MCA inks MoU with CBIC for data exchange to boost regulatory enforcement

New Delhi, February 26: To improve the regulatory data exchange, the Corporate affairs ministry has entered in MoU with the Central Board of Indirect Taxes and Customs (CBIC). Joint Secretary of MCA, Manoj Pandey, and ADG of CBIC, B. B. Gupta signed the MoU on February 25.

 

 

According to a statement by the Ministry of Corporate Affairs (MCA) will facilitate the sharing of data and information between MCA CBIC on an automatic and regular basis. This database includes the details of the import-export transactions and consolidated financial statements of companies registered in the country. In addition to regular exchange of data, CBIC will also share specific information like Shipping Bill (Exports) Summary and Bill of Entry (Imports)to MCA.

 

 

The data-sharing agreement has become more significant in the context of the development of MCA21 Version 3. The MoU is aimed to enhance ease of doing business, will use data analytics and artificial intelligence to improve regulatory enforcement. They will also share any information available in their respective databases for the purpose of the investigation, prosecution, scrutiny, and inspection.

 

MoU will further ensure that both the organisation have a seamless linkage between them for regulatory purposes.

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