National Advisory Board calls for integrated management for climate-resilient agriculture (See 'Corp Brief') Arbitration - Where arbitration proceedings are meant for resolving civil & contractual disputes, they cannot be invoked to resolve penal offences under the Negotiable Instruments Act: HC (See 'Legal Desk') Centre of Excellence to advance Indigenous Telecom R&D (See 'Corp Brief') 102 Route Km Wadi-Raichur Section to be upgraded with 2×25 kV Electric Traction System (See 'Corp Brief') A & C Act - Private contractual confidentiality clause cannot override statutory or legal obligation to disclose documents directed by court of law: HC (See 'Legal Desk') CERT-In conducts 10 Cyber Security Exercises on AI-Driven Cyber Threats (See 'Corp Brief') Sonowal urges 'Faster Execution', calls for 'Speed & Scale' to meet 2030 maritime targets (See 'Corp Brief') NDPS - While mere non-compliance with procedural mandates of Sec 52A of NDPS Act is not automatically fatal to prosecution, it necessitates heightened scrutiny test of remaining evidence: HC (See 'Legal Desk') India Mobile Congress 2026 - scaling without boundaries forms goal (See 'Corp Brief') MoRD and PCI India ink MoU to bolster women-led enterprises through public procurement (See 'Corp Brief') 5.56 lakh recruitments done since 2014, Including 50,485 in Southern Railway: Vaishnaw (See 'Corp Brief') Trade Mark - Interim injunction allowed where plaintiff successfully satisfies triple test by a strong prima facie case, imbalance of convenience & irreparable injury: HC (See 'Legal Desk') Corporate Mitra Scheme Awareness Webinar organized by IICA Shillong (See 'Corp Brief') Assam Exports First International Consignment of Purabi Ice Cream to Bhutan (See 'Corp Brief') IPR - If plaintiff demonstrates prior adoption, statutory registrations, commercial reputation, and prima facie deceptive similarity between rival marks used for identical goods through common trade channels, ex parte injunction may be granted: HC (See 'Legal Desk') Common Service Centres increase from 83,950 to 5,01,731 (See 'Corp Brief') RM calls for tech-driven preventive healthcare to enhance combat readiness (See 'Corp Brief') A&C - Once claim is consciously and formally withdrawn by party, arbitrator completely loses jurisdiction to adjudicate upon it: HC (See 'Legal Desk') Railways approves Rs 163 Crore Electric Traction Upgradation in South Central Railway (See 'Corp Brief') Govt promotes indigenous Potash Production and Alternative Nutrient Sources (See 'Corp Brief') IBC - Personal guarantee expressly drafted as a continuing and irrevocable guarantee does not stand discharged merely because the guarantor resigns as director of the corporate debtor: NCLAT (See 'Legal Desk') CCI approves amalgamation of Go Digit Infoworks with Go Digit General Insurance (See 'Corp Brief') CCI okays acquisition of units of Oaktree capital group by Brookfield Asset Management (See 'Corp Brief') IBC - If IRP is allowed to perform only limited functions during period when CIRP is under substantial judicial restriction, IRP is not automatically entitled to full professional fees at minimum monthly rate: NCLAT (See 'Legal Desk') Amritsar becomes second spoke airport under India's International Aviation Hub Strategy (See 'Corp Brief') RRBs post Highest-Ever Net Profit of Rs. 10,177 Crore in FY 2025-26 (See 'Corp Brief') PMLA - Retention or continued freezing of a person's property cannot be permitted solely or primarily on ground that investigation is ongoing: SAFEMA TRIBUNAL (See 'Legal Desk') NHAI Successfully defends Major Arbitration Case to Safeguard Public Funds (See 'Corp Brief') Companies Act - Coal beneficiation cannot per se be excluded from ambit of manufacturing process to justify quashing of criminal complaint at preliminary stage: HC (See 'Legal Desk') Digital India BHASHINI conducts Multilingual AI Workshop for Haryana Vidhan Sabha (See 'Corp Brief') MISC - RBI, possessing superior expertise in financial administration over cooperative authorities, has independent power to supersede board of a cooperative bank under the Banking Regulation Act - Principles of natural justice do not apply to Section 36AAA of Banking Regulation Act 1949: HC (See 'Legal Desk') Youth Unrest & CJP Agitation: Key Learnings (See CORP EINSICHT) IPR - Patent offices cannot rely on mere hypotheses or hindsight to dismiss technical advancement: HC (See 'Legal Desk') 'Corporate Mitra Scheme' Awareness Webinar Successfully Organized by IICA Shillong (See 'Corp Brief') Rajya Sabha organises Orientation Programme for newly elected Members (See 'Corp Brief') IBC - 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MCA inks MOU with CBIC & MF for data exchange

Published: Mar 01, 2021

By TIOLCORPLAWS News Service

MUMBAI, MARCH 01, 2021: A formal Memorandum of Understanding (MOU) was signed on February 25, 2021 between the Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC), Ministry Of Finance (MF) for data exchange between the two organizations. The MoU was signed by Shri Manoj Pandey, Joint Secretary MCA and Shri B. B. Gupta, ADG, CBIC in the presence of Secretary, MCA and Chairman, CBIC. The MoU is in line with the vision of MCA and CBIC to harness data capabilities to ensure effective enforcement. Both the organizations are going to benefit from access to each other's databases which include details of import-export transactions and consolidated financial statements of companies registered in the country. The data sharing arrangement gains significance in light of development of MCA21 Version 3 which will utilize state of the art technology for enhancing ease of doing business in India and improve the regulatory enforcement and similar steps by CBIC like the launch of ADVAIT (Advanced Analytics in Indirect Taxation) a 360-degree taxpayer profiling tool. AI/ML, data analytics will play a critical role in achieving this synergy.

The MoU will facilitate the sharing of data and information between MCA and CBIC on an automatic and regular basis. It will enable sharing of specific information such as details of Bill of Entry (Imports), Shipping Bill (Exports) Summary from CBIC and financial statements filed with the Registrar by corporates, returns of allotment of shares. The MoU will ensure that both MCA and CBIC have seamless linkage for regulatory purposes. In addition to regular exchange of data, MCA and CBIC will also exchange with each other, on request, any information available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution. Technology and data will play a critical role going forward in fulfilling the Government's vision of minimum government, maximum governance and both MCA and CBIC are well placed to fulfill this vision. The MoU comes into force from the date it was signed and is an ongoing initiative of MCA and CBIC, who are already collaborating through various existing mechanisms. A Data Exchange Steering Group also has been constituted for the initiative, which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the data sharing mechanism. The MoU marks the beginning of a new era of cooperation and synergy between the two organizations.

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