By K Singhania & Co | July 21, 2015

Published in
Initiatives for ease of doing business in India

From red tape to red carpet

The new government with its innovative reforms is trying its best to revive the economy. India has become a business friendly market for international investors, attracting new capital inflows. The Modi government through its various initiatives is implementing diverse ways to ease the business process in India. To boost the economy the government has taken following measures:

  • Requirement of common seal for companies removed
  • Minimum paid-up capital criterion for registration of firms removed
  • Requirement of filing declaration of commencement of business removed
  • Single step incorporation of companies through INC-29 Form
  • Loans and guarantee to fully owned subsidiaries allowed
  • Process to approve related party transaction made simpler
  • Board’s resolutions taken off disclosure requirements
  • Order to facilitate revival and rehabilitation of MSMEs issued
  • Customs Clearance Facilitation Committees (CCFCs) constituted at ports for expeditious clearance of goods.
  • Five services of company incorporation, allotment of PAN & TAN and registration with ESIC & EPFO through a single process on eBiz portal
  • Assessment framework for ranking of states released
  • Investment by NRIs to be deemed as domestic investment at par with the investment by residents
  • Initial validity of Industrial License for Defence Sector revised to seven years, extendable up to three years
  • FDI Policy mapped with NIC Code 2008
  • SEZ Units allowed to remove goods for repair, replacement, testing, calibration, quality testing and research and development on self-attestation

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