Finance Minister gave the mantra to run the government! Told how the work of the government should be

New Delhi. Finance and Corporate Affairs Minister Nirmala Sitharaman has given the mantra to run the administration. He said that governance should be simple, transparent and enhance the convenience of the people. He said this while reviewing the work of company registrars and regional directorates. The Finance Minister stressed on making the processes simpler and the system more convenient for the common people to reach the goal of ‘Developed India 2047’.

He said that legal reforms like Insolvency and Bankruptcy Code (IBC) show that India is keeping pace with the changing times. The minister also suggested creating a ‘live dashboard’ to bring more transparency in the functioning of the Corporate Affairs Ministry and asked officials to find ways to effectively disseminate information about legal requirements to the people.

…so that service can be provided on time
Sitharaman said that governance should be simple, transparent and convenient. The ministry will have to work keeping the future in mind, so that all stakeholders can get timely services. He discussed in detail with the Registrars of Companies and Regional Directorates. This included topics like processing of forms, fast track merger, registration or voluntary closure of companies and LLPs, e-governance, investigation process, prosecution and appeals. The Registrar of Companies and regional directorates come under the Ministry of Corporate Affairs, which enforces company law and other laws.

Government is changing the law
The Finance Minister said that the Ministry has repeatedly made necessary amendments in the Companies Act and Rules to keep pace with the changing times. Praising the Indian corporate governance system, he said that providing transparent financial information has increased people’s trust. He also stressed on the role of the Ministry to strengthen the governance structure of companies by giving them proper guidance and regulation. This will also help in running and organizing the company.

Emphasis on simplifying the rules
Secretary of the Ministry of Corporate Affairs, Deepti Gaur Mukherjee said that the ministry has unified its rules related to enforcement. Work is also underway to simplify procedures and rules to make services more transparent and timely. All these changes are being made to simplify corporate functioning and bring transparency in it. This will not only boost ease of doing business in the country, but will also help in attracting foreign companies to invest here.