Steps for integrating DIN with e-biz portal complete: MCA
NEW DELHI: Moving forward with efforts to make the country a better place for doing business, the Ministry of Corporate Affairs has completed "arrangements" for integrating certain registration requirements with the upcoming unified e-business portal.
Besides, the Ministry -- which is implementing the Companies Act -- has taken steps to make compliance and reporting more easy and convenient for corporates.
The new government has initiated a slew of measures, including changes to the new companies law, aimed at ease of doing business.
"Arrangements have been completed for integration of Name Availability, allotment of Direct Identification Number (DIN), Company Incorporation and Commencement of Business with the unified e-business portal being developed by the Ministry of Industries and Commerce," Corporate Affairs Ministry has said.
Once the integration is complete, it would be more easy for companies in terms of getting DIN, among others, through the new portal.
According to a document, that provides a snapshot of the Ministry's activities in the last seven months, four prescribed forms have been discontinued along with substitution of a simple declaration instead of affidavits for several purposes.
The procedural requirements for foreign nationals to be directors in domestic companies have been "drastically reduced," it added.
The fee payable by small companies for various services have also been cut.
As per the Ministry, arrangements to enable domestic companies to follow new accounting standards -- IndAS, that are converged with the International Financial Reporting Standards -- have been completed.
"This will facilitate access for Indian companies to international capital markets," it said.
Separately, the Ministry has proposed amendments to the new companies law in addition to about 40 clarifications provided with respect to various provisions since the Act came into force from April 1.
"After consultations and interactions with business chambers, corporate and accounts professionals 40 clarifications/ elaborations have been made in the form of circulars. These have removed doubts and facilitated a smooth implementation of Companies Act, 2013.
"Fifteen amendments in various Companies Rules have also carried out to achieve similar objectives," the document said.
Practising Company Secretary
Chennai
Mobile 93810 11200
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