COMPLIANCE BURDEN
Compliances cut, MCA gets tough on flouting companies law
Arms of the Ministry of Corporate Affairs (MCA) have intensified enforcement actions in recent quarters to ensure stricter adherence to rules, even as the government has lessened the compliance burden on India Inc. In the June quarter, various Registrars of Companies (RoCs) issued a total of 321 orders against firms for alleged lapses under the Companies Act. This figure represents about a fourth higher than the previous quarter, which also saw increased action, according to an analysis of public orders.
Budget 2024 staffing industry's wish list: Tax breaks, skill development, and PF reforms
The staffing and HR industry anticipates tax breaks and investment in skill development in the FY25 budget. They propose lowering the GST on employment services from 18% to 5% and easing EPF contribution rules for staffing companies. Emphasizing skilling in sectors like semiconductors and EVs could address talent shortages and unemployment.
Jail term for delay in giving out ID cards: How compliance overkill mars chemical industry
It is time to do away with the complex and wide-ranging regulatory provisions in the chemical industry if the promising segment, which has a considerable number of MSME players, is to achieve its potential.
IBBI introduces electronic forms for monitoring liquidation processes
IBBI introduces electronic forms to streamline liquidation, enhancing compliance. From record-keeping to distribution, the forms cover all stages. IPs face a deadline for ongoing cases under the new circular. The initiative aims to boost efficiency and accuracy in insolvency procedures.
India is witnessing high foreign remittances & FDI inflow: Goyal
India's thriving investment appeal is evident with high foreign remittances and FII inflows, while regulatory reforms and sector openings attract global interest. Elon Musk's potential investments in the space and EV sectors signal promising developments for India's economic growth and international partnerships.
Income tax Budget 2024 expectations: 10 ways the finance minister can ease income tax and financial burden of senior citizens
Income tax Budget 2024 expectations: A notable percentage of taxpayers in India are senior citizens since they receive income, frequently through passive means. ET Wealth Online interviewed three specialists to discuss senior citizens' expectations for the forthcoming Union Budget 2024.
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Union Budget 2024: By eliminating exemptions in direct taxes, complexities and litigation costs can be removed
The article delves into the historical quirks of taxation, from ancient Egypt to medieval England, highlighting the unique taxes imposed by various rulers. It discusses the current scenario of tax reform anticipation with the upcoming Union budget, resonating with the historical dread of tax season.
RBI to ease compliance burden while fine tuning regulations to address evolving risks
RBI Governor Shaktikanta Das emphasized the importance of strong governance and resilient financial systems at the global conference on financial resilience. Highlighting new guidelines set for release next month, Das noted the need for clear roles and responsibilities for boards and executive management, balancing business growth with robust risk management to ensure long-term success
DPIIT seeks industry inputs to reduce compliances, improve business ease
The Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh chaired a meeting discussing various initiatives to enhance ease of doing business. These include Jan Vishwas 2.0 aimed at reducing compliance burdens and criminalisation of laws. The meeting also focused on preparations for the World Bank’s upcoming B-READY index, which will assess regulatory frameworks and public services for firms.
IBBI proposes compliance procedures for IPs, seeks stakeholder feedback
The Insolvency Bankruptcy Board of India (IBBI) has proposed changes to the corporate insolvency resolution process (CIRP) forms and compliance framework to reduce compliance burden on insolvency professionals. The changes aim to reduce the amount of information and data required, enhance efficiency, and reduce redundancy.
Regulator plans to ease compliance burden on insolvency professionals
The bankruptcy regulator, IBBI, aims to reduce the compliance burden on insolvency professionals overseeing stressed asset resolution without compromising accuracy. It plans to streamline reporting, deadlines, and centralize information on a single website for easier access by stakeholders.
Central Excise Bill may be introduced in budget session
The Centre is set to introduce the Central Excise Bill, 2024 to replace the outdated Central Excise Act, 1944 and align excise law with GST and customs. The bill aims to reduce compliance burden, enhance transparency, and address excise duty exemptions for SEZs. It also empowers authorities to demand duty and introduces the concept of 'related persons' from customs and GST laws.
Bribe in EMIs! Corrupt Gujarat babus ‘with a heart’ now accepting bribe in installments
Gujarat government officials adopt a disturbing tactic, allowing citizens to pay bribes in installments, easing financial strain. Dubbed 'empathetically corrupt,' this method surfaces amidst reports of hefty bribes demanded, including a Rs 21 lakh demand split into nine EMIs. Cases like these highlight systemic corruption, prompting calls for stringent action. Reports indicate a surge in such incidents, emphasizing the need for immediate intervention.
Indian AI firms may face extra costs as EU’s AI Act kicks in
The European Union wrapped up approval of the world's first law governing AI development last week. This legislation takes a tiered approach, setting varying compliance timelines and regulations based on the potential risk each AI system poses. Generally applicable AI will have a year to comply, while high-risk systems get up to three years.
