MoU sign by MCA & CBIC for exchange of data for enhancing the ease of doing business in India
February 25, 2021, 6:07:10 PM
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Delhi: Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, signed a Memorandum of Understanding (MOU) for data exchange between the two organisations. The MoU was signed by Manoj Pandey, Joint Secretary, MCA, and B. B. Gupta, ADG, CBIC, in the presence of Rajesh Verma, Secretary, MCA and M. Ajit Kumar, Chairman, CBIC.
The MoU is in line with the vision of MCA and CBIC to harness data capabilities to ensure effective enforcement. Both the organisations are going to benefit from access to each other’s databases which include details of import-export transactions and consolidated financial statements of companies registered in the country. The data-sharing arrangement gains significance in light of the development of MCA21 Version 3 which will utilise state of the art technology for enhancing the ease of doing business in India and improve the regulatory enforcement and similar steps by CBIC like the launch of ADVAIT (Advanced Analytics in Indirect Taxation) a 360-degree taxpayer profiling tool. AI/ML, data analytics will play a critical role in achieving this synergy.
The MoU will facilitate the sharing of data and information between MCA and CBIC on an automatic and regular basis. It will enable sharing of specific information such as details of Bill of Entry (Imports), Shipping Bill (Exports) Summary from CBIC and financial statements filed with the Registrar by corporates, returns of allotment of shares. The MoU will ensure that both MCA and CBIC have seamless linkage for regulatory purposes. In addition to regular exchange of data, MCA and CBIC will also exchange with each other, on request, any information available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution.
Technology and data will play a critical role going forward in fulfilling the Government’s vision of minimum government, maximum governance and both MCA and CBIC are well placed to fulfil this vision.
The MoU comes into force from the date it was signed and is an ongoing initiative of MCA and CBIC, who are already collaborating through various existing mechanisms. A Data Exchange Steering Group also has been constituted for the initiative, which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the data-sharing mechanism.
The MoU marks the beginning of a new era of cooperation and synergy between the two organisations.
A search and seizure operation conducted by the Income Tax Department in Kolkata
March 11, 2021, 7:31:22 AM
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Kolkata: The Income Tax Department carried out a search and seizure operation on 10.03.2021 on two separate persons based in Kolkata, who are engaged in the handling of cash of others on a commission basis.
Income Tax Department, India, Kolkata
India cabinet approves Pradhan Mantri Swasthya Suraksha Nidhi as a single non-lapsable reserve fund
March 10, 2021, 9:22:05 AM
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Delhi: Union Cabinet, chaired by the Prime Minister, Narendra Modi has approved the Pradhan Mantri Swasthya Suraksha Nidhi (PMSSN) as a single non-lapsable reserve fund for share of Health from the proceeds of Health and Education Cess levied under Section 136-b of Finance Act, 2007.
India, Finance, India Cabinet
Gurugram DGGI officials arrest 2 men for defrauding exchequer of over Rs 690 crore
March 10, 2021, 7:08:55 AM
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Delhi: The ongoing investigation of the Directorate General of GST Intelligence, Gurugram Zonal Unit, were able to arrest two gang members of a fake invoicing syndicate, namely Vikas and Manish, who were involved in GST fraud by way of issuance of fake GST invoices in excess of Rs 4,800 crore which defrauded the exchequer of more than Rs 690 crore.
India, Income Tax Department
The Government takes steps to deal with Casteism and Communalism in the country
March 10, 2021, 6:50:50 AM
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Delhi: The Central Government provides assistance to State Governments/ Union Territory Administrations towards incentive for inter-caste marriages, where one of the spouses is a member of a Scheduled Caste.
India
MCA strikes off 10,113 companies from April to Feb in 2020-2021
March 8, 2021, 1:49:31 PM
Rep. image, Office
Delhi: Ministry of Corporate Affairs (MCA) administers the Companies Act, 2013 (the Act), Limited Liability Partnership Act, 2008 and Insolvency and Bankruptcy Code, 2016. There is no provision for weeding out the Companies in the Act.
India
Railway Minister Piyush Goyal flags off Tanakpur-Delhi Jan Shatabdi Express special train
February 26, 2021, 11:22:48 AM
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Delhi: Minister Piyush Goyal said that the introduction of a new modern, safe, LHB coach Purnagiri Janshatabdi train, will boost tourism and connectivity in the region. The Minister also informed that electrification of Pilibhit- Delhi route was already complete, Tanakpur- Pilibhit route is also complete, only CRS inspection is awaited, soon the entire route (Tanakpur- Delhi) will be fully electrified.
INDIA RAILWAYS, Piyush Goyal
MHA extends guidelines for surveillance, containment and caution states/ UT to strictly enforce SOPs
February 26, 2021, 11:05:15 AM
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Delhi: Ministry of Home Affairs (MHA) issued an Order today to extend the existing Guidelines for Surveillance, Containment and Caution to remain in force upto 31.03.2021.
Minister of Home Affairs (MHA), India
MoU sign by MCA & CBIC for exchange of data for enhancing the ease of doing business in India
February 25, 2021, 6:07:10 PM
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Delhi: Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, signed a Memorandum of Understanding (MOU) for data exchange between the two organisations. The MoU was signed by Manoj Pandey, Joint Secretary, MCA, and B. B. Gupta, ADG, CBIC, in the presence of Rajesh Verma, Secretary, MCA and M. Ajit Kumar, Chairman, CBIC.
MoU, India, MCA, CBIC
India and Pakistan's joint statement on the situation along the Line of Control (LAC)
February 25, 2021, 2:03:51 PM
Delhi: The Director Generals of Military Operations of India and Pakistan held discussions over the established mechanism of hotline contact. The two sides reviewed the situation along the Line of Control and all other sectors in a free, frank and cordial atmosphere.
Line Of Control, LAC, India, Pakistan, Indian Armed Forces
Govt notifies IT (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021
February 25, 2021, 1:44:00 PM
Delhi: Amidst growing concerns around lack of transparency, accountability and rights of users related to digital media and after elaborate consultation with the public and stakeholders, the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021 has been framed in exercise of powers under section 87 (2) of the Information Technology Act, 2000 and in supersession of the earlier Information Technology (Intermediary Guidelines) Rules 2011.
Digital Media, India