News Update

Govt to partner with Private Sector in future technology: MoSHealth Ministry sets up Committee to review tax rates for smoking and smokeless tobacco products for Budget 2022COVID-19: India’s R-value continues to be below 1 since SeptemberBangladesh PM asks HM to take action against riot incitersChina appoints West-sanctioned official as Tibet Party Unit ChiefGST - No re-hearing of a concluded matter is permissible while seeking review: HCGST - Grounds urged may be grounds of appeal but would not be grounds for review within the ambit and meaning of s.114 r/w Order 47 Rule 1 of the Code of Civil Procedure, 1908: HCGST - Refund of accumulated ITC - CBIC Circular 160 clarifies that restriction imposed under s.54(3) does not cover goods which are subject to Nil rate/fully exempt from export duty - petition allowed: HCNDPS - Non-compliance of s.42(2) and s.50 of the Act would go to the root of the matter and vitiate the trial - Overall evidence does not at all inspire confidence and, therefore, it is highly unsafe to rely upon the same: HCCOVID-19: India reports 12K new cases with 164 deaths but graph spiralling for UK with over 49K cases in 24 hoursNITI Aayog launches Geospatial Energy Map of IndiaUS tongue-lashes attack on Hindus in BangladeshCus - IS 1460:2017 mandates that 22 parameters are to be met - There is no exception that even if a few parameters are met, the product could still be considered as HSD: CESTATGovt appoints officers with new jurisdiction for Plant Protection, Quarantine & StorageISA Assembly to debate on PM's 'One Sun One World One Grid' InitiativeRBI fines SBI Rs one crore for non-complianceCus - Burden is on the revenue, when the classification claimed by the appellant is challenged, to prove that the product is other than base oil: CESTATChinese draft legislation proposes to penalise parents for bad behaviour by children
Untitled Document

GENERAL CIRCULAR NO

26/2012; August 23, 2012

OFFICE MEMORANDUM

Subject:-Constitution of a Committee for Reforming the Regulatory Environment for doing Business in India.

The undersigned is directed to state as under:-

1. The report of The World Bank and the International Finance Corporation, entitled “Doing Business 2012: Doing business in a very Transparent World”, India has been ranked at a low of 132 amongst a sample of 183 countries. Although, there is a seven - point improvement over 2010 ranking of 139. However, India continues to lag behind even the BRIC and SAARC countries on most of the parameters.

2. Easing of business environment mandates extensive examination of regulations in different areas of root functioning such as financial reforms, governance reforms, liberalized policy framework, process reforms, etc.,. Thus there is a need to conduct an in-depth study into the entire gamut of regulatory framework and come out with a detailed roadmap for improving the climate of business in India in a time bound manner. Such an exercise needs to be undertaken for periodical improvement in the ranking, leading to a situation where India gradually moves towards upward position with almost zero hassles.

3. Accordingly, to achieve this, it has been decided to constitute a Committee to conduct this study and prepare a detailed report within a period of six months. The Committee shall consist of following persons:

I. Mr. M. Damodaran - Chairman

II. Members:

1. Shri Y.C Deveshwar, Chairman, ITC

2. Shri Ishaat Hussain, Director, Tata Sons Limited

3. Shri K.V. Kamath, Chairman, Infosys

4. Shri Madhu Tandon,

5. Shri Anand Mahindra, Chairman, Mahindra Group

6. Shri Kumar Mangalam Birla, Chairman, Aditya Birla Group

7. Chairman, SEBI or his nominee

8. A representative of Reserve Bank of India

9. Shri R.K. Pachauri, Vice-Chairman, TERI

10. Shri Vijai Sharma, Ex. MoEF Secretary

11. Shri Subas Pani, former Secretary, M/o Rural Development

12. A representative not below the rank of Joint Secretary from M/o Power

13. A representative not below the rank of Joint Secretary from M/o Petroleum

14. A representative not below the rank of Joint Secretary from M/o Highways

15. A representative not below the rank of Joint Secretary from M/o Urban Development

16. A representative not below the rank of Joint Secretary from M/o Commerce & Industry

17. A representative not below the rank of Joint Secretary from M/o Economic Affairs

18. Shri Amitabh Choudhary, CEO, HDFC Standard Life

19. Shri Anil Bharadwaj, Secretary General, FISME

20. Shri P.R. Ramesh, Chairman, Deloitte India

The Indian Institute of Corporate Affairs (IICA) will render the necessary secretarial assistance and logistic support to the Committee which shall submit its report to the Ministry of Corporate Affairs not later than six months from the date of holding of its first meeting. Further, the committee is free to hold its meeting at anywhere in India as decided by its chairman. The Chairman of the Committee shall be free to make its own procedure for conducting the meeting of the Committee.

4. In carrying out its task the Committee may,

(a) Elicit opinions about the policy action initiatives required and the changes in the statute required for meeting the objective of conducive business environment.

(b) Hold wide consultations with all the stakeholders in the corporate sector, academics and members of public;

(c) Issue questionnaires and invite written comments through public advertisements; and

(d) Take such other steps as may be considered necessary to suggest a comprehensive policy framework to enable regulatory environment for doing business in India.

This issues with the approval of Hon’ble Corporate Affair Minister.

No.11/08/2012-CL.V

(Sanjay Shorey)
Joint Director