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MCA signed MoU with CBIC

Published on February 27, 2021
Current Context: The Ministry of Corporate Affairs (MCA) has signed an MoU with the Central Board of Indirect Taxes and Customs (CBIC).
MCA signed MoU with CBIC
  • The MoU is signed for having an Exchange of Data between both entities.
  • This MoU will lead to having data sharing on an automatic and regular basis, and thus will provide ease of doing business in India.
  • The MoU will also help to maintain the vision of both the organisation, which is to harness data capabilities and have effective enforcement.
  • They will be sharing data related to import-export transactions and financial statements of companies registered in the country. They will be sharing specific data like Bill of Entry (Imports), Shi­pping Bill (Exports), financial statements filed with the Reg­istrar by firms, and returns of allotment of shares for regulatory purposes.
  • Both organisations will be utilizing data analytics and artificial intelligence platforms to have data exchange.
  • The MoU will also allow both organisations to conduct scrutiny, inspection, investigation and prosecution by sharing data with each other.
  • Static Part: 
    • Union Minister of Corporate Affairs: Nirmala Sitharaman
    • HQ of CBIC: New Delhi
    • Chairman of CBIC: M Ajit Kumar

Question: 

Q.1 With which organisation has the Ministry of Corporate Affairs signed MoU to have data exchange?
a. Employees Provident Fund Organization,
b. Institute of Chartered Accountants of India
c. Central Board of Indirect Taxes and Customs
d. Securities and Exchange Board of India
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