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Current Affairs

CFSS-2020- Launched by Ministry of Corporate Affairs

Current Context: Ministry of Corporate Affairs (MCA) has launched a scheme called “Companies fresh start Scheme 2020” with an aim to provide relief to law-abiding companies and the Limited Liability Partnerships (LLP) because of COVID-19 pandemic in the country.
CFSS-2020- Launched by Ministry of Corporate Affairs
  • Therefore, the scheme will lessen the compliance burden during this worst health situation and will provide immunity to stakeholders who are unable to file mandatory documents along with annual filing to ROCs.
  • The Ministry has decided to provide an opportunity to all the companies registered in India to make a fresh start on a clean slate.
  • The CFSS-2020 will remain enforced from 1st April 2020 to 30th Sep 2020.
  • The Scheme also provides an opportunity to the inactive company to convert into a dormant company under section 455 of companies’ act, 2013 by filing form MSC-1 with nominal fees & help the inactive companies to remain on ROCs register with minimum compliance requirement.
  • MCA has also revised “LLP Settlement Scheme 2020”: 
    • It provides chances to the LLPs to make good in any filing related defaults; irrespective of the duration of any default and thus enables them with a fresh start.

Static Part: 

  • Current union Minister of Corporate Affairs: Nirmala Sitharaman.

Question:

Q.1 What does C stands in the CFSS-2020 Scheme?
a. Corporate
b. Co-ordinate
c. Companies
d. Calculation
CFSS-2020- Launched by Ministry of Corporate Affairs CFSS-2020- Launched by Ministry of Corporate Affairs Reviewed by Neha Verma on March 31, 2020 Rating: 5

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