Most states out with draft rules under new labour codes, about 3 cr job opportunities in 2022-23: Labour secretary
Labour secretary Sumita Dawra said the labor reforms have been put in place with an eye on ease of doing business, simplification, and reduction in compliance burden, decriminalization and seamless dispute resolution, promotion of labor market flexibility at the same time in harnessing female participation, leveraging technologies, and meeting the scale needs of the economy, whether at the national or international level.
Sebi proposes to cut trading lot size of privately placed InvITs to boost investors' participation
Markets regulator Sebi on Thursday proposed to drastically reduce the trading lot size of privately placed infrastructure investment trusts (InvITs) to Rs 25 lakh in a bid to boost investors' participation and increase liquidity of such investment vehicles.
Company registrations drop in April, but LLPs continue to scale fresh peak
In April 2023-24, company registrations fell 3.7%, while LLPs surged 36%. The trend continued from the previous year, reflecting optimism and growth prospects despite technical challenges and a high base effect.
India’s growth can top 6.5% for a decade, says CEA Nageswaran
Chances are “quite high” that India’s growth exceeded 8% in the fiscal year that ended in March and the economy will likely expand more than 7% in the current financial year, he said. The rainfall pattern in the months ahead will be crucial for the growth outlook, he said.
Sebi's exemption to ease compliance burden for FPIs
The Securities and Exchange Board of India (Sebi) has exempted overseas funds, having more than 50% of their India equity assets under management in a single corporate group, in case the concentrated holdings of the funds are in a listed company with no identified promoter.
Centre raises M&A thresholds for antitrust regulator's nod
According to a notification by the ministry, two domestic companies pursuing M&A plans will now have to seek the Competition Commission of India's (CCI's) clearance if their combined assets and annual turnover in India exceed ₹2,500 crore and ₹7,500 crore, respectively, compared with ₹2,000 crore and ₹6,000 crore earlier.
Certain payments to units in IFSC exempted from TDS
The Indian government has exempted specific payments made to units of 14 service sectors in the International Financial Services Centre (IFSC) from TDS (Tax Deducted at Source) provisions, effective April 1. This move aims to reduce the tax compliance burden and is applicable to sectors like FinTech, banking, fund management, insurance intermediary, and investment banking.
Diamond cos tread on rule minefield; face compliance burden under new sanctions regime
Diamond houses in India are facing scrutiny under the new sanctions regime that began on March 1 to block Russian gems from affluent western markets. The Gem & Jewellery Export Promotion Council (GJEPC) has circulated guidelines and formats of self-declarations that diamond firms shipping to the US and EU must share with their buyers to avoid trouble.
Experts suggest regulatory reassessment to boost fintech sector and ease compliance burden
As the fintech sector gains size and scale, experts suggest the need to reevaluate regulatory policies to boost financial inclusion. The recent Reserve Bank of India's action on Paytm Payments Bank has left some in the industry perplexed, with concerns that the regulatory environment may impede fintech progress. Experts stress the importance of a balanced approach, fostering innovation while ensuring compliance with necessary regulations.
PFRDA updates regulations to cut compliance costs, prevent frauds
In a statement, the finance ministry noted that the amendments to Trustee Bank (TB) Regulations simplify and strengthen the provisions related to implementation of fraud prevention and mitigation policy, compensation to the subscriber, invitation of application for new registration and surrender of certificate of registration.
ET Now GBS 2024: Compliance burden set to be eased for insurance sector, says Debasish Panda, Chairman, IRDAI
India plans to reduce the number of regulations in the insurance sector and create a one-stop platform for insurance services. The country aims to promote ease of doing business and make insurance accessible to all income levels. India also plans to adopt a risk-based capital regime and harness technology for product diversification.
Fin sector, reforms may drive India's growth at 7 per cent in FY25, says government
Presented ahead of the interim budget for FY25, the review identified education, health and energy security; reducing the compliance burden for small businesses; and improving labour market gender balance as the priority areas for future reforms. It flagged the elevated risk of geopolitical conflicts as an area of concern.
Over 40,000 compliances eliminated or simplified: Piyush Goyal
“We have made a focused effort to reduce the compliance burden with over 40,000 different compliances across the country either being eliminated or certainly simplified,” Goyal said in an interaction with innovators and entrepreneurs.
Reducing compliance burden: Govt looking at provisions of metrology and explosives rules
"We are working on the Jan Viswas Bill 2.0. A working group of different ministries has been set up. We have formed smaller groups for individual legislation also. That exercise is on," the official said, adding that after the exercise is over, the bill will be put before the parliament for consideration.
Passive aggression, payment aggregators
Some degree of harmonisation would be required to level the playing field between traditional and new-age payment aggregators. Banks have been doing the job for a while now under strict supervision. Nimbler fintechs that want to go up against these giants will have to share some of the compliance burden.
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