Question: What is the rank of India in the Doing Business 2019 report published by World Bank?
(a) 100th
(b) 78th
(c) 79th
(d) 77th
Answer: (d)
Related facts:
- On 20th December 2018, Ministry of Corporate Affairs has released its Year Ender-2018 which highlights the details of Year-long achievements of Ministry.
- India has advanced its ranking on the World Bank’s “Doing Business 2019”report released on 31st October, 2018.
- According to the report, India has moved up 23 spots to 77th rank as compared to 100th position in 2017 by further improving its rank in six out of ten performance evaluating criteria’s relating to starting and doing business in India.
- In conduct to objective of providing greater Ease of Doing Business to all shareholders, transparency in corporate structure has been enhanced and better corporate conformity so as to increase the efficiency of the processes under Companies Act, 2013, the Ministry of Corporate Affairs (MCA) has taken several landmark initiatives / decisions.
- Provisions regarding E-Governance:
- Introduction of RUN – Reserve Unique Name web service for name: To introduce a web based service named as RUN – Reserve Unique Name for constructing the Name Reservation process Rapid, Steady, Elementary and condensing the number of rules with effect from 26th January 2018 for Companies and from 2nd October 2018 for LLPs (Limited Liability Partnership).
- Re-engineering the process of allotment of DIN (Director Identification Number).
- Exemption of MCA fee for company incorporation.
- Deployment of e-forms due to IFSC & exemption notifications, amendment to Companies Act, CRL-1, implementation of Condonation of
- Delay Scheme (CODS).
- eKYC drive for directors of all companies.
- Integrated form for LLP (FiLLiP) incorporation.
- Setting up Central Registration Centre (CRC) for “name reservation” and “incorporation” for LLPs.
- National Company Law Tribunal:
- To accelerate matter related to issues which needs resolving for bankruptcy and failure, MCA further proposed to set up 8 special courts under the National Company Law Tribunal so to deal with the failure cases.
- These courts are proposed to be set up in Mumbai, Delhi, Chennai, Kolkata and Hyderabad. The aim is also to strengthen the insolvency process for faster resolution of NPAs.
- Indian Accounting Standard:
- MCA has notified Indian Accounting Standard (Ind AS) 115 in order to bring about more transparency in accounting, which would be effective from 1st April 2018.
- Dematerialization of Securities of Unlisted Public Sector Companies:
- For Corporate structure bodies, dematerialization of securities, especially in terms of KYC and investor protection, the Government’s focus is on Digital India and thrives to enable the provisions available under section 29(1) (b) of the CA-13; the Ministry has modified the applicable rules so as to apply the dematerialization requirements for public companies, in addition to listed companies.
- Investor Education & Protection Fund (IEPF):
- The Investor Education & Protection Fund (IEPF) authority disclosed its new logo in 2018 in order to provide for strong brand presence and acceptance.
- The IEPF authority also signed a Memorandum of Understanding (MoU) with the CSC e-governance Services India, wherein the CSC would determine village level entrepreneurs for investor awareness projects.
- MCA is earnestly looking at further modifications in IEPF.
- Competition Matters:
- For enlarging the opportunity for debate of competition in India and to bring the best practices from around the world on competition issues, Competition Commission of India (CCI) successfully anchored the 17th International Competition Network (ICN) Annual Conference in March 2018 in New Delhi.
- Nearly 500 professional attended the conference from 70 plus countries, which included heads of competition agencies, representatives and shareholders consisting of legal and economic professionals, international organizations and academics.
Links:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=186630
http://www.mca.gov.in/
https://economictimes.indiatimes.com/news/economy/policy/ministry-of-corporate-affairs-weighs-proposal-to-update-companies-act/articleshow/66340737.cms
https://www.hindustantimes.com/business-news/over-2-25-lakh-companies-may-be-struck-off-in-fy19-for-not-filing-annual-returns/story-wm1ejhibFvDKDvT8fxnKgK.html