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Mar 05, 2024
MCA plans the next round of crackdowns on inactive companies
The Ministry of Corporate Affairs (MCA) is planning to crack down on inactive companies in the coming months of June or July. This action aims to continue the work done in recent years, where around 500,000 companies were removed for not being active. The main goal is to get rid of companies that have been used for illegal money activities. This effort follows the big push to clean up the corporate sector that started right after demonetisation in 2016.
At the same time, the MCA has set up a new center to help companies close down faster and easier than before. Now, it will take about 100 days to shut down a company voluntarily, which is much quicker than the previous two years it used to take. The government hopes this will make companies take rules and regulations more seriously.
India's Finance Minister plans monthly meetings to boost Fintech growth
India's Finance Minister, Smt. Nirmala Sitharaman, recently met with leaders from about 50 startups and fintech companies to talk about how to better support innovation and follow rules in the fintech sector. In this meeting, she introduced a forward thinking initiative for monthly online discussions between major regulators, such as the Reserve Bank of India (RBI), and emerging fintech entities. This plan is meant to make it easier for these companies to discuss any problems and understand the rules more clearly.
Smt. Sitharaman emphasized the importance of these fintech companies innovating while also making sure they stick to the regulations. To help with this, she also asked the Department of Financial Services (DFS) to set up a workshop with law enforcement agencies. This workshop would give fintech companies a chance to share their challenges and issues. It is anticipated that this strategy will increase transparency in the fintech industry, assist businesses in better understanding rules, and encourage them to develop innovative financial services.
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