MCA-CBIC MoU for exchange of Data
Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC) have signed a Memorandum of Understanding (MOU) on February 25, 2021.
- The MoU was signed and is now in the force for data exchange between both the organisations.
- It was signed by Joint Secretary of MCA, Shri Manoj Pandey and the ADG of CBIC, Shri B. B. Gupta.
- MoU comply with the vision of both the organisation to harness the data capabilities so as to ensure effective enforcement.
- With the signing of the MoU, MCA and CBIC will benefit from getting access to each other’s databases.
- These databases include the details regarding import-export transactions and consolidated financial statements of companies which are registered in India.
- The data sharing agreement has become more significance in the context of development of MCA21 Version 3.
- The MCA21 version will utilise state of the art technology to enhance ease of doing business across India.
- It will also improve the regulatory enforcement.
- With the signing of the MoU, sharing of data and information will be automatic and on regular basis between both the organisation.
- It will also enable sharing of specific information like Shipping Bill (Exports) Summary and Bill of Entry (Imports) from CBIC.
- It will also be sharing the financial statements with Registrar by corporates.
- MoU also ensure that both the organisation have seamless linkage between them for regulatory purposes.
- They will also share any information available in their respective databases for the purpose of investigation, prosecution, scrutiny, and inspection.
Apart from that, a Data Exchange Steering Group was constituted for the initiative. The group will meet on regular basis to review the data exchange status. It will also take steps to improve effectiveness of data sharing mechanism.
Category: Economy & Banking Current Affairs