naturally produced goods, including Queen Pineapple, GI-tagged Kalikhasa Rice, organic ginger and turmeric, black sesame, jackfruit and scented lemon, were showcased through product displays and producer interactions. The initiative seeks to strengthen global market access, sourcing partnerships and income opportunities for organic farmers.
August 14, 2026
Show AI Summary
Wholesale price inflation moderation was driven by softer fuel prices, while manufactured goods and primary articles recorded higher inflation.
Wholesale price inflation moderated in July, led by a decline in fuel and power inflation and a marginal easing in food-article inflation. Inflation in manufactured products and primary articles increased, making the moderation uneven across groups. Mineral oils, food articles, basic metals, non-food articles, food products, and chemical products remained significant inflation drivers. The output Producer Price Index remained unchanged year-on-year, with lower manufacturing and mining inflation offset by higher agriculture and electricity producer-price inflation.
August 14, 2026
Show AI Summary
International investment-grade issuer ratings support expanded foreign-currency funding, trade finance, correspondent banking and cross-border financial market access.
IDFC FIRST Bank's inaugural international investment-grade issuer credit ratings, with a stable outlook, are expected to improve access to international funding markets and global financial counterparties. The rating is intended to support standby letter of credit lines, foreign-currency funding through its GIFT City International Banking Unit, mobilisation of FCNR(B) deposits, correspondent banking relationships and cross-border trade finance. Strong capitalisation, improving profitability, stable asset quality and a granular retail funding profile underpin the outlook.
August 14, 2026
Show AI Summary
Clandestine psychotropic drug manufacturing faces enforcement targeting precursor chemicals, concealed laboratories, illicit production networks and trafficking operations.
Enforcement action against clandestine manufacture of psychotropic substances led to the detection of a residential drug-production facility. Searches recovered amphetamine and intermediary forms, precursor chemicals, reagents, raw materials, and manufacturing equipment. Field testing indicated the presence of amphetamine, a psychotropic substance regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985. The recovered apparatus and materials indicated illicit manufacture, while preliminary investigation pointed to short-term, intermittently operated facilities intended to conceal production activities.
August 13, 2026
Show AI Summary
International banking unit expands cross-border financing, trade finance and foreign-currency service access through GIFT City operations.
UCO Bank has launched an International Financial Services Centre Banking Unit at GIFT City to provide permitted international banking services. The unit offers trade finance, external commercial borrowings, foreign-currency loans, loan syndication, treasury services and other permitted financial services. It serves Indian corporates, exporters, importers, financial institutions, overseas businesses and other eligible customers requiring cross-border financing and access to global financial markets. FCNR(B) deposits are also offered through the unit.
August 13, 2026
Show AI Summary
Last-mile credit access is prioritised through timely lending, wider beneficiary coverage, digital support and stronger fraud vigilance.
Banking-sector participation is emphasised through last-mile credit access for MSMEs, women entrepreneurs, rural artisans, small farmers and other underserved beneficiaries. Banks are urged to expedite government-scheme applications, maximise coverage and use technology for timely financial support. Industrial-policy assistance and incentives cover startups, SC/ST entrepreneurs, persons with disabilities and first-generation entrepreneurs. Greater coordination, expanded village banking access, and vigilance against cyber fraud and mule accounts are also prioritised.
August 13, 2026
Show AI Summary
Merchandise trade growth saw rising exports to major markets alongside increased imports and continuing United States trade-pact negotiations.
India's merchandise trade data records increased July exports to the United States and China, alongside growth in imports from both markets. Exports to Singapore, the United Arab Emirates, the Netherlands, Germany, South Africa, Tanzania, Australia, Malaysia, Sri Lanka, Italy and Vietnam showed positive growth, while July exports declined for the United Kingdom, Bangladesh, Saudi Arabia and Nepal. Imports also increased from Russia, Korea, Singapore, Germany, Oman, Malaysia, Taiwan and Brazil. India and the United States are negotiating a trade pact amid an additional United States tariff on India.
August 13, 2026
Show AI Summary
GST transport documentation enforcement addresses freight movement of metals without valid e-way bills and invoices under applicable rules.
GST enforcement action led to the seizure of copper and aluminium ingots transported by freight train without valid e-way bills and invoices. The metals were found in three train wagons during inspection of parcel cargo. Further proceedings are to be undertaken under applicable GST rules concerning movement of goods without prescribed transport documentation.
August 13, 2026
Show AI Summary
Merchandise trade deficit widens as import growth outpaces exports despite strong petroleum, electronics and engineering shipments.
Merchandise trade in July 2026 saw exports rise 19.63 per cent and imports increase 17.52 per cent, widening the trade deficit to a six-month high. Petroleum products, electronics, engineering goods and marine goods supported export growth, while crude oil and several commodity and capital-goods categories increased imports. During April-July 2026-27, faster import growth widened the cumulative merchandise trade deficit compared with the corresponding prior-year period.
August 13, 2026
Show AI Summary
Bribery allegations in GST enforcement prompted arrest after alleged payment demand to avoid a tax-liability notice.
Bribery allegations involving GST enforcement led to the arrest of a CGST Superintendent after a complaint alleged that payment was demanded from a private company to avoid issuance of a tax-liability demand notice and to close the matter. A trap operation resulted in the public servant being apprehended while allegedly accepting part of the demanded bribe, and the amount accepted was recovered. Searches were undertaken, and investigation remained ongoing.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Showing Results for : Reset Filters

