Key Points
Now the government has set up a working group to decriminalise laws to further promote ease of doing business..
A recent report by Teamlease Regtech on the retail sector showed there is a high chance of getting imprisoned as a large number of compliance laws have criminal clauses..
In a recent survey conducted by TeamLease Regtech among compliance officers of major retail companies, the key findings were as follows:. 83% agreed to have missed at least one critical compliance during the 12 month period 91% agreed to pay fines and penalties in the 12- month period 85% agreed that their compliance needs a serious rethink 73% of compliance officers believe that third-party consultants have better liaisoning experience than they have internally 67% agreed to have poor control over their compliance documents 92% believed that they do not have the required visibility and control in their organisation's compliance program 32% The average cost of compliance consultants stood at approximately INR 100,000 per month, of which labour contributed approximately 32% of the cost 51% believed that keeping track of regulatory updates is challenging..
For effective implementation, the the Jan Vishwas (Amendment of Provisions) Bill, 2023, which covers all types of Indian businesses and not just retail, proposes measures such as pragmatic revision of fines and penalties commensurate to the offence committed; establishment of adjudicating officers; establishment of appellate authorities; and periodic increase in the quantum of fines and penalties...
"The government has already decriminalised 3,600 laws and reduced the burden of 40,000 compliances under different laws in the last nine years to promote ease of doing business and ease of living," said Commerce and Industry Minister Piyush Goyal on Thursday in the Lok Sabha while moving the bill..
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