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Lighter compliance burden, easier debt resolution for small companies
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With a focus on ease of doing business, the government would take up decriminalisation of compoundable offences under the Limited Liability Partnership Act, Sitharaman said.
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The minister also announced changes to the rules governing one-person companies (OPCs).
More companies are set to benefit from a lighter compliance burden as the finance minister has proposed to revise the definition of a small company under India’s corporate laws.
Also, firms will find it easier to resolve their debt, and the mergers and acquisitions space will likely see increased activity, as Nirmala Sitharaman said the government would introduce alternative methods of debt resolution including a special framework for micro, small and medium enterprises, along with measures to strengthen the National Company Law Tribunals.
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Economic Survey lays down ground rules for RBI to end COVID-19 forbearance policies
The continuation of forbearance policies has unintended and detrimental consequences for banks, companies and the economy, the Survey said
Anand Adhikari | January 29, 2021 | Updated 19:37 IST
The Economic Survey has laid down five ground rules for RBI to end the current forbearance regime
The global financial crisis of 2008 holds important lessons for banking regulators around the world on timely exit from regulatory forbearance policies, the Economic Survey 2020-21 has said.
The continuation of forbearance policies has unintended and detrimental consequences for banks, companies and the economy, the Survey said, adding that the Indian banking sector was a witness to it after the 2008 crisis when a delayed discontinuance of forbearance regime led to non-performing assets (NPAs) shooting up.