Dr. M.Veerappa Moily releases Compendium to High Light the Achievements of the Ministry of Corporate Affairs.

June 11, 2012

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Press Information Bureau

Government of India

Ministry of Corporate Affairs

11-June-2012 17:26 IST

Dr. M.Veerappa Moily releases Compendium to High Light the Achievements of the Ministry of Corporate Affairs

Says create an Environment that would enable the Corporate Community Meet the Multifarious Global Challenges while Enhancing their Competitiveness

            Union Corporate Affairs Minister Dr. . M. Veerappa Moily has emphasized upon creating an environment that would enable the corporate community meet the multifarious global challenges while enhancing their competitiveness. Dr. Moily was addressing a Press Conference to highlight the achievements of his Ministry here in New Delhi today. The minister said a systematic plan has been chalked out to increase engagement with the industry associations and chambers in crucial issues of corporate administration and governace. On this occasion He also released a the compendium entitled, “ Innovative March to New Horizons of Corporate Growth”.

            Dr. Moily said his ministry is not in the business of policing the companies; our mandate is to let the corporates do business efficiently and responsibly. He said  the  major agenda of ministry reform is in the form of the Companies Act as the Bill as introduced in the Lok Sabha in a revised form in late 2011 is still with the Parliamentary Committee on Finance. He said I would not like to speculate as to how long it will take us to present our proposal in the light of the second report of the Committee as this will depend on the kind of recommendations made; If these are not of a wide ranging nature it should not take long, otherwise we need to have an elaborate consultative process with stakeholders like the Ministry of Finance, SEBI, RBI and such other Ministries as may appear to be affected by the reports.

            The minister referred to the  Eurozone crisis which has had a deleterious effect on our exports and the escalating import bill largely on account of the ever increasing demand for petrol and petroleum products. He however, expressed the hope that   our corporate sector has  the resilience and expertise to come on top of the situation. He said  as friends of the corporates his  ministry is alive to their concerns and anxieties and we have taken care to ensure that the regulatory requirements for them do not become any more onerous. We have introduced the practice of ‘abridged statement of accounts’ we have also taken steps like excluding the Employees Share Option Plan or ESOPS from the purview of ‘interest in capital’ for the purpose of deciding managerial remuneration. I am making a mention of these two randomly selected measures only to emphasise that my Ministry believes that even seemingly small steps have the effect of going towards engendering a sense of well being among the corporates.

            The minister informed that   the Committee appointed under the chairmanship of Shri Adi Godrej to formulate the National Policy Guidelines on Corporate Governance is making good progress and it should be possible to have the draft policy framework ready for public discussion and debate by the end of next month or early August. We have already put the business responsibility reporting framework proposed by Bharat Wakhlu Committee in the public domain. In particular, the CII is taking interest in further improving the efficacy of the proposed framework. We have also finalised the proposed amendments in the Competition Act and the proposed national policy on competition – these initiatives are being fine tuned by a Group of Ministers so as to ensure harmony between the competition regulators and other regulators.

            Dr. Moily also spoke about the inauguration of the new campus of Indian Institute of Corporate Affairs (IICA) at Manesar, Gurgaon by Prime Minister Dr. Manmohan Singh  on April 13 this year. He said  the Institute is in the process of finalizing the recruitment of faculty so as to serve as a think tank on all issues of corporate governance and to act as a bridge between the Government and the corporate sector in initiating policy formulation. The Institute will soon as an important capacity building platform in all aspects of corporate law and governance.

