10-03-2021 | 15:20 PM
MCA signs pact with CBIC for data exchange
Context
The Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance signed a Memorandum of Understanding (MOU) for data exchange between the two organisations. The MoU was signed by Shri Manoj Pandey, Joint Secretary, MCA, and Shri B. B. Gupta.
Key Highlights
On February 25, the MoU was signed and is now in the force for data exchange between both the organisations.
The MoU is in line with the vision of MCA and CBIC to harness data capabilities to ensure effective enforcement.
Both the organisations 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 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, Shipping Bill Summary from CBIC and financial statements filed with the Registrar by corporates, returns of allotment of shares.
The MoU will also ensure that both MCA and CBIC have seamless linkage for regulatory purposes.
In addition to regular exchange of data, MCA and CBIC on request will also exchange with each other, any information available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution.
A Data Exchange Steering Group was constituted for the initiative. The group will meet on regular basis to review the data exchange status. It will also take steps to improve effectiveness of data sharing mechanism.
The MoU comes into force from the date it was signed and is an ongoing initiative of MCA and CBIC.
