Negotiable Instruments Act - High Courts should issue practice directions to Magistrates to record reasons before converting trial of complaints u/s 138 of the Negotiable Instruments Act from summary trial to summons trial: SC (See 'Legal Desk') IBC - There is no collusion between Liquidator and Respondent to defeat rightful claims of ex-workers: NCLAT (See 'Legal Desk') Airlines may cut losses to Rs 10,000 cr this fiscal: CRISIL (See 'Corp Brief') Ease My Trip, Cleartrip partner with MoT to strengthen tourism (See 'Corp Brief') Limitation Act - Reflection of debt in books of accounts amounts to acknowledgment of debt u/s 18 of the Limitation Act, 1963 - SC Lager Bench (See 'Legal Desk') PMLA - Bail application can be rejected considering nature of accusations against the applicant, his conduct and non-co-operation in investigation: HC (See 'Legal Desk') IBC - CIRP is time bound process and Appellant being outsider is neither aggrieved party in process of CIRP nor has locus standi to file the appeal: NCLAT (See 'Legal Desk') Arbitration – HC can interfere with impugned award u/s 34 to the extent it is patently illegal and erroneous on face: HC (See 'Legal Desk') IBC - Right to extend date of limitation can't be availed even without Debtor's acknowledgement of one's debt: NCLAT (See 'Legal Desk') L & T appoints Anil Rander as CFO Construction arm of L&T receives multiple orders worth Rs 2,500 crore Apple makes USD 200 mn Restore Fund to reduce carbon NIXI announces 3 initiatives to boost adoption of IPv6 (See 'Corp Brief') Microsoft to promote digital agriculture in 100 Indian villages (See 'Corp Brief') Mall revenues to be lower than pre-pandemic level in FY22: CRISIL (See 'Corp Brief') Dassault Systemes Foundation to support Indian entrepreneurs (See 'Corp Brief') Companies Act, 2013 - Conditions u/s 212(6)(b) ought to be fulfilled even when fraud committed u/s 447 causes no loss to public exchequer and interest: HC (See 'Legal Desk') IBC - Appeal should be dismissed as Appellant is not serious in pursuing his remedy before NCLT: NCLAT (See 'Legal Desk') SEBI Regulations - Mere 'forwarded as received' WhatsApp message circulated on group regarding quarterly financial results of Company closely matching with vital statistics some time before the publication of same does not amount to UPSI: SAT (See 'Legal Desk') Trade Mark Act - Plaintiff is prior user and adoption of impugned mark by defendant is prima facie dishonest: HC (See 'Legal Desk') Pandemic turns into 'Kalashnikov' - A Pogrom against the Poor!

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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