The Minister referred to the electronic platform called the MCA 21. This is the most comprehensive e-governance solution within the governmental system. All aspects of corporate regulation and reporting involving over 8 lakh companies are now on line. It is possible to get a company incorporated within 48 hours where there is no confusion about availability of name and to view on line all the filings of the companies – what better examples can one think of when talking of increasing transparency and efficiency in corporate regulation sector. XbRL filing for select companies is a further milestone in corporate governance as it is enabling the regulators to look more deeply in the financial affairs of the corporates and to watch against early signs of emerging problems.

Referring to the Reebok case Dr. Moily said the Serious Fraud Investigation Office (SFIO) has already started its investigations and in touch with other agencies involved in the investigation. It is committed to take a dispassionate view and carry out an objective investigation to get to the bottom of the truth. Also, SFIO has reported full cooperation from the management of Reebok India and others in possession of relevant information.

The Minister gave brief detail of his ministries achievement which is as under:

Corporate Growth: There are 8 lakh active companies and 9520 LLPs at present.  There has been a tremendous growth in incorporation of new companies viz. 68,088 during 2009-10,   92,080 in 2010-11  and 1,00,242 in 2011-12.   Ministry is taking all possible steps to improve the existing MCA21 platform to enable hassle free incorporation.

Companies Bill:- The Companies Bill, 2011 stands  referred to the Parliamentary  Standing Committee on Finance for examination and report. The evidence of the Ministry on the Bill was taken on 20.4.2012. In the last oral hearing,  an indication was given to the officials of the Ministry that the report will be tabled within the Budget Session.  This did not transpire and now it is expected that this will be done in the early part of the Monsoon Session.

MCA21:          

(a)                  e-Stamping:       e-Stamping for MCA services has been extended to cover all States and Union Territories. With these, companies registered in all States and UTs can avail of the facility. The Ministry had already added a new  payment gateway through Union Bank of India  in addition to existing  ICICI payment gateway for credit card and net banking payments.

(b)                E-Banking:   Corporates availing of entire range of regulatory services through the electronic platform of the Ministry (MCA21) can now make electronic payments through any bank, making life much simpler for the companies.

(c)        Integration of LLP with MCA21:            A decision has been to integrate LLP e-Governance programme with MCA21 to enable registration of LLP by ROCs. The work of software development has been done by TCS.   To ensure seamless transition, a number of changes were necessary and have been carried out. The system is being made live today viz. 11th June.

(d)        OL e-Governance:        In an attempt to improve the functioning of Official Liquidators (OL), the Ministry intends to extend the application of e-Governance to liquidation and winding up of companies. We are planning to do this on existing MCA21 platform for e-auction, HR and accounting functions of OLs.

XBRL:     Implementation of XBRL by select class of companies last year was one of the most significant achievements of the Ministry. The first year implementation have been widely appreciated. Till the end of May, 2012, 26,815 companies have filed their financial statements in XBRL format. The Ministry has already conducted  technical analysis of these filings. The XBRL taxonomy for this year  has already been exposed for comments on MCA and ICAI Portal.

 MCA21 v2:         The MCA 21 v2 is essentially a continuation of the existing MCA21 Project. The project is to be implemented through an open bid process for the selection of a service provider . The RFP v2 has already been issued on 1st May, 2012.

IEPF:  As part of the investor protection initiative, the Ministry has introduced a functionality in its website for the company to file details of unpaid and unclaimed amounts of dividends and deposits  for the last 7 years. To inform investors about such amounts lying with companies,  this functionality will be very useful.

Competition:

(a) Competition Policy:   The draft of the National Competition Policy is likely to be submitted to the Cabinet for its approval very shortly.  The proposed Competition Policy envisages the Cabinet Committee on Competition to provide necessary directions and guidelines to various Ministries and Departments of Government of India on steps to be taken to engender the ‘Competition Culture’.

(b)  Mr. Justice (Retd.) V. S. Sirpurkar, former Judge of Supreme Court of India has joined as Chairperson, Competition Appellate Tribunal on 22.05.2012, following the retirement of Justice Dr. Arijit Pasayat.

(c)Competition (Amendment) Bill :   In its meeting held on 20.4.2012, seeking approval of the Cabinet to introduce Competition (Amendment) Bill, 2012 ,  the Cabinet  has decided to  refer the pertinent issues for consideration by Group of Ministers.

Corporate Governance: To prepare a formal policy document on corporate governance based    on wide consultations with all stakeholders, a High Powered Committee has been constituted on      7th March, 2012 with Shri  Adi Godrej as Chairman, Dr. Kiran Majumdar Shah , CMD, Biocon, Ms      Zia Mody, Lawyer, etc.  as Members.   The Committee has been asked to give its report within 6    months.    

