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Posted 17 Feb 2024

Updated 22 Mar 2024

1 min read

  • CPC is established for centralised processing of regulatory compliance forms filed under Companies Act and Limited Liability Partnership Act.
    • It will process applications in time bound and faceless manner on lines of Central Registration Centre (CRC) and Centralized Processing for Accelerated Corporate Exit (C-PACE).
      • CRC provides services for speedy incorporation of companies whereas C-PACE provides centralised processing of applications for voluntary closure of companies.
  • EoDB refers to simplicity, efficiency, and cost-effectiveness of setting-up, operating, and closure of businesses in a particular territory.
     
  • Focus areas of EoDB reforms include -
    • Simplification of procedures related to applications, renewals, inspections, filing records, etc.,
    • Rationalization by repealing, amending, or subsuming redundant laws,
    • Digitization by creating online interfaces eliminating manual forms and records, and
    • Decriminalization of minor technical or procedural defaults.
       
  • Significance of EoDB reforms
    • Economic growth: Through improved resource allocation, enhanced competitiveness to boost innovation, etc.
    • Foreign investment: Through reduced bureaucratic hurdles, improved transparency to reduce perceived risks for investors, etc.
    • Social development: By promoting inclusivity and providing opportunities for marginalized communities to participate in economic activities.
  • Tags :
  • Central Processing Centre
  • Ease of Doing Business
  • EoDB
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