Financial Daily from THE HINDU group of publications
Tuesday, Jun 17, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jun 17, 2003 |
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Money & Banking
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Public Sector Banks Corporate - Regulatory Bodies & Rulings Industry & Economy - Taxation Plan to rope in more banks for collection of tax dues Our Bureau
NEW DELHI, June 16 THE Department of Company Affairs (DCA) proposes to rope in more public sector banks (PSBs) to undertake collection of statutory dues prescribed under the company law. This move comes close on the heels of the decision of Central Board of Excise and Customs (CBEC) to adopt a multiple banking approach for collection of indirect taxes. The DCA has now sought the Reserve Bank of India's nod for appointing more designated PSBs. Currently, Punjab National Bank (PNB) is the only bank appointed to collect the fees stipulated by DCA. "We want to broadbase the list by roping in more designated public sector banks. ICICI Bank and HDFC Bank are also included in the list. We are waiting for RBI nod", Dr Sheela Bhide, Joint Secretary, DCA, said at national seminar on `Companies (Amendment) Bill 2003', organised by the Institute of Company Secretaries of India (ICSI) here. The DCA is also asking State governments to amend their Stamp Acts to enable easy filing of documents at lower cost. As part of its overall efforts to make life easy for corporates and facilitate growth, the DCA intends to re-engineer its services to reduce the cost of doing business in the country. The department is working on a DCA-21 programme that is expected to roll out in December 2004. Besides computerisation of the Registrar of Companies (RoCs), plans are afoot to enable online registration of companies, e-filing of returns and documents and payment of fees through credit and debit cards. The department is also setting up front offices to facilitate compliance requirements for small and medium enterprises. Ms Bhide said that mobile offices would be introduced in "peak seasons" for helping out the corporate assesses. Further, the DCA proposes to allocate Global Location Number (GLN) to Indian companies to enable investors abroad to access information online. Further, DCA is setting up a National Foundation for Corporate Governance in collaboration with the Institute of Chartered Accountants of India (ICAI), ICSI and Confederation of Indian Industry (CII). "The Foundation will impart training to independent directors on their role in ensuring effective Board functioning. The institute is funded through the assistance of multilateral agencies", Ms Bhide said. DCA is also thinking in terms of appointing certain professional agencies to undertake rating of corporate governance.
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