CSR:       The concept of Corporate Social Responsibility (CSR) is proposed to be introduced within the legislative framework and for the first time anywhere in the world a responsibility will be  cast for corporates falling in specified category to spend 2% of their net profit on socially productive activities. Provisions for mandatory reporting along with reasons in case of failure to meet the prescribed target has also been included.

IICA:        A state of the art institute, namely Indian Institute of Corporate Affairs (IICA) has been set up at Manesar, Gurgaon, Haryana. This was inaugurated by the Hon’ble Prime Minister on 13th April, 2012. The Institute is expected to act as a think tank for  academics, training, research and to foster inclusive growth and entrepreneurial excellence with ethical business practices. To advocate and promote CSR, National Foundation for Corporate Social Responsibility has been established within IICA. This is expected to create a National Platform for Corporate Sector to work in partnership with Government, Non-governmental and Civil Society Organisations leading to inclusive growth and sustainable development.

Follow up of  India Corporate and Investor Meet:

The Ministry had organized India Corporate and Investor Meet events in the month of February, 2012 with the support of  industry chambers.  Based on the deliberations in these events, a Committee has been constituted under the chairmanship of Shri Jaydeep N. Shah, President, ICAI to prepare a roadmap for investor related issues comprising of financial literacy, investor grievance redressal, channelizing household savings into the corporate sector, and  recognition to corporates for investor friendliness.  The Committee has been asked to give its report by 2nd week of August, 2012.

Way Forward

As you can see in the publication released today, we have briefly outlined our vision and plans for the way forward to make the corporate administration effective, transparent, accountable and responsive so that we are able to provide an ambient environment for corporate growth in the country. The details are provided in the publication, however, I would briefly touch upon some of the important issues:

MCA 21 Version-2

As stated earlier, the Ministry of Corporate Affairs has done pioneering work in the e-Governance arena. The MCA-21 V-2 is under process of implementation and the same will come in force before 16.01.2013.

MCA21 v2 is essentially a continuation of the existing MCA21 project with much enhanced and transparent framework:

Ø                   Enhanced experience to the end-users through modifications/upgrade of software and improvement of some of the current interfaces like enabling mobile devices, tablets etc.

Ø                   Replacement of outdated client side infrastructure;

Ø                   Enhanced network connectivity for the offices of MCA;

Ø                   Enhancing the applications to meet the requirements of the New Companies Bill, 2011 as and when it is passed;

Ø                   Integration into the national infrastructure being planned and implemented by DIT, Govt. of India.

Capacity Building

Apart from strengthening the IICA to make it a world class institute and think tank for corporate governance in the country, special emphasis will be given to training ICLS officers and other Group A officers on the issue of corporate management and finance. It has been envisaged to conduct specialised training module for the CFOs and other senior finance executives working with Banks and financial institutions. Capacity building programmes are also being worked out for the senior and middle level corporate managers and the senior executives of the public sector units.

Furthering the interests of investors

(i)Preparation of the road Map

The Ministry is actively engaged to prepare roadmaps on the basis of the suggestions / recommendations received during the five investor’s meet held in February. The Ministry plans to take up this in a big way and in time bound manner.

In the context of the crucial issue of financial literacy and creating awareness among the investors in order to build up vibrant capital market, efforts are being made for preparation of a blue-print in consultation with Ministries of Finance and HRD, NCERT, different State education boards and CBSE. I have already written to the Minister, HRD and the Chief Ministers of all the States to suggest steps to be taken for inclusion of suitable module on capital market in school curriculum.

(ii)Sub-site on unpaid and unclaimed amounts lying with the companies

The Ministry is launching a sub-site on the Ministry’s website htp:/www.mca.gov.in ,  where companies are required to file their investor-wise details of unpaid and unclaimed amounts of investors lying with them. This website will enable the investors, specially the small investors and investors from remote areas, to search and locate the information on such amount. At present these amounts are being transferred to Investor Education and Protection Fund (IEPF) after the expiry of seven years and there is no provision of returning the money to them. This website will help investors to find out such amount due to them and file their claim with the respective companies.

Business Responsibility Reporting Framework

Based on the recommendations of a Committee of various stakeholders formed by the Ministry, a framework for Annual Business Responsibility Report is being finalised shortly. This will be implemented in consultation with SEBI and other stakeholders. 

