IPR - Permanent injunction issued against Defendant, prohibiting him from using 'VIVO' mark or any similar marks that could cause confusion and prevent any misrepresentation: HC (See 'Legal Desk') IPR - Superlative injunction opens up additional route for plaintiffs to avail grant of real-time reliefs against infringing activities of 'rogue' defendants, irrespective of mode thereof: HC (See 'Legal Desk') Need of strengthening SHG-led FNHW interventions Stressed (See 'Corp Brief') Santosh Kumar Takhele takes addl charge as Regional Executive Director, NTPC (See 'Corp Brief') IPR - Franchise India can't be allowed to pass off their products as that of Rasna's, since it may confuse members of trade and also of general public involved: HC (See 'Legal Desk') Scindia interacts with Postal and Sorting Assistants for spirit of 'Dak Sewa, Jan Sewa' (See 'Corp Brief') ESIC launches SPREE 2025 to expand Social Security Coverage (See 'Corp Brief') FERA - No penalty can be levied if therre is no default in realization of export proceeds: SAFEMA (See 'Legal Desk') CCI again penalises Federation of Publishers' and Booksellers' Association (See 'Corp Brief') CCI approves acquisition of equity in NACL Industries by Coromandel International (See 'Corp Brief') Hardeep Puri highlights LPG Connections and Oil & Gas Reforms (See 'Corp Brief') Arbitration and Conciliation Act 1996 - 613-day delay in filing appeal can be condoned where no valid explanation is given for this inordinate delay: HC (See 'Legal Desk') CCI nod for investment by British International in ReNew Photovoltaics (See 'Corp Brief') CCI okays acquisition of shares of Billionbrains Garage Ventures by Viggo Investment (See 'Corp Brief') IBC - Request for timeline for disbursal of claim in form of query, rather than request for information u/s 2(f) of RTI Act, is not permitted: IBBI (See 'Legal Desk') Pondicherry Univ launches Governance Cell to inspire Next-Gen Public Leaders (See 'Corp Brief') MoS discusses Coastal Action Plan, Deep Ocean Prospects in Puducherry (See 'Corp Brief') IPR - Controller of Patents must clearly specify in hearing notice 'known substance' against which claimed invention of applicant is being assessed: HC (See 'Legal Desk') MoU signed to develop MY Bharat 2.0 Platform (See 'Corp Brief') 8th National Level Steering Committee meeting of Atal Bhujal Yojana held (See 'Corp Brief') SARFAESI - If borrowers have already availed remedy u/s 17 and secured creditor has no other alternative remedy, then creditor can avail remedy of petition under Article 227: HC (See 'Legal Desk') Centre issues Model Rules to States to aid Ease of Doing Business in Agroforestry (See 'Corp Brief') We have to make cycling trend in this modern generation: Mandaviya (See 'Corp Brief') Arbitration & Conciliation Act - Commercial Court not justified in refusing to release 25% of arbitral award to petitioner-company solely due to its change of name: HC (See 'Legal Desk') Sonowal hails Brahma Kumaris for 50 years of spiritual service and human upliftment (See 'Corp Brief') CEA organises All-India Electrical Safety awareness programme (See 'Corp Brief') SEBI - Delay in filing appeal not condonable where facts reflect that appellant was clearly aware of proceedings commenced by SEBI but did not prosecute appeal: SAT (See 'Legal Desk') Why Family Businesses in India Are Losing Their Own Bloodline (See CORP EINSICHT)

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.

TIOL CORP SEARCH

TIOL GROUP WEBSITES