Institutional Arrangement for Dispute Resolution

            Company Law Board

The Company Law Board functions with 4 Regional Benches at Mumbai, Kolkata, New Delhi and Chennai (Principal Bench at New Delhi).  The Board has a sanctioned strength of nine Members including the Chairman & Vice-Chairman.  With the recent appointment of three Members, the Board shall function with full sanctioned strength for the first time.  With this, it is expected that the pendency of cases will reduce further.

With the enactment of the Companies Bill, the CLB shall cease to exist and its function shall be discharged by the proposed National Company Law Tribunal. 

Business Confidence Index (BCI)

The concept of “Business Confidence Index” is a useful tool to indicate the sense of well being among the role players in the corporate sector vis-a-vis their own organisation and its linkages with the large world. The Ministry is seeking to actively explore the possibility of introducing their performance indicator in the overall corporate governance paradigm. Certain professional institutions have already started work in this direction.

 Fostering Competition

(i)         National Competition Policy

            The Ministry has constituted a Committee to draft the National Competition Policy. After detailed deliberations, the draft is ready and necessary steps are afoot for submission of the note to Cabinet.

            The National Competition Policy aims to achieve highest sustainable levels of economic growth, entrepreneurship, employment, higher standards of living for citizens, protect economic rights for just, equitable, inclusive and sustainable economic and social development, promote economic democracy, and support good governance by restricting rent seeking practices.

Model Law on Societies

The Societies Registration Act, 1860 provides for the registration of literature, scientific and charitable societies. ‘Society’ being the State subject, the law has been adopted with some amendments by twelve States whereas many other states have enacted their own law on this subject. While the original Act was remarkably clear in not introducing any form of State interference into the affair of such institutions except routine matters of filling annual statements, many of State legislations went for widespread governmental control to deal with abuses, malfeasance and nonfeasance of societies. In nutshell, diversity of laws across the states has given rise to emergence of non-uniform practices in the management of the societies. Therefore, the Ministry feels that there is a need for enactment of a model law, to be adopted by state legislatures.

In this backdrop, the Ministry has constituted an Expert Group to identify the regulatory gaps and oversight mechanism in governance of Societies across the States with a view to formulate a Model law on the Subject. While doing so such laws in other countries like U.K, USA, China, Brazil, South Africa and Nordic countries are also being examined.

   Convergence with International Financial Reporting Standard

The Ministry of Corporate Affairs prepared a roadmap for IFRS implementation in India and application of Converged Indian Standards by Companies. It was decided that the converged accounting Standards (Ind-AS) will be applicable for both stand alone and consolidated financial statements.

Adoption or convergence with IFRS helps the economy at large, investors as well as the industry. It benefits the economy by increasing growth of its international business. As far as investors are concerned, they want the information that is more relevant, reliable, timely and comparable across jurisdictions.

Implementation of the Ind-As shall be notifies immediately with the passage of the Company Bill.

 CSR a tool for Nation building

The Ministry has planned number of steps to try and develop Corporate Social Responsibility (CSR) as an important tool for nation building. We believe that in the new economic environment, private sector must collaborate with the government in dealing with welfare of the weaker section of society.

Through the National Foundation for CSR established within the IICA, the mission is to help in creating a national platform for the Corporate Sector to work in partnership with Government, Non-Governmental and Civil Society Organisations to advocate and capture issues that lead to inclusive growth and sustainable development.

Institution Building

As mentioned earlier the Institute of Corporate Affairs has been established by the Ministry for capacity building and knowledge transfer in matters related to corporate governance and regulation.

The IICA shall operate through a network of six schools   - the Centers of Excellence and Forums which will pertain to the areas of Corporate Law, Competition Law, Corporate Finance, Business Environment, Corporate Governance and the ICLS Academy.

It has been visualised that the Institute shall introduce international standard Degree / Post Degree programmes on these subjects very soon comparable to such programmes in some of the leading universities of the world.

Partnering with the Corporate World

Government and industry/corporate need to work together to consider the cumulative and inter-related impacts of regulatory regimes and reforms to ensure that regulatory structures and processes that are relevant and robust, transparent, accountable and forward-looking. This will help achieve the goal of regulatory reform to improve the national economy and enhance the ability to adapt to change.

Keeping this objective in mind the MCA work with the Industry in creating an environment that would enable the corporate community meet the multifarious global challenges while enhancing their competitiveness. A systematic plan has been chalked out to increase engagement with the industry associations and chambers in crucial issues of corporate administration and governace.

*****

ST/-

Topics

Acts